Q.State the meaning of Import Trade and Export Trade.

Import and Export Trade are simply the two opposite directions in which goods can move across a country's border. …

Import Trade refers to the purchase of goods and services by one country from another country, for use or sale within the importing country's own domestic market — for example, India buying crude petroleum from Gulf countries. Export Trade refers to the sale of goods and services produced within a country to buyers in another country — for example, India selling engineering goods or IT services abroad. A country generally imports what it cannot produce, or cannot produce as cheaply, at home, and exports what it can produce relatively efficiently (its comparative advantage); t …

Students sometimes reverse the two terms — remembering that 'Export' starts with the idea of goods 'exiting' the country while 'Im …