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Question
Distinguish Between:
Import Trade and Export Trade
Distinguish Between
Solution
| Sr. No. | Import Trade | Export Trade |
| 1. | Import trade refers to the purchase of goods and services by one country from another. | Export trade refers to the sale of goods and services by one country to another. |
| 2. | It is the inflow of goods and services to home country from foreign country. | It is the outflow of goods and services from home country to foreign country. |
| 3. | Import trade leads to outflow of foreign currency. | Export trade leads to inflow of foreign currency. |
| 4. | E.g.: India imports petroleum from Iraq, Kuwait, Saudi Arabia etc. | E.g.: India exports tea, rice, jute to China, Hong Kong, Singapore etc. |
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RELATED QUESTIONS
Types of foreign trade:
- Import trade
- Export trade
- Entrepot trade
- Internal trade
Identify and explain the concept from the given illustration:
India purchased petroleum from Iran.
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England imported cotton from India, made readymade garments from it and sold them to Malaysia.
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Purchase of goods from one country and selling them to another country.
Study the following passage and answer the following questions:
| Entrepot trade is a trade in which goods are imported from a foreign country for re-exporting to another country at a higher price. It simply means buying goods from one nation and selling them to another nation to earn profits. Entrepot trade is free from import duties charges. Goods imported in entrepot trade are kept and stored in bonded warehouses till the time they are re-exported to different countries. The goods which are imported are processed and re-packed for re-exporting them. |
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- Write the meaning of entrepot trade in your own words.
- Write any two features of entrepot trade.
Study the following passage and answer the questions:
| After agriculture, the handloom is the second largest income-generating activity in India. The industry has negligible power usage, low environmental concerns and high potential for innovation. A large number of handlooms are located in the northeastern region of India, with Assam accounting for almost half of the country. States like Andhra Pradesh, Uttar Pradesh, Odisha and Tamil Nadu also have weaving centres. India exports handloom products to more than 20 countries in the world. Some of the top importers are the US, the UK, Spain, Australia, Italy, Gennany, France, South Africa, Netherlands, etc. The US is the biggest importer of handloom products from India, consistently the top importer for the past 8 years. During 2020-21, the country imported handloom products worth ₹613.78 crore (US 83 million Dollar). The exports to the UK, which was the second largest importer of handloom from India during 2020-21 increased by 9.7% to ₹140.2 crore (US 19 million Dollar) from ₹123.13 crore (US 17.3 million Dollar) during 2019.20. |
Questions:
- Name the states in which handloom centres are located numerously.
- Name the countries/continents to which India exports handloom products.
- Write in brief about India's handloom export trade with the US.
Identify and explain the concept from the given illustration:
India sold wheat to Malaysia.
