Question

Write short answers of the following

What is meant by export Trade?

Answer 1

Export trade refers to the selling of goods and services produced in the native country to foreign countries. It involves inflow of foreign exchange. India exports goods like gems, jewellery, agriculture products etc. The seller in external trade is referred as exporter and the buyer is called importer. Export is one of the components of external trade and other components include import and entrepot trade. Exports is considered good for a country as it
i. brings foreign currency in the domestic country.
ii. creates new jobs in the domestic country.
iii. facilitates competition among domestic producers as well as the producers of other countries.