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The nature of India’s foreign trade has changed over the years. Though there has been an increase in the total volume of import and export, the value of import continued to be higher than that of exports. There has also been an increase in trade deficit over the last couple of years. This increase in deficit is attributed to the price rise of crude petroleum, which forms a major component of India’s international trade. The share of primary products has decreased in the total export of India, whereas share of petroleum products has increased, share of manufactured products has remained constant over the years.