In the last 26 years, India's merchandise trade with the rest of the world has grown 26 fold from just over $29 billion in 1987-88 to $762 billion in 2013-14. In the process, there has been a radical shift in who we trade with. The UK, Japan, Russia, Belgium, France and Italy, all part of the top 10 trading partners in 1987-88 are no longer in that list and together account for just 7.5% of India's trade compared to 37.4% then. Conversely, China, Switzerland, Hong Kong, Indonesia, Iraq and Singapore now account for 21.6% of the trade now, compared to just 6.8% a quarter century ago.What is noticeable is the rise of Asian trading partners and the decline of European ones
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