Examine The Indias Foreign Trade

Published Date: 02 Nov 2017

Abstract

The present paper has been planned to examine the India’s foreign trade with its major trading partners under the Post-WTO regime. For this purpose, time series data has been used. The data on India’s exports and imports to its major trading partners have been taken from the period 1994-95 to 2010-11. It is apparent from the analysis that India’s foreign trade has registered a wavering trend under the reference period. The study found that the destination pattern of Indian trade has changed during the Post-WTO period. In other words, Indian foreign trade have reached to new areas of international market, as a result of which geographic base has expanded during the period under study. Examining the India’s foreign trade with her major trading partners (namely, United Arab Emirates (UAE); China; United States of America (USA); Saudi Arabia; European Union (EU); Switzerland; Singapore; Australia; Iran; and Hong Kong), we observed that India’s trade with its major trading partners has been grown under the study period but at differential rates. The study found that the countries like European Union, UAE, USA, Saudi Arabia and China has accounted for more than 50 per cent of India’s total exports and imports under the WTO regime. On the basis of analysis, the study recommended that India must concentrate on the markets like Germany, Italy, U.K, Spain, and Netherlands where intra union imports are relatively of lesser magnitude. In order to improve India’s trade with EU, the study suggested the certain recommendations like promoting co-operation on standards, encouraging technology, absorption and undertaking aggressive marketing should be adopted by Indian industries to enhance their exports to the European Union.

Keywords: Indian Foreign Trade, WTO, Globalization

* Assistant Professor, Department of Commerce and Management, Khalsa College For Women, Amritsar (Punjab). Email ID: [email protected]. Mobile No. 095010-25563

** Professor, Department of Commerce and Business Management, Guru Nanak Dev University, Amritsar (Punjab). Email ID: [email protected]. Mobile No: 094175-51471

Introduction

The tremendous growth of international trade over the past several decades has been both a primary cause and effect of globalization (Pandey and Dixit, 2009). The term ‘Globalization’ is a more idealistic word indicating the desire to integrate nation-states within the overall framework of the WTO, is nothing but a modern version of ‘Theory of Comparative Costs Advantage’ which was propagated by the classical economists to provide the theoretical foundations of unrestricted flow of goods from Great Britain to other less developed countries-at the time of colonies (Mathur, 2003).

As a new participant in the globalization wave, India went through several structural and policy changes in early 1990s. The process of globalization and changes in India’s industrial and other policies have led to considerable changes in external sector front. Under the new trade policy in 1991, India’s foreign trade has undergone an inclusive transformation in terms of direction of Indian foreign trade. This new trade policy reversed the direction followed for decades. Before independence, Indian foreign trade was typical of a colonial and agricultural economy, and its trade relations were mainly confined to Britain and other Commonwealth Countries. After independence, India’s exports were highly concentrated in OECD countries and it still continues, though on a lesser scale. Share of the OCED countries was 66 per cent in 1960-61 and declined to 50 per cent of the total exports in 1970-71 and thereafter till 2000-2001 it varied in the range of 46 to 55 per cent (Bhat, 2011). It further fell to 41 per cent. In case of EU, the share of exports was 36 per cent and it fell sharply in 1970-71 to 18 per cent. Even with the expansion of EU countries to 21 per cent till the end of 2007-08, U.K., Germany and France were the major export destinations in the 1960-61 but their share declined over the years and other EU countries Belgium, the Netherlands and Italy emerged from 1980s onwards (ibid).

Under the provisions of WTO, India felt world wide changes and the revolution in the sphere of technology, thus adopted a steady policy to enhance its trade relation with the countries of the world. India should develop more trade relations with Africa, South America, and Middle-East Asian Countries as these rich countries would offer huge markets for India’s exports. The present study has been designed to study the significant changes led in the direction of India’s exports and imports under the trade liberalization regime because there is an imperative need for India to enlarge its share of the world trade which has been gathering increasing momentum through the cascading effect of trade reforms and the rapid integration of the world economies. This study is definitely important and profitable on the part of Indian policymakers to enquire about the economic and non-economic factors that led to the country’s economic prosperity through trade relations with different countries of the ancient period and to use the past lessons and expenses in the future under the present phase of globalization where countries like India are facing many difficulties and confront a system unfavorable to them (Bhuimali and Dutta, 2006).

The plan of this paper is as follows: Section-II outlines the objectives, data base and Research Methodology of the study. Section-III deals with the analysis of Indian Foreign Trade with world economy and selected major trading partners during the Post-WTO Regime. The conclusion and recommendations are presented in Section-IV.

Section-II

2.1 Objectives, Database and Methodology of the Study

2.1A Objectives of the Study

In the light of above discussions, the objectives of the present study have been mentioned below.

To study the direction of India’s exports and imports under the Post-WTO Period.

To study the India’s foreign trade with its selected major trading partners under the Post-WTO Period.

To suggest suitable policy measures.

2.1B Data Base

In view of the aforesaid objectives, the secondary data has been used in the present study, which has been collected from different sources, namely, Reserve Bank of India (RBI) Database, Handbook of Statistics of Indian Economy 2010-11 published by RBI, and Center for Monitoring Indian Economy (CMIE): Foreign Trade and Balance of Payments, 2010. The various issues of Economic Survey of India have also been consulted. The study covers a comprehensive period of 17 years from 1994-95 to 2010-11.

2.1C Methodology of the Study

Research Methodology is a very important aspect to articulate a research problem. In this paper, the compound growth rate has been used to calculate the rate of growth of Indian foreign trade under the Post-WTO period. With the help of regression, the correlation coefficient (r), adjusted (r2) and the value of t-statistics have been calculated on the data under reference period. The value of balance of trade has been generated by taking the difference of exports and imports. For the in-depth analysis, the annual average growth rate of the direction of India’ exports and imports have also been calculated.

The selected Major Trading Partners of India includes, namely, United Arab Emirates (UAE); China; United States of America (USA); Saudi Arabia; European Union (EU); Switzerland; Singapore; Australia; Iran; and Hong Kong. The growth rate of India’s trade and its major trading partners has been calculated with the help of percentage change calculator. It has been used to compute the percentage growth rate change of India’s exports to the world economy and selected major trading partners. Similarly, in case of imports, the percentage change calculator has also been used to estimate the percentage share of India’s imports to the world economy and selected major trading partners. For this purpose, we consider the following formula:

Percentage Growth Rate Change = {[X2-X1]/X1*100}

Here X1= First Value

X2= Second Value

Section-III

Over the last 50 years, India’s share in world trade has declined. In 1950, when the first five year plan was introduced, the share of India’s exports in world trade was 1.78 per cent, which went down to 1.36 per cent in 1960, which further declined to 0.65 percent in 1970 (GOI, Economic Survey) 1. In 1980, India’s share in world exports fell to 0.57 per cent following a slight increase in mid-eighties, as the share of India’s exports rose to 0.63 per cent in 1985, which further declined to 0.53 per cent in 1991. In 1994 it improved to 0.61 per cent. The structure of Indian foreign trade has substantially changed over the years. It has been clear from the following analysis.

3.1 Direction of Indian Exports during the Post-WTO Period

The main destinations of Indian exports and its share have been clear from Table 1. The foremost destination of Indian exports includes OECD, OPEC, Eastern Europe, Developing countries and others. The analysis of data on direction of Indian exports reveals that the share of OECD countries has sharply declined from 58.65 per cent in 1994-95 to 33.30 per cent in 2010-11. The share of OECD countries in Indian Exports has shown a declining trend except the years of 1997-98, 1998-99 and 2002-03 respectively. The share of Indian exports to European Union (EU) has also shown a declining trend and its share decreased from 26.70 per cent in 1994-95 to 18.43 per cent in 2010-11. Similarly, the share of Indian exports to North America and Asia & Oceania has also declined from 20.08 per cent and 9.22 per cent in 1994-95 to 10.61 per cent and 2.80 per cent in 2010-11 respectively.

However, the share of Indian exports to OPEC countries has shown an upward trend and has increased from 9.22 in 1994-95 to 21.54 per cent in 2010-11. It is a major change in the destination pattern of Indian exports during the Post-WTO period. On the other hand, the share of Eastern Europe in Indian exports has sharply declined from 4.01 per cent in 1994-95 to 1.17 per cent in 2010-11.

The share of developing countries in Indian exports as a group has increased from 26.47 per cent in 1994-95 to 41.60 per cent in 2010-11. The share of Asia, Africa and Latin American countries in Indian exports has also increased from 21.67 per cent, 3.33 per cent and 1.46 per cent in 1994-95 to 30.92 per cent, 6.55 per cent and 4.14 per cent respectively in 2010-11. This increasing share of developing countries to Indian exports is a major development during the WTO phase.

Table 1

Direction of Indian Exports ( Rs. Crore)

Year

Total Exports

OECD

OPEC

Eastern Europe

Developing Countries

Others

Total

EU

N&A

A&O

Total

Asia

Africa

Latin American countries

1994-95

82674

48491

58.65

22075

26.70

16602

20.08

7623

9.22

7626

9.22

3319

4.01

21883

26.47

17921

21.67

2755

3.33

1207

1.46

1355

1.64

1995-96

106353

59223

55.68

29129

27.38

19487

18.32

8870

8.34

10299

9.68

4482

4.21

30768

28.93

24444

22.98

5060

4.76

1264

1.18

1580

1.49

1996-97

118817

66035

55.57

30726

25.86

24525

20.64

8722

7.34

11462

9.65

3900

3.28

35630

29.99

28875

24.30

5046

4.24

1709

1.44

1790

1.51

1997-98

130101

72415

55.66

33986

26.12

26893

20.67

8952

6.88

13110

10.08

4770

3.66

38325

29.46

29629

22.77

6087

4.68

2609

2.00

1482

1.14

1998-99

139753

81045

57.99

37639

26.93

32279

23.09

8819

6.31

14938

10.68

4430

3.17

38795

27.76

28795

20.60

7413

5.30

2587

1.85

546

0.39

1999-00

159561

91461

57.32

40656

25.47

38886

24.37

9330

5.84

16882

10.58

5603

3.51

45326

28.41

35557

22.28

6737

4.22

3033

1.90

291

0.18

2000-01

203571

107237

52.68

47561

23.36

45509

22.35

10341

5.08

22157

10.88

6020

2.96

59447

29.20

45858

22.53

8938

4.39

4652

2.28

8709

4.28

2001-02

209018

103120

49.33

46957

22.46

43391

20.75

9494

4.54

24917

11.92

5984

2.86

64553

30.88

49278

23.57

10783

5.15

4492

2.14

10444

4.99

2002-03

255137

127679

50.04

55763

21.86

56110

21.99

11789

4.62

33318

13.06

6040

2.37

86445

33.88

67661

26.52

12465

4.88

6319

2.48

1655

0.64

2003-04

293367

136151

46.40

63827

21.76

56306

19.19

10934

3.73

43858

14.95

7147

2.44

104697

35.69

84674

28.86

14219

4.84

5805

1.98

1513

0.51

2004-05

375340

163977

43.69

78808

20.99

65746

17.51

13216

3.52

59343

15.81

7999

2.13

141971

37.82

112187

29.89

20123

5.36

9661

2.57

2051

0.54

2005-06

456418

202936

44.46

99106

21.71

81351

17.82

15250

3.34

67483

14.78

8768

1.92

175927

38.55

137165

30.05

25232

5.53

13531

2.96

1305

0.28

2006-07

571779

240080

41.98

121296

21.21

90393

15.81

19416

3.39

94812

16.58

7032

1.22

228136

39.9

170190

29.76

39274

6.86

18671

3.26

1719

0.30

2007-08

655864

258764

39.45

138860

21.17

88482

13.49

20784

3.16

108662

16.57

7395

1.13

278487

42.46

207251

31.59

49241

7.51

21995

3.35

2556

0.39

2008-09

840755

314835

37.44

179214

21.32

102705

12.22

21241

2.52

178789

21.27

9256

1.10

315265

37.5

235729

28.03

53242

6.33

26295

3.13

22610

2.69

2009-10

845534

304309

35.99

170427

20.16

97737

11.55

24915

2.94

178618

21.12

8508

1.01

332577

39.33

252600

29.87

49423

5.85

30554

3.61

21522

2.55

2010-11

1157475

385462

33.30

213313

18.43

122785

10.61

32442

2.80

249378

21.54

13547

1.17

481566

41.60

357873

30.92

75797

6.55

47896

4.14

27521

2.38

CAGR

17.49

13.5

14.82

12.72

8.64

24.45

6.91

21.06

20.5

21.62

25.6

17.22

r2

.988

.990

.978

.977

.898

.986

.887

.984

.983

.974

.986

.370

Adjusted r2

.987

.989

.976

.975

.891

.985

.880

.983

.981

.972

.985

.328

t-stat

34.86*

38.17*

25.64*

25.04*

11.48*

32.81*

10.86*

30.85*

29.02*

23.57*

32.83*

2.97*

Note: Figures in dark refer to percentages.

Source: 1 Data collected from RBI, database and Author’s Calculations

2 Data for 2010-11 are provisional and for 2009-10 are revised

The study found that the destination of Indian exports has changed during the Post-WTO period. In other words, Indian exports have reached to new areas of international market, as a result of which geographic base has expanded during the period under study.

3.2 Direction of Indian Imports during the Post-WTO Period

Table 2 includes main destinations of India’s imports. The foremost destination of Indian imports includes OECD, OPEC, Eastern Europe, Developing countries and others. The analysis of data of table 2 on direction of Indian imports reveals that the share of OECD countries has sharply declined from 51.41 per cent in 1994-95 to 29.89 per cent in 2010-11. The share of OECD countries in Indian Exports has shown a declining trend during the period under study. The compound annual growth rate of OECD Countries in India’s imports is 15.88 per cent during the post-WTO period.

India’s imports almost 1/3rd of its total imports from European Union. The share of European Union’s imports in total Indian imports was in the range of 24 per cent to 28 per cent of total imports from the world during the period from 1950-51 to 1985-86. From 1986-87 to 1989-90, it grew to the extent of 34 per cent, but its share was fallen in the early 1990s; in 1993-94, its share was 30 per cent. It, however, started declining under the WTO phase. The share of Indian imports to EU has also shown a declining trend and its share declined from 24.83 per cent in 1994-95 to 12.04 per cent in 2010-11 except 1995-96 and 1997-98. This is a major development in the direction of India’s imports during the post-WTO period. The compound annual growth rate of EU Countries is 14.02 per cent during the post-WTO period.

Similarly, the share of Indian imports to North America and Asia & Oceania has also declined from 11.07 per cent and 10.58 per cent in 1994-95 to 5.81 per cent and 5.4 per cent in 2010-11 respectively. The compound annual growth rate of North America and Asia & Oceania are 16.14 per cent and 15.88 per cent during the period under study.

The share of Indian imports to OPEC countries has shown a fluctuating trend and has increased from 21.11 per cent in 1994-95 to 33.81 per cent in 2010-11. Under the study period, its share was varied from a low 5.32 per cent in 2000-01 to a high 33.81 per cent in 2010-11. This is a major change in the destination pattern of Indian imports during the Post-WTO period. In case of Eastern Europe, its share in Indian imports has sharply declined from 3.38 per cent in 1994-95 to 1.59 per cent in 2010-11. However, the compound annual growth rate of the share of Eastern Europe in Indian imports is 15.88 per cent during the period under study.

Table 2

Direction of Indian Imports (Rs. crore)

Year

Total Imports

OECD

OPEC

Eastern Europe

Developing Countries

Others

Total

EU

N. America

Asia & Oceania

Total

Asia

Africa

Latin American countries

1994-95

89971

46256

51.41

22339

24.83

9957

11.07

9517

10.58

18996

21.11

3038

3.38

21673

24.09

15987

17.77

3261

3.62

2424

2.69

8.1

0.01

1995-96

122678

64254

52.38

34464

28.09

14191

11.57

11881

9.68

25570

20.84

5599

4.56

27245

22.1

21495

17.52

3786

3.09

1965

1.6

10.0

0.01

1996-97

138920

69071

49.72

37718

27.15

14197

10.22

12724

9.16

36006

25.92

3914

2.82

29915

21.53

23336

16.8

4593

3.31

1987

1.43

13.6

0.01

1997-98

154176

79294

51.43

39694

25.75

15378

9.97

13804

8.95

34950

22.67

4143

2.69

35775

23.2

26978

17.5

6566

4.26

2232

1.45

14.6

0.01

1998-99

178332

91965

51.57

45116

25.3

16937

9.95

16824

9.43

32670

18.32

3635

2.04

50044

28.06

35908

20.14

11088

6.22

3048

1.71

18.7

0.01

1999-00

215237

92577

43.01

47527

22.08

17091

7.94

16094

7.48

55686

25.87

4310

2.00

62937

29.24

43082

20.02

15798

7.34

4057

1.88

19.0

0.01

2000-01

230873

92090

39.89

48015

20.8

15588

6.75

13634

5.91

12284

5.32

3884

1.68

50966

22.08

38647

16.74

9119

3.95

3201

1.39

71648

31.03

2001-02

245200

98439

40.15

49774

20.3

17546

7.16

16858

6.88

14144

5.77

4516

1.84

60933

24.85

44185

18.02

11935

4.87

4813

1.96

67167

27.39

2002-03

297206

112766

37.94

60696

20.42

24245

8.16

15726

5.29

16839

5.67

5516

1.86

75923

25.55

54705

18.41

16204

5.45

5015

1.69

86161

28.99

2003-04

359108

135889

37.84

67627

18.83

26471

7.37

24795

6.9

25775

7.18

7485

2.08

94510

26.32

74762

20.82

14263

3.97

5485

1.53

95449

26.58

2004-05

501065

179681

35.86

84080

16.78

34944

6.97

32295

6.45

45032

8.99

11297

2.25

128523

25.65

101461

20.25

17660

3.52

9402

1.88

136532

27.25

2005-06

660409

229323

34.72

111354

16.86

45932

6.96

40845

6.18

49458

7.49

16797

2.54

167754

25.4

134815

20.41

20995

3.18

11945

1.81

197076

29.84

2006-07

840506

296110

35.23

134990

16.06

61148

7.28

53708

6.39

255094

30.35

17750

2.11

267830

31.87

214320

25.5

29674

3.53

23836

2.84

3723

0.44

2007-08

1012312

358516

35.42

154656

15.28

92565

9.14

58363

5.77

311255

30.75

15354

1.52

319109

31.52

258239

25.51

37597

3.71

23274

2.3

8078

0.8

2008-09

1374436

443316

32.25

194435

14.15

96115

6.99

88280

6.42

448379

32.62

30410

2.21

445484

32.41

361874

26.33

57402

4.18

26209

1.91

6847

0.5

2009-10

1363736

446645

32.75

181937

13.34

90538

6.64

92920

6.81

438189

32.13

29213

2.14

444624

32.6

350780

25.72

58750

4.31

35094

2.57

5065

0.37

2010-11

1605315

479785

29.89

193228

12.04

93233

5.81

86632

5.4

542729

33.81

25546

1.59

525059

32.71

429141

26.73

56958

3.55

38961

2.43

32195

2.01

CAGR

19.95

15.88

14.02

16.14

15.88

22.74

15.88

23.03

23.59

19.4

22.74

75.39

r2

.980

.956

.960

.921

.913

.622

.852

.971

.969

.941

.938

.502

Adjusted r2

.979

.954

.957

.916

.907

.597

.843

.969

.967

.937

.934

.469

t-stat

27.33*

18.15*

18.90*

13.3*

12.55*

4.97*

9.31*

22.36*

21.54*

15.42*

15.08*

3.89*

Source: H Data collected from RBI, database (Handbook of Statistics of Indian Economy, 2010-11

Note: 1. Data for 2009-10 are revised and for 2010-11 are provisional

2. Country-wise data on imports for the year 1999-2000 do not add up to total imports on account of revision in the total imports.

The share of developing countries in Indian imports as a group has increased from 24.09 per cent in 1994-95 to 32.71 per cent in 2010-11. The compound annual growth rate of developing countries is 23.03 per cent under WTO period. The increase in share of developing countries in Indian imports is a major development during the WTO phase. The share of Asia in Indian imports has also increased from 17.77 per cent in 1994-56 to 26.73 per cent in 2010-11, but the share of Africa and Latin American Countries has slightly declined to 3.55 per cent and 2.43 per cent in 2010-11 from 3.62 per cent and 2.69 per cent in 1994-56. However, the compound annual growth rate of Asia Africa and Latin American Countries are 23.59 per cent, 19.4 per cent and 22.74 per cent during the period under study.

3.3 Indian Foreign Trade with Selected Major Trading Partners under the WTO Regime

The pattern of Indian trade with its major trading partners has undergone gradual changes over the time. For the analysis purpose, we have selected ten India’s Major Trading Partners, namely, United Arab Emirates (UAE); China; United States of America (USA); Saudi Arabia; European Union (EU); Switzerland; Singapore; Australia; Iran; and Hong Kong, (according to the Economic Survey of India 2010-11). We have examined Indian trade with its major trading partners under the Post-WTO period in the following subsequent sections.

3.31 India’s Foreign Trade with UAE

For UAE, India is the largest trading partner. India's major export items to UAE are: Petroleum Products, Precious Metals, Stones, Gems & Jewellery, Minerals, Food Items (Cereals, Sugar, Fruits & Vegetables, Tea, Meat, and Seafood), Textiles (Garments, Apparel, Synthetic fibre, Cotton, Yarn) and Engineering & Machinery Products and Chemicals5. India’s major import items from UAE are: Petroleum and Petroleum Products, Precious Metals, Stones, Gems & Jewellery, Minerals, Chemicals, Wood & Wood Products6. India’s foreign trade with UAE is presented in table 3. Examining India’s foreign trade with UAE, it is apparent that India’s exports to UAE that India’s exports to UAE has been shown an increasing trend during the period of 1994-95 to 2008-09. On the other hand, India’s imports to UAE has been shown an increasing trend from 1994-95 to 1999-00, but after that due to ‘New Economic Reforms’ in 2000, it was suddenly declined from Rs. 10114.9 crores in 1999-00 to Rs. 3010.5 crores in 2000-01. However, the balance of trade has always in favour of India from the period of 2000-01 to 2008-09. The percentage share of India’s total exports to UAE has varied from 4.81 per cent in 1994-95 to 13.11 per cent in 2008-09 and the percentage of India’s total imports to UAE has changed from 5.35 per cent in 1994-95 to 7.71 per cent in 2008-09.

Table 3

India’s Foreign Trade with UAE (Rs. Crores)

Year

X1

X2

X3

X4

X5

X6

X7

X8

X9

X10

X11

1994-95

82674

-

3974.6

4.81

-

89971

-

4813.8

5.35

-

-839.2

1995-96

106352

28.64

4777.6

4.49

20.2

122678

36.35

5374.1

4.38

11.64

-596.5

1996-97

118817

11.72

5239.8

4.41

9.67

138920

13.24

6163

4.44

14.68

-923.2

1997-98

130101

9.5

6289.9

4.83

20.04

154176

10.98

6615.3

4.29

7.34

-325.4

1998-99

139752

7.42

7857.1

5.62

24.92

178332

15.67

7241.4

4.06

9.46

615.7

1999-00

159095

13.84

9025.1

5.67

14.87

215529

20.86

10114.9

4.69

39.68

-1089.8

2000-01

201356

26.56

11866.6

5.89

31.48

228307

5.93

3010.5

1.32

-70.24

8856.1

2001-02

209018

3.81

11883.8

5.69

0.14

245200

7.4

4364.2

1.78

44.97

7519.6

2002-03

255137

22.06

16103.4

6.31

35.51

297206

21.21

4631.4

1.56

6.12

11472

2003-04

293367

14.98

23552.9

8.03

46.26

359108

20.83

9465.3

2.64

104.37

14087.6

2004-05

375340

27.94

33015.1

8.8

40.17

501065

39.53

20853.2

4.16

120.31

12161.9

2005-06

456418

21.6

38038.9

8.33

15.22

660409

31.8

19277.0

2.92

-7.56

18761.9

2006-07

571779

25.28

54445.0

9.52

43.13

838048

26.9

39174.9

4.67

103.22

15270.1

2007-08

655864

14.71

62915.0

9.59

15.56

1005159

19.94

54233.2

5.4

38.44

8681.8

2008-09

840755

28.19

110229.1

13.11

75.2

1374436

36.74

105926.4

7.71

95.32

4302.7

2009-10

845125

0.52

1356469

-1.31

Source: Handbook of Statistics of Indian Economy, RBI and authors’ own calculations

Note: X1: Total Exports of India; X2: Percentage Share of Total Exports of India; X3: Exports to UAE Countries; X4: Percentage share of India’s Exports to UAE; X5: Change in exports (in %age); X6 : Total Imports of India; X7: Change in Imports (in percentages); X8:Imports to UAE Countries; X9: Percentage share of India’s Imports to UAE; X10: Change in imports (in %age); X11Trade balance between India and UAE

3.32 India’s Foreign Trade with China

Today, China is India's Second largest trading partner. India’s major exports items to China include, namely, iron ore; cotton; organic chemicals; copper and precious stones etc. India’s major imports items to China include namely, electrical machinery; machinery; organic chemicals; iron & steel; and steel products. India’s foreign trade with China is presented in table 4. It is observed from table 4 that the share of India’s imports to China has been substantially higher as compared with the share of India’s exports to China. The share of India’s exports to China has shown positive trend but at a slow pace as compared with the India’s imports to China. The amount of India’s exports to China has been increased from Rs. 798.2 crores in 1994-95 to Rs. 42661.3 crores in 2008-09. However, the amount of imports has been increased Rs. 2388.9 crores in 1994-95 to Rs. 147605.6 crores in 2008-09. However, the balance of trade has always in favour of China during the period under study. The percentage share of India’s total exports to China has varied from 0.97 per cent in 1994-95 to 5.07 per cent in 2008-09 and the percentage of India’s total imports to China has changed from 2.26 per cent in 1994-95 to 10.74 per cent in 2008-09.

Table 4

India’s Foreign Trade with China (Rs. Crores)

Year

X1

X2

X3

X4

X5

X6

X7

X8

X9

X10

X11

1994-95

82674

-

798.2

0.97

-

89971

-

2388.9

2.66

-

-1590.7

1995-96

106352

28.64

1112.9

1.05

39.43

122678

36.35

2716.1

2.21

13.7

-1603.2

1996-97

118817

11.72

2182.5

1.84

96.11

138920

13.24

2687.0

1.93

-1.07

-504.5

1997-98

130101

9.5

2668.7

2.05

22.28

154176

10.98

4160.0

2.7

54.82

-1491.3

1998-99

139752

7.42

1797.1

1.29

-32.66

178332

15.67

4613.9

2.59

10.91

-2816.8

1999-00

159095

13.84

2334.6

1.47

29.91

215529

20.86

5580.3

2.59

20.95

-3245.7

2000-01

201356

26.56

3797.8

1.89

62.67

228307

5.93

6862.7

3.01

22.98

-3064.9

2001-02

209018

3.81

4540.0

2.17

19.54

245200

7.4

9711.9

3.96

41.52

-5171.9

2002-03

255137

22.06

9560.4

3.75

110.58

297206

21.21

13512.2

4.55

39.13

-3951.8

2003-04

293367

14.98

13579.1

4.63

42.03

359108

20.83

18625.1

5.19

37.84

-5046

2004-05

375340

27.94

25233.0

6.72

85.82

501065

39.53

31892.3

6.36

71.23

-6659.3

2005-06

456418

21.6

29924.9

6.56

18.59

660409

31.8

48116.7

7.29

50.87

-18191.8

2006-07

571779

25.28

37529.8

6.56

25.41

838048

26.9

79008.6

9.43

64.2

-41478.8

2007-08

655864

14.71

43597.4

6.65

16.17

1005159

19.94

109116.1

10.86

38.11

-65518.7

2008-09

840755

28.19

42661.3

5.07

-2.15

1374436

36.74

147605.6

10.74

35.27

-104944

2009-10

845125

0.52

1356469

-1.31

Note: All notations and source are same, as mentioned in table 3.

3.33 India’s Foreign Trade with U.S.A

The United States is one of India's largest trading partners. Major items exported by India to the U.S.A include Information Technology Services, textiles, machinery, ITeS, gems and diamonds, chemicals, iron and steel products, coffee, tea, and other edible food products and major United States of American (U.S.A) items imported by India include aircraft, fertilizers, computer hardware, scrap metal and medical equipment10. Examining India’s trade with U.S.A, it is inferred that India’s exports to U.S.A has been in increasing trend over the years during the Post-WTO regime except in the year 2001-02 and 2007-08 (See Table 5). In case of imports, there has also shown an increasing trend during the study period. The percentage share of exports to U.S.A is varying from 19.07 per cent in 1994-95 to 11.47 per cent in 2008-09. On the other hand, the percentage share of India’s imports to U.S.A is varying from 10.14 percent in 1994-95 to 6.17 per cent in 2008-09. Thus, the percentage share of imports to the total trade of U.SA is less than as compared with the percentage share of exports to total trade of U.SA under the WTO era. However, the balance of trade has always in favour of India except in the year 2007-08 (This period was relating to global financial crisis that overwhelms the world economy in the last quarter of 2008 turned into a global recession in 2009 that resulted in the largest decline in world trade in more than 70 years)11.

Table 5

India’s Foreign Trade with U.S.A (Rs. Crores)

Year

X1

X2

X3

X4

X5

X6

X7

X8

X9

X10

X11

1994-95

82674

-

15764.3

19.07

-

89971

-

9123.6

10.14

-

6640.7

1995-96

106352

28.64

18465.6

17.36

17.14

122678

36.35

12916.2

10.53

41.57

5549.4

1996-97

118817

11.72

23271.7

19.59

26.03

138920

13.24

13084.9

9.42

1.31

10186.8

1997-98

130101

9.5

25282.9

19.43

8.64

154176

10.98

13813.7

8.96

5.57

11469.2

1998-99

139752

7.42

30289.1

21.67

19.8

178332

15.67

15314.8

8.59

10.87

14974.3

1999-00

159095

13.84

36380.1

22.87

20.11

215529

20.86

15442.4

7.16

0.83

20937.7

2000-01

201356

26.56

42509.9

21.11

16.85

228307

5.93

13773.9

6.03

-10.8

28736

2001-02

209018

3.81

40601.8

19.43

-4.49

245200

7.4

15021.1

6.13

9.05

25580.7

2002-03

255137

22.06

52730.4

20.67

29.87

297206

21.21

21504.8

7.24

43.16

31225.6

2003-04

293367

14.98

52798.5

18

0.13

359108

20.83

23135.8

6.44

7.58

29662.7

2004-05

375340

27.94

61851.6

16.48

17.15

501065

39.53

31458.1

6.28

35.97

30393.5

2005-06

456418

21.6

76828.1

16.83

24.21

660409

31.8

41859.5

6.34

33.06

34968.6

2006-07

571779

25.28

85368.5

14.93

11.12

838048

26.9

53105.4

6.34

26.87

32263.1

2007-08

655864

14.71

83388.1

12.71

-2.32

1005159

19.94

84625.1

8.42

59.35

-1237

2008-09

840755

28.19

96458.4

11.47

15.67

1374436

36.74

84818.3

6.17

0.23

11640.1

2009-10

845125

0.52

1356469

-1.31

Note: All notations and source are same, as mentioned in table 3.

3.34 India’s Foreign Trade with Saudi Arabia

Coming to India’s trade picture with Saudi Arabia, it is observed that Since the 1990s, India's economic liberalization has helped bolster trade with Saudi Arabia, which annually supplies to India nearly 175 million barrels (25 million metric tonnes) of crude oil, or a quarter of its needs2. In 2006–07 bilateral trade stood at USD 16 billion (USD 3 billion excluding oil) and is expected to double by 20102. It is evident from table 6 that the share of India’s exports to Saudi Arabia has shown an increasing trend except in the year 1999-00. In case of imports, there is showing fluctuating trend. The amount of imports to Saudi Arabia has been increased from Rs. 4928.2 crores in 1994-95 to Rs. 9832.2 cr in 1996-97, which declined to Rs. 9322.1 cr in 1997-98, Rs. 7705.1 cr in 1998-99; it was increased to Rs. 13071.4 cr in1999-00, which further huge declined to Rs. 2212.8 cr in 2001-02. In the year 2005-06, the amount of imports to Saudi Arabia was Rs. 7226.9 cr, which substantially increased to Rs. 60561.5 cr in 2006-07, Rs. 78110.3 cr in 2007-08 and which further increased to Rs. 89747.0 cr in 2008-09. The balance of trade has in favour of U.S.A except in the four years of 2000-01, 2001-02, 2003-04, and 2004-05.

Table 6

India’s Foreign Trade with Saudi Arabia (Rs. Crores)

Year

X1

X2

X3

X4

X5

X6

X7

X8

X9

X10

X11

1994-95

82674

-

1368.0

1.65

-

89971

-

4928.2

5.48

-

-3560.2

1995-96

106352

28.64

1613.3

1.52

17.93

122678

36.35

6772.7

5.52

37.43

-5159.4

1996-97

118817

11.72

2049.0

1.72

27.01

138920

13.24

9832.2

7.08

45.17

-7783.2

1997-98

130101

9.5

2564.6

1.97

25.16

154176

10.98

9322.1

6.05

-5.19

-6757.5

1998-99

139752

7.42

3257.5

2.33

27.02

178332

15.67

7705.1

4.32

-17.35

-4447.6

1999-00

159095

13.84

3217.4

2.02

-1.23

215529

20.86

13071.4

6.06

69.65

-9854

2000-01

201356

26.56

3759.5

1.87

16.85

228307

5.93

2837.6

1.24

-78.29

921.9

2001-02

209018

3.81

3941.4

1.89

4.84

245200

7.4

2212.8

0.9

-22.02

1728.6

2002-03

255137

22.06

4552.8

1.78

15.51

297206

21.21

2442.6

0.82

10.39

2110.2

2003-04

293367

14.98

5161.8

1.76

13.38

359108

20.83

3390.2

0.94

38.79

1771.6

2004-05

375340

27.94

6344.6

1.69

22.91

501065

39.53

5846.3

1.17

72.45

498.3

2005-06

456418

21.6

8012.5

1.76

26.29

660409

31.8

7226.9

1.09

23.61

785.6

2006-07

571779

25.28

11711.4

2.05

46.16

838048

26.9

60561.5

7.23

738

-48850.1

2007-08

655864

14.71

14922.6

2.28

27.42

1005159

19.94

78110.3

7.77

28.98

-63187.7

2008-09

840755

28.19

22940.1

2.73

53.73

1374436

36.74

89747.0

6.53

14.9

-66806.9

2009-10

845125

0.52

1356469

-1.31

Note: All notations and source are same, as mentioned in table 3.

3.35 India’s Foreign Trade with EU

Investigating India’s trade with EU, we could highlighted that the EU is India's largest trading partner, accounting for more than 20 per cent of Indian trade and a growing global economic power. The picture of India’s foreign trade with EU is presented in table 7 during the period of Post-WTO period. India’s trade with EU is always in the favour of EU, as the amount of exports is substantially lower in contrast to imports over the period under study (See Table 7). The amount of India’s exports to EU has increased from a low Rs. 22075.3 crores in 1994-95 to a Rs. 179214.4 crores in 2008-09 and the amount of India’s imports to EU has increased from a low Rs. 22338.7 crores in 1994-95 to a Rs. 194434.9 crores in 2008-09. However, the balance of trade has always in favour of EU. India’s exports with EU as a percentage of total trade are varying from 26.7 per cent in 1994-95 to 21.32 per cent in 2008-09. In case of imports, the percentage share is varying from 24.83 per cent in 1994-95 to 14.15 per cent in 2008-09 throughout the study period.

Table 7

India’s Foreign Trade with EU (Rs. Crores)

Year

X1

X2

X3

X4

X5

X6

X7

X8

X9

X10

X11

1994-95

82674

-

22075.3

26.7

-

89971

-

22338.7

24.83

-

-263.4

1995-96

106352

28.64

29129.1

27.39

31.95

122678

36.35

34463.9

28.09

54.28

-5334.8

1996-97

118817

11.72

30726.3

25.86

5.48

138920

13.24

37717.8

27.15

9.44

-6991.5

1997-98

130101

9.5

33985.7

26.12

10.61

154176

10.98

39694.2

25.75

5.24

-5708.5

1998-99

139752

7.42

37638.9

26.93

10.75

178332

15.67

45115.7

25.3

13.66

-7476.8

1999-00

159095

13.84

40656.4

25.55

8.02

215529

20.86

47526.5

22.05

5.34

-6870.1

2000-01

201356

26.56

47560.9

23.62

16.98

228307

5.93

48015.4

21.03

1.03

-454.5

2001-02

209018

3.81

46956.9

22.47

-1.27

245200

7.4

49773.9

20.3

3.66

-2817

2002-03

255137

22.06

55763.3

21.86

18.75

297206

21.21

60696.0

20.42

21.94

-4932.7

2003-04

293367

14.98

63826.6

21.76

14.46

359108

20.83

67627.1

18.83

11.42

-3800.5

2004-05

375340

27.94

78807.9

21

23.47

501065

39.53

84080.1

16.78

24.33

-5272.2

2005-06

456418

21.6

99106.1

21.71

25.76

660409

31.8

111353.5

16.86

32.44

-12247.4

2006-07

571779

25.28

121295.5

21.21

22.39

838048

26.9

134999.0

16.11

21.23

-13703.5

2007-08

655864

14.71

138859.8

21.17

14.48

1005159

19.94

154656.1

15.39

14.56

-15796.3

2008-09

840755

28.19

179214.4

21.32

31.95

1374436

36.74

194434.9

14.15

25.72

-15220.5

2009-10

845125

0.52

1356469

-1.31

Note: All notations and source are same, as mentioned in table 3.

3.36 India’s Foreign Trade with Switzerland

The picture of India’s foreign trade with Switzerland is presented in Table 8. We observed from Table 8 that exports to Switzerland show a high volatile scenario. The amount of exports to Switzerland is considerably low and varies from a low of Rs. 776.8 crores in 1994-95 to a high of Rs. 3525.3 crores in 2008-09 under the Post-WTO period. In contrast to the amount of imports from Switzerland is substantially high in comparison to exports. The amount of imports is low in the year 1994-95 (is about Rs. 2588.2 crores) and high in the year 2008-09 (is about 52703.2 crores). However, the balance of trade has always in favour of Switzerland, as the amount of imports is much higher than as compared with the amount of exports. The percentage share of exports to Switzerland is also very low and is about less that 1 per cent. On the other side, the percentage share of imports from Switzerland reflects highly fluctuating trend and varies from about 2 per cent to 7 per cent during the Post-WTO period.

Table 8

India’s Foreign Trade with Switzerland (Rs. Crores)

Year

X1

X2

X3

X4

X5

X6

X7

X8

X9

X10

X11

1994-95

82674

-

776.8

0.94

-

89971

-

2588.2

2.88

-

-1811.4

1995-96

106352

28.64

941.8

0.89

21.24

122678

36.35

3413.7

2.78

31.89

-2471.9

1996-97

118817

11.72

1064.6

0.9

13.04

138920

13.24

4002.0

2.88

17.23

-2937.4

1997-98

130101

9.5

1365.9

1.05

28.3

154176

10.98

9814.0

6.37

145.23

-8448.1

1998-99

139752

7.42

1342.3

0.96

-1.73

178332

15.67

12378.7

6.94

26.13

-11036.4

1999-00

159095

13.84

1532.6

0.96

14.18

215529

20.86

11256.6

5.22

-9.06

-9724

2000-01

201356

26.56

1999.6

0.99

30.47

228307

5.93

14436.9

6.32

28.25

-12437.3

2001-02

209018

3.81

1951.1

0.93

-2.43

245200

7.4

13691.2

5.58

-5.17

-11740.1

2002-03

255137

22.06

1852.2

0.73

-5.07

297206

21.21

11275.5

3.79

-17.64

-9423.3

2003-04

293367

14.98

2067.2

0.7

11.61

359108

20.83

15222.5

4.24

35.01

-13155.3

2004-05

375340

27.94

2430.3

0.65

17.56

501065

39.53

26689.0

5.33

75.33

-24258.7

2005-06

456418

21.6

2123.0

0.47

-12.64

660409

31.8

29024.8

4.39

8.75

-26901.8

2006-07

571779

25.28

2111.0

0.37

-0.57

838048

26.9

41283.2

4.93

42.23

-39172.2

2007-08

655864

14.71

2475.9

0.38

17.29

1005159

19.94

39570.8

3.94

-4.15

-37094.9

2008-09

840755

28.19

3525.3

0.42

42.38

1374436

36.74

52703.2

3.83

33.19

-49177.9

2009-10

845125

0.52

1356469

-1.31

Note: All notations and source are same, as mentioned in table 3.

3.37 India’s Foreign Trade with Singapore

Singapore is the India's 7th biggest trading partner in 2008-09. India’s economic liberalization and its "Look East" policy have led to a major expansion in bilateral trade, which grew from USD 2.2 billion in 2001 to US 9-10 billion in 2006 - a 400 per cent growth in span of five years - and to USD 50 billion by 20103. Major items of India’s export to Singapore included petroleum, gemstones, jewellery, machinery and its imports from Singapore included electronic goods, organic chemicals and metals. The picture of India’s foreign trade with Singapore is presented in Table 9. Investigating India’s trade with Singapore during the period from 1994-95 to 2008-09, we could highlight that exports to Singapore have shown a fluctuating trend and varies from Rs. 2418.6 crores in 1994-95 to Rs. 37756.9 crores in 2008-09. The share of exports to Singapore is varying about 1 per cent to 6 per cent of the total exports of India during the Post-WTO period. On the contrary, the amount of imports to Singapore is in increasing trends except in the year 2000-01. The amount of imports is varying from Rs. 2824.9 crores in 1994-95 to Rs. 34561.4 crores in 2008-09. The percentage share of imports to Singapore is substantially low and varies between 2 per cent to 4 per cent. Most interestingly, the trade balance is in favour of Singapore except few exceptions (See Table 9).

Table 9

India’s Foreign Trade with Singapore (Rs. Crores)

Year

X1

X2

X3

X4

X5

X6

X7

X8

X9

X10

X11

1994-95

82674

-

2418.6

2.93

-

89971

-

2824.9

3.14

-

-406.3

1995-96

106352

28.64

3015.9

2.84

24.7

122678

36.35

3652.4

2.98

29.29

-636.5

1996-97

118817

11.72

3470.0

2.92

15.06

138920

13.24

3774.8

2.72

3.35

-304.8

1997-98

130101

9.5

2897.9

2.23

-16.49

154176

10.98

4451.9

2.89

17.94

-1554

1998-99

139752

7.42

2177.3

1.56

-24.87

178332

15.67

5823.3

3.27

30.8

-3646

1999-00

159095

13.84

2915.0

1.83

33.88

215529

20.86

6649.0

3.08

14.18

-3734

2000-01

201356

26.56

4007.0

1.99

37.46

228307

5.93

6687.8

2.93

0.58

-2680.8

2001-02

209018

3.81

4637.1

2.22

15.72

245200

7.4

6219.5

2.54

-7

-1582.4

2002-03

255137

22.06

6879.8

2.7

48.36

297206

21.21

6943.8

2.34

11.65

-64

2003-04

293367

14.98

9763.9

3.33

41.92

359108

20.83

9582.6

2.67

38

181.3

2004-05

375340

27.94

17975.3

4.79

84.1

501065

39.53

11913.1

2.38

24.32

6062.2

2005-06

456418

21.6

24019.7

5.26

33.63

660409

31.8

14848.3

2.25

24.64

9171.4

2006-07

571779

25.28

27461.6

4.8

14.33

838048

26.9

24840.0

2.96

67.29

2621.6

2007-08

655864

14.71

29662.2

4.52

8.01

1005159

19.94

32682.2

3.25

31.57

-3020

2008-09

840755

28.19

37756.9

4.49

27.29

1374436

36.74

34561.4

2.51

5.75

3195.5

2009-10

845125

0.52

1356469

-1.31

Note: All notations and source are same, as mentioned in table 3.

3.38 India’s Foreign Trade with Australia

India’s trade with Australia is always in favour of Australia, as the amount of exports is substantially lower in contrast to imports during the Post-WTO period. India’s exports to Australia has registered an increasing trend but at a slow pace. The amount of India’s exports to Australia has increased from Rs. 1087.8 crores in 1994-95 to Rs. 6576.3 crores in 2008-09. India’s export to Australia as a percentage of total trade is about less than 2 per cent in the Post-WTO period. On the contrary, the amount of imports from Australia is substantially high in comparison to the amount of exports. It varies from a low of Rs. 2873.5 crores in 1994-95 to 50496.5 crores in 2008-09. Interestingly, the growth rate of imports from Australia is negative in the year 2007-08. India’s imports from Australia as a percentage of total trade are about less than 4 per cent throughout the study period. However, trade balance has always in favour of Australia.

Table 10

India’s Foreign Trade with Australia (Rs. Crores)

Year

X1

X2

X3

X4

X5

X6

X7

X8

X9

X10

X11

1994-95

82674

-

1087.8

1.32

-

89971

-

2873.5

3.19

-

-1785.7

1995-96

106352

28.64

1256.6

1.18

15.52

122678

36.35

3418.3

2.79

18.96

-2161.7

1996-97

118817

11.72

1368.0

1.15

8.87

138920

13.24

4676.1

3.37

36.8

-3308.1

1997-98

130101

9.5

1628.8

1.25

19.06

154176

10.98

5521.1

3.58

18.07

-3892.3

1998-99

139752

7.42

1629.9

1.17

0.07

178332

15.67

6079.3

3.41

10.11

-4449.4

1999-00

159095

13.84

1747.5

1.1

7.22

215529

20.86

4687.5

2.17

-22.89

-2940

2000-01

201356

26.56

1854.2

0.92

6.11

228307

5.93

4855.2

2.13

3.58

-3001

2001-02

209018

3.81

1993.6

0.95

7.52

245200

7.4

6229.0

2.54

28.3

-4235.4

2002-03

255137

22.06

2440.0

0.96

22.39

297206

21.21

6469.4

2.18

3.86

-4029.4

2003-04

293367

14.98

2684.9

0.92

10.04

359108

20.83

12173.6

3.39

88.17

-9488.7

2004-05

375340

27.94

3236.2

0.86

20.53

501065

39.53

17184.2

3.43

41.16

-13948

2005-06

456418

21.6

3635.9

0.8

12.35

660409

31.8

21906.2

3.32

27.48

-18270.3

2006-07

571779

25.28

4184.6

0.73

15.09

838048

26.9

31710.9

3.78

44.76

-27526.3

2007-08

655864

14.71

4630.1

0.71

10.65

1005159

19.94

31552.1

3.14

-0.5

-26922

2008-09

840755

28.19

6576.3

0.78

42.03

1374436

36.74

50496.5

3.67

60.04

-43920.2

2009-10

845125

0.52

1356469

-1.31

Note: All notations and source are same, as mentioned in table 3.

3.39 India’s Foreign Trade with Iran

India’s trade with Iran is presented in table 11, which reveals that India’s exports to Iran is substantially lower as compared with the amount of India’s imports from Iran. However, the balance of trade is always in favour of Iran except few exceptions (See Table 11). The amount of India’s exports to Iran is considerably low and varies from a low of Rs. 492.2 crores in 1994-95 to Rs. 11577.8 crores in 2008-09. The percentage share of exports to Iran is also varying around about 1 per cent. On the contrary, the amount of imports from Iran is low (Rs. 1036.9 crores) in the year 1999-00 and high (Rs. 43945.9 crores) in the year 2007-08. The percentage share of imports from Iran reflects highly fluctuating trends and varies from 0.37 per cent (in the year 2004-05) to 4.37 per cent (in the year 2007-08).

Table 11

India’s Foreign Trade with Iran (Rs. Crores)

Year

X1

X2

X3

X4

X5

X6

X7

X8

X9

X10

X11

1994-95

82674

-

492.2

0.6

89971

-

1684.6

1.87

-

-1192.4

1995-96

106352

28.64

518.6

0.49

5.36

122678

36.35

2001.1

1.63

18.79

-1482.5

1996-97

118817

11.72

692.2

0.58

33.47

138920

13.24

3104.2

2.23

55.12

-2412

1997-98

130101

9.5

638.0

0.49

-7.83

154176

10.98

2352.6

1.53

-24.21

-1714.6

1998-99

139752

7.42

669.4

0.48

4.92

178332

15.67

1993.0

1.12

-15.29

-1323.6

1999-00

159095

13.84

5422.2

3.41

710.01

215529

20.86

1036.9

0.48

-47.97

4385.3

2000-01

201356

26.56

965.0

0.48

-82.2

228307

5.93

1206.8

0.53

16.39

-241.8

2001-02

209018

3.81

1353.6

0.65

40.27

245200

7.4

3168.6

1.29

162.56

-1815

2002-03

255137

22.06

1250.0

0.49

-7.65

297206

21.21

4218.9

1.42

33.15

-2968.9

2003-04

293367

14.98

1226.1

0.42

-1.91

359108

20.83

5447.6

1.52

29.12

-4221.5

2004-05

375340

27.94

5532.8

1.47

351.25

501065

39.53

1843.1

0.37

-66.17

3689.7

2005-06

456418

21.6

5261.2

1.15

-4.91

660409

31.8

3110.1

0.47

68.74

2151.1

2006-07

571779

25.28

6564.8

1.15

24.78

838048

26.9

34515.5

4.12

1009.79

-27950.7

2007-08

655864

14.71

7844.8

1.2

19.5

1005159

19.94

43945.9

4.37

27.32

-36101.1

2008-09

840755

28.19

11577.8

1.38

47.59

1374436

36.74

30751.3