Robust Growth In The Foreign Trade Sector : Current Affairs Special Series

Team Adda247 and BankersAadda are here with a Current Affairs Special Series for SBI and IBPS interview 2021.  In this series, candidates will be introduced to current affairs topics on a daily basis, which will not only improve their general awareness but also will ensure that the candidates do not lack if any current affairs topic is asked in the interview. Today’s Current Affairs topic is Robust Growth In The Foreign Trade Sector.

Robust Growth In The Foreign Trade Sector

The merchandise export reached its all-time high for the last month in the country which suggests a robust growth in the foreign trade sector. Total merchandise export of US 27.67 billion dollars last month compared to US 27.74 billion dollars in February last year. Exports of Rice, Oil meals, Iron Ore, and other cereals have recorded positive growth in the last month compared to the corresponding period last year. The Ministry of Commerce and Industry has informed that in the same time frame import of Silver, Newsprint, Fertilisers, Coal, and Coke and leather products have shown a significant reduction in their numbers. With India’s overall merchandise imports of US 40.55 billion dollars recorded in the last month, the trade deficit figures for February month stand at US 12.88 billion US dollar. This increased demand in the foreign trade sector may lead to large production and economies of scale with lower unit costs. Expansion in exports will provide more employment opportunities; will reveal the underlying investment in a particular country. The new foreign trade policy 2021, which was formulated, is expected to come into effect this month. The Directorate General of Foreign Trade suggested digitizing and calling for compliance
burdens to be eased for micro, small and medium enterprises (MSMEs).