IBPS PO General Awareness: International Trade and Balance of Payments questions with solutions

Q1. Despite prolonged geopolitical tensions and slowing global trade, India's merchandise exports touched US$ 450.4 billion during 2022–23, which was 6.7% above the previous year's record level. Which sector contributed the largest share in India's merchandise exports?

1. Electronic Goods
2. Petroleum Products
3. Rice
4. Organic and Inorganic Chemicals

Answer: Petroleum Products

India's merchandise export basket is led by petroleum products because refined petroleum exports contribute a very large value share. In 2022–23, this sector remained the largest contributor among the given options.