ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Developing country
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Emerging country
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Developed country
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None of the above
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Detailed explanation-1: -With a trade balance of $677.9bn in 2021, China has the largest trade surplus in the world. The US is by far the leading importer of Chinese goods despite significant tensions between the two countries, followed by Hong Kong and Japan.
Detailed explanation-2: -In 2021, according to the World Bank, the 12 countries with the largest current account surpluses were China, Germany, Japan, Russia, the Netherlands, South Korea, Switzerland, Norway, Singapore, Ireland, Australia, and Italy.
Detailed explanation-3: -Services account for the vast majority of invisible trade. Such services include freight and passenger transport; banking, other financial services, and insurance; scientific-technical exchange; and international tourism.
Detailed explanation-4: -Among the top ten trading partners of India, the USA is the only country with which India has a trade surplus. As per the latest data released by the Ministry of Commerce and Industry, the net trade balance between India and the US stood at +$15.2 Bn between April-Sep 2022.