Question

Distinguish between the following.

Exports and Imports.

Answer 1

Basis of Difference	Exports	Imports
Meaning	Refers to the sale of goods and services from the domestic country to foreign countries.	Refers to purchase of goods and services from foreign countries by the domestic country.
Foreign exchange inflow/outflow	Leads to inflow of foreign exchange.	Leads to outflow of foreign exchange.
Examples	India exports goods like gems, jewellery, agriculture and allied products.	India imports goods like crude oil, chemicals, machinery, etc.