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)
In which year, trade deficit of fuel has been the second lowest?
Trade deficit of fuel = import of the fuel - export of the fuel = total import * percentage of fuel import - total import * percentage of fuel export
For year 2013, trade deficit of fuel = (475*42)/100 - (350*25)/100 = 199.50 - 87.5 = 112 (US dollar in billions)
For year 2014, trade deficit of fuel = (450*40)/100 - (325*20)/100 = 180 - 65 =115 (US dollars in billions)
For year 2015, trade deficit of fuel = (375*30)/100 - (275*10)/100 = 112.50 - 27.5 = 85 (US dollars in billions)
For year 2016, trade deficit of fuel = (350*25)/100 - (250*10)/100 = 87.5 - 25 = 62.5 (US dollars in billions)
Trade deficit of fuel is 2nd lowest for year 2015.
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