Foreign Trade of India — Economics STD 12 Commerce / Arts — Question

1. It means to purchase of goods and services by one country from another country.
2. E.g. India imports petroleum from Iraq, Kuwait
3. It is inflow of goods and services.

Export trade:

1. It means to the sale goods and services by one country to another country.
2. E.g. India exports tea, rice, jute to China, Hong Kong, etc.
3. It is outflow of goods and services.