The change in the direction of India’s foreign trade can be explained as follows :
(i) The share of Japan and Russia in import trade
of India has stepped up.
(ii) India’s foreign trade with oil exporting coun-tries (OPEC) has raised too much.
(iii) India’s foreign trade with Eastern European
countries has reduced.
(iv) India’s trade with developing countries has
In this way, India’s foreign trade with developing countries has increased till 1990-91 after the adop¬tion of new economic has taken place