Exhibit I as under provides the data of India's Merchandize Imports (Billion US Dollar) on left axis and Percentage of Food: Fuel, Manufactures and Ores & Metals lmports of India's on the right axis. Similarly; Exhibit 2 provides data of India's Merchandize Exports (Billion US Dollar) on left axis and Percentage exports of Food, Fuel, Manufactures and Ores & Metals on the right axis. Attempt the questions in the context of information provided as under:
A.Trade Balance = Import Minus Exports
b:Trade Deficit If Imports are more than Exports
c:TradeSurplus= If Exports are more than Imports
Exhibit 1: India's Total Merchandize Imports (US Dollar in Billion) and Percentage Imports of Food, Fuel, Manufacturers and Ores and Metals (2012 - 2016)
Exhibit 2: India's Total Merchandize Exports (US Dollar in Billion) and Percentage Exports of Food, Fuel, Manufacturers and Ores and Metals (2012 - 2016)
What shall be approximate Manufactures exports of India in the year 2016 based on average exports for the period 2012-2016?
Average export for the period 2012-2016 = (Sum of all exports in 2012-2016)/5 = (275+350+325+275+250)/5 =295 (US dollar in billions)
Manufactures Export of India in 2016 = 75 percent of the exports (from graph) = (295*75)/100 = 221.25 (US dollar in billions)
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