Import and Export

What is Import ?

• a product of a country which is sold in another country

• trade between countries

• a raw material or a finished that is brought into a country from abroad

• a country focuses on producing and selling a certain good or product

What is Export ?

• An export of the sending country is an import to the receiving country

• It is a product of a country which is sold in another country

Why do Countries Import ?

• Some countries do not have raw materials to make certain goods, they import these raw materials.

• Many business owners may import tools, machinery, or technology that may not be available in their country

• They may even import materials or parts of their product that they cannot get a low rate or which may not be available in their country

• All of the above

When and Why do Countries Export ?

• Produced at a low cost in the country but can fetch a higher price abroad

• Made in large quantities and are more than enough for the people of the country

• Produced only in the country and no other country

• Are of very good quality compared to those produced in other countries

What is International Trade ?

• The exchange of imports and exports

• The country that sells a good or product

What is consumer goods ?

• The goods that are not used by people

• They are not available in sufficient quantity in the country

• The goods used by people. Eg. tea, coffee, shoes, electronic goods we have in our homes etc.

Which of the examples are of consumer goods ?

• Bananas, meat, rice, sugar

• Tea, coffee, shoes, electronic goods

• Wheat, mangoes, spices, handicrafts, readymade clothes

• Cheese, cars, chocolate, shoes

What all does India export ?

• Gemstones, crude oil, fur

• Maple syrup, timber (wood), animal fur

• Clothes, toys, dishes

• Sugar, tea, cotton, jute, rice, wheat, mangoes, spices, handicrafts, readymade clothes

What all does India import ?

• Oil, metals, coal, automobiles, machinery tools

• Food products, vegetable oil, jute etc.

• Low cost manufactured goods, olive oil, petroleum

• Food products, vegetable oil, jute etc.

Which countries trade with India ?

• Canada, China, Taiwan, & Japan

• USA & UK

• Europe & Russia

• South America