A wide portfolio of foreign trade or import exports is a parameter of economic development. China dominates the field by owning 7 out of a total of 10 largest ports.
The circulation of foreign exchange not only increases the capacity of buying for a particular country it also increases the opportunities of employment. The medium for transportation becomes the key to establish a trade relation with countries around the world. These mediums are roads, railroad tracks, airways and seas. Today, nearly 90 per cent of world trade is dependent on water medium as it takes place through seas.
The Dominance Of China
If we discuss the top 10 largest ports to carry world trade, the dragon country reigns 70 per cent of it. That translates to China dominating 7 of the 10 largest ports. China is the world’s number one exporter country. The analysis concludes with the suggestion to incorporate water medium for foreign trade. Only establishing is not enough. To challenge China, to own ports of world class is vital as this will help connect countries around the world for business purpose.
According to data for 2023-24, China became India’s largest trading partner with $118.4 billion in two-way trade, surpassing the US, whose bilateral trade with India stood at $118.28 billion.
The data for the year 2022-23 reveals that America was consistently India’s largest trading partner. While China’s name is recorded as the second largest partner.
If one were to look into bilateral trade between India and China for 2022-23, it fell by 1.5 percent to $113.83 billion. At the same time, in 2021-22, there was a trade of $115.42 billion between India and China. In the year 2022-23, the export of goods from India to China increased by 28 percent to $15.32 billion. Imports have also registered an increase of 4.16 percent. It is $98.51 billion.
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