International Trade is mutually beneficial as no country is self-sufficient. India’s international trade has undergone a sea change in recent years in terms of volume, composition as well as direction. Although India’s contribution to world trade is as low as one per cent of the total volume, yet it plays a significant role in the world economy.
Which of the following statements is correct?

a- There has been an increase in the total volume of imports and export of India.

b- The value of exports continues to be higher than that of imports in India.

Only statement a is correct.

Though there has been an increase in the total volume of imports and export, the value of imports continued to be higher than that of exports.