Question
Differentiate between exports and imports.
Solution
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Exports |
Imports |
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1. A country produces surplus goods and sell these surplus goods to other countries is called exports.
3. For example: India earn huge foreign exchange by exporting manufacturing goods like textiles, electronic items and agricultural products etc. |
1. When a country, on the other hand buys goods or services from other countries is called import. 2. Imports are made to meet the essential requirement of goods and products for consumption and for further investment in production or for exports. 3. For example : India imports petroleum and petroleum products, semi-precious stones, gold and silver etc. |
