How does the Indian Ocean affect the economy?
How does the Indian Ocean affect the economy?
Petroleum dominates commerce, as the Indian Ocean has come to be an important throughway for transport of crude oil to Europe, North America, and East Asia. Other major commodities include iron, coal, rubber, and tea.
What is the economic importance of the Indian Ocean?
95 per cent of India’s trade by volume and 68 per cent of trade by value come via the Indian Ocean. Presence of 13 major ports and over 200 minor ports provide avenues for exports of Indian goods to world. Blue Economy: The Indian Ocean is rich in natural resources.
How did Indian Ocean trade lead to economic change?
Various economic circumstances resulted in increased trade across the Indian Ocean exchange network in the middle ages. Ocean travel allowed for the bulk movement of goods, which resulted in lower prices and increased demand.
Why is Indian Ocean strategic importance?
The importance of trade and the sheer scope of its many subregions make the Indian Ocean critical in terms of military and strategic engagement. It is a vital trading hub, connecting the Middle East to Southeast and East Asia, as well as Europe and the Americas.
What are the benefits of Indian Ocean?
The region is of strategic importance as it bridges the Indian Ocean to the Pacific in the East and the Mediterranean in the West. Furthermore, this region has emerged as a vital intersection of maritime trade, connecting the countries’ producers of natural resources with the consumers states.
What were the results of the Indian Ocean trade?
Contact: As all trade networks did, the Indian Ocean trade fostered the exchange of ideas, such as Buddhism to Southeast Asia, and Islam across Eurasia.
Why was the Indian Ocean trade route important?
The Indian Ocean trade routes connected Southeast Asia, India, Arabia, and East Africa, beginning at least as early as the third century BCE. This vast international web of routes linked all of those areas as well as East Asia (particularly China).