Which of the following statement (s) is/are correct in the context of international trade of India during colonial times?

Statement 1: For all practical purposes, Britain maintained a monopoly control over India’s exports and imports during colonial times.

Statement 2: A little less than half of India’s foreign trade was restricted to Britain while the rest was allowed with a few other countries like China, Ceylon (Sri Lanka) and Persia (Iran). 

Only Statement 1 is correct.

For all practical purposes, Britain maintained a monopoly control over India’s exports and imports during colonial times. As a result, more than half of India’s foreign trade was restricted to Britain while the rest was allowed with a few other countries like China, Ceylon (Sri Lanka) and Persia (Iran). The opening of the Suez Canal further intensified British control over India’s foreign trade