Economics · Class 12 Commerce
Ch 11Foreign Trade in India — Class 12 Economics, concept-first.
The Maharashtra HSC (MSBSHSE) Std XII Economics syllabus closes its Macroeconomics unit with the study of a country's trade with the rest of the world. Broadly, 'trade' means the exchange of goods and services between a buyer and a seller.
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Foreign Trade — Meaning, Types and Distinction from Internal Trade
Foreign Trade is the exchange of goods and services between residents of different countries, across national boundaries — distinct from Internal (domestic) Trade in its use of different currencies, government restrictio…
Most relevant Q&A
- Importing goods from one country for the specific purpose of re-exporting them to another country is known as: (a) Import Trade (b) Export T…Free
- Define Foreign Trade.Free
- State any two points of distinction between Internal Trade and Foreign Trade.Preview
- State the meaning of Import Trade and Export Trade.Preview
- Purchase of goods and services from one country and selling them to another country is ______ (a) Entrepot trade (b) Import trade (c) Export…Preview
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Meaning of Foreign Trade and Its Distinction from Internal Trade
The Maharashtra HSC (MSBSHSE) Std XII Economics syllabus closes its Macroeconomics unit with the study of a country's trade with the rest of the world.
Types of Foreign Trade — Import, Export and Entrepot Trade
The MSBSHSE Std XII Economics syllabus classifies a country's foreign trade into three types, based on the direction in which goods move relative to the country concerned.
Importance (Role) of Foreign Trade in Economic Development
Foreign trade plays a significant role in the economic development of a country — a theme the Maharashtra HSC (MSBSHSE) Economics syllabus treats as one of the central reasons a country engages in tra…
Composition and Direction of India's Foreign Trade
Two terms are commonly used by the MSBSHSE Std XII Economics syllabus to describe the pattern of a country's foreign trade at any point in time: its composition (WHAT is traded) and its direction (WIT…
Balance of Trade — Meaning
The Balance of Trade (BOT) is the narrower of the two trade-balance concepts studied in this chapter. It refers to the difference between the total value of a country's VISIBLE EXPORTS (goods sold to…
Balance of Payments — Meaning and Components
The Balance of Payments (BOP) is a much wider and more complete concept than the Balance of Trade. It is a systematic statement (record) of ALL economic transactions — not merchandise trade alone — be…
Distinguishing Between Balance of Trade and Balance of Payments
Because the Balance of Trade and the Balance of Payments are easily confused — both compare a country's receipts from, and payments to, the rest of the world — the MSBSHSE Std XII Economics syllabus s…
India's Foreign Trade Policy (EXIM Policy) and Trade Reforms Since 1991
Meaning of Foreign Trade Policy. The Government of India periodically announces a comprehensive Foreign Trade Policy (earlier known as the EXIM — Export-Import — Policy) laying down the objectives, gu…
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
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- Q1Purchase of goods and services from one country and selling them to another country is ______ (a) Entrepot trade (b) Import trade (c) Export…Preview
- Q2Assertion and reasoning question: Assertion (A): International trade leads to the division of labour and specialization. Reasoning (R): Indi…Preview
- Q3State with reasons whether you agree or disagree with the following statement. The balance of Payment is the same as the Balance of Trade. (…Preview
- Q4Identify and explain the concept from the given illustration: England imported cotton from India, made readymade garments from it and sold t…Preview
- Q5Balance of Trade and Balance of Payment are two different concepts. (a) Agree (b) DisagreePreview
- Q6Identify and explain the concept from the given illustration: Maharashtra purchased wheat from Punjab.Preview
- Q7State with reasons whether you agree or disagree with the following statement. Over the last 75 years, India’s foreign trade has undergone a…Preview
- Q8Give an economic term: The difference between the value of a country's exports and imports for a given period.Preview
- Q9Complete the correlation: Internal Trade : Home Trade :: International Trade : ______Preview
- Q10Explain the role of foreign trade.Preview
- Q11Identify and explain the concept from the given illustration: India purchased petroleum from Iran.Preview
- Q12Explain the concept of foreign trade.Preview
- Q13Explain the types of foreign trade.Preview
More questions
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- Q6State any four points highlighting the importance of foreign trade in the economic development of a country.Free
- Q7State the components of the Current Account and the Capital Account of India's Balance of Payments.Free
- Q8What is meant by a 'Favourable' and an 'Unfavourable' Balance of Trade?Preview
- Q9State any two objectives of India's Foreign Trade Policy (EXIM Policy).Preview
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- Q10Distinguish between Balance of Trade and Balance of Payments.Free
- Q11Explain the importance (role) of foreign trade in the economic development of a country.Free
- Q12Explain the changes in the composition and direction of India's foreign trade since 1991.Preview
- Q13Explain India's foreign trade policy reforms since 1991 and the role of the WTO in India's foreign trade.Preview