Identify and explain the concept from the given illustration: India purchased petroleum from Iran.

Question 24 of 26

Q. Identify and explain the concept from the given illustration: India purchased petroleum from Iran.

Maharashtra MsbshseMaharashtra HSC (MSBSHSE) Board 2026Subjective· 2mImportance★★★★★

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India purchasing petroleum from Iran = Import.

Import trade means the purchase (buying) of goods and services by one country from another country. When India purchases petroleum from Iran, goods flow into India from a foreign nation, so it is an import.

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Same / Similar Concept — real previous-year questions on the same or a closely similar concept, not this exact question.

CBSE 2025Set ANNUAL1 mark
$Q. Complete the correlation: Internal Trade : Home Trade :: International Trade : ______$
›Reveal solutionSolution

The missing term is Foreign Trade (also called External Trade).

Trade is classified by where it takes place. Trade conducted within a nation's own borders is internal or home trade. Trade conducted between two or more countries — exports and imports across national boundaries — is called international trade, which is the same as foreign trade or external trade. So just as inter …

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CBSE 2022Set ANNUAL1 markMCQ
$Q. Purchase of goods and services from one country and selling them to another country is ______$
(a) Entrepot trade
(b) Import trade
(c) Export trade
(d) National trade
›Reveal solutionSolution

The correct option is Entrepot trade — importing goods from one country and re-exporting them to another country (also called re-export trade).

Foreign trade has three types:

Type Meaning
Import trade Buying goods from other countries
Export trade Selling goods to other countries
Entrepot trade Importing goods to re-export them to a third country
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Type	Meaning
Import trade	Buying goods from other countries
Export trade	Selling goods to other countries
Entrepot trade	Importing goods to re-export them to a third country
…

←Previous questionQ10 — Explain the role of foreign trade.→Next questionQ12 — Explain the concept of foreign trade.

Q.Identify and explain the concept from the given illustration:
India purchased petroleum from Iran.

Concept understanding — Foreign Trade — Meaning, Types and Distinction from Internal Trade

Q.Identify and explain the concept from the given illustration: India purchased petroleum from Iran.

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Q.Identify and explain the concept from the given illustration:
India purchased petroleum from Iran.

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