India’s booming economy includes growing trade with the U.S

India’s booming economy includes growing trade with the U.S

A key part of India’s sizzling economic miracle is its trade with the rest of the world, including the United States. In 2002, India became the 19th-largest exporter to the U.S. (up from 22nd place in 2001). Americans have a strong and growing appetite for all kinds of Indian products. Among these are diamonds, carpets, silk fabrics, antibiotics, and enough shrimp and cashew nuts to feed a small army. In recent years, Indian software companies have sold more than $3 billion worth of their high-tech products to companies in the United States.

In exchange, India buys American airplanes and parts, computers, electrical machinery, and appliances. As the graphs show, Indians have a big surplus in their trade with the U.S. Use the data to answer the questions below.

1. The graph shows a slow but steady rise in U.S. exports

to India. Between 1994 and 2002, the value of U.S.

exports to India rose by almost

(a) 60% (c) 80%

(b) 70% (d) 90%

2. Between 1993 and 2002, Indian exports to the U.S. rose

by almost

(a) 160% (c) 140%

(b) 150% (d) 130%

3. In 2002, India sold approximately $2.1 billion worth of

clothing to the U.S. What was the approximate value of

other goods India sold to the U.S. in that year? Nearly

(a) $10 billion (c) $7 billion

(b) $13 billion (d) $6 billion

4. What was India’s trade surplus–the difference between

the value of its sales to the U.S. and the value of its

purchases from the U.S.–in 1998? Approximately.

(a) $5 billion (c) $7.7 billion

(b) $6 billion (d) $10 billion

5. In which year did U.S. exports to India rise from about $3.3 billion to about $3.6 billion?

6. About how much did the value of India’s exports to the

U.S. increase in the year of answer number 5, above?

(a) $1 billion (c) $600 million

(b) $500 million (d) $1.5 billion

7. How much would the value of U.S. exports to India

in 2002 have to increase to match the value of India’s

exports to the U.S. in that year? Almost

(a) 100% (c) 250%

(b) 200% (d) 300%

Graph Exercise, page T4

1. (c) 80% 2. (a) 160% 3. (a) $10 billion 4. (a) $5 billion 5. 1997 6. (a) $1 billion 7. (b) 200%

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