It not only helps in increasing employment opportunities but also improves the standard of living of the residents.

The increase in foreign exchange earnings causes addition to the country’s national income. Increasing National Income and Greater Employment Opportunities On selling surplus production in a foreign country’s market, there will be a greater inflow of foreign currency in the selling country's reserve. If there is a surplus production in a country, it can be sold off in markets of another country which will bring in revenue. It would be sold in the markets of those industries that have a shortage of such resources. The natural resources which are in greater abundance in a particular country can be used for production increase. The weakening of currency further makes the imports expensive.ĭomestic Resources Being Optimally Utilized Such outflow weakens the country’s currency. As imports consistently exceed exports, there is more outflow of U.S. It can be considered as problematic to the extent that it can cause foreign exchange shortages within the country.Ī high trade deficit of a country leads to the weakening of its currency. It indicates that there is a greater inflow of the exporting company's currency from the markets in a foreign country.Ī trade deficit occurs in a country when the imports of that country exceed its exports costs. Imported goods and services are usually expensive, owing to those being subjected to a range of tariff schedules.Ī trade surplus takes place in a country when the exported goods and services value amounts to higher than its imports. Import is the opposite concept to export where residents of a country purchase foreign manufactured goods or services. For example, organic chemicals are to be shipped from India to be sold in foreign countries. Exporting is the carrying of manufactured goods or sending services to another country to be traded. The procedure for export essentially involves the act of exporting. An exporter pertains to such a person, firm or country that sends and sells goods or services to another country. (Refer to the solution given at the end of the article)Ĭonsistent with exports meaning, one has to also know what an exporter is.

What was India’s export trade volume in 2018-2019? Another component of international trade is import. The fastest gain rate of exports from India is recorded for organic chemicals at 30.7%.Įxport trade is the transaction in international trade where the manufactured goods and services from one country are purchased by residents of another country. The top exports from India are mineral fuels (14.9%), precious metals and gems (12.4%), machineries (6.3%), and pharmaceuticals (4.4%) among others. Export can be of services and goods of any type, and that may be traded through electronic transmission or traditional transportation like shipping. Export meaning includes such manufactured goods and services which originate in one country, but are procured by another country.

Import and export meaning