Distinguish between: 3) Exports and Imports

Distinguish between:
3) Exports and Imports

Exports
Imports
It is the selling of domestically produced goods and services to any foreign country.
It is the buying of internationally produced goods and services by the domestic country.
In exports, goods flow out of the economy.
In imports, goods flow into the economy.
Here, foreign exchange is earned by the economy.
Here, foreign exchange flows out of the economy.

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