(a) Change in the Direction of Export Trade. The direction of export and import from 1980-81 onwards has been given in table 4. As per table, OECD consists of the countries Belgium, France, Germany, Netherlands, U.K., North America, Canada, USA, Australia and Japan.
The group of OPEC contains Iran, Iraq, Kuwait, and Saudi Arabia. While G.D.R., Romania and Russia comes under Eastern Europe.
Other less developed countries carries Africa, Asia, Latin America and Caribbean. The number of countries baying from India has increased considerably since independence.
In the year of 1950-51, the share of U.K. was as high as 23.3% which came down to 11.1% in 1970-71 and 4.9% in 2001-02. The second position was occupied by USA and its share in India’s export was 19% in 1950-51 and 16% in 1960-61; 14.7 per cent in 1990-91 and 19.4 per cent in 2001-02.
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After 1960-61 India’s trading relations with these countries expanded at a very rapid rate. The share of export of Netherland was 2.3 per cent 1980-81 which marginally reduced to 2.3 percent in 2001-02.
The export to Japan has considerably declined from 8.9 per cent to 3.4 per cent over the same period. The export to Asian countries also increased as it was 6.9 per cent in 1950-51, 13.4 percent in 1980-81 and 22.4 percent in 2001-02.
However, export to OPEC countries moves between 10.6 per cent to 11.1 percent from 1980-81 to 2001-02. While export with Eastern Europe has considerably declined from 22.1 percent to 3.0 percent over the same period. Export to OECD countries has also gone up from 46.6 percent in 1980-81 to 49.3 per cent in 2001-02.