00:01
Okay, so we will understand the meaning of export import from the following example so that you can remember it for future reference also.
00:18
So let's say suppose there is country eye and in country eye there is lack of forests.
00:30
There are no forest.
00:32
However, it is a hypothetical situation but you can assume for sake of simplicity and there is country eu and there are abundance of forests.
00:44
Now what happened country i all the producers in country i are willing to produce furniture.
00:51
So but there are no forests so they are not able to get the raw material in form of good logs so they have asked country you to get the raw material in forms of wood blocks okay so country you will be providing woodlocks to country i however country i will pay foreign currency to country you so that a trade can be established okay so country i will be importer and country who will be exporter okay so the country who exports the goods and services to another country will be considered as exporter and the other side and the other party will be considered as importer.
02:00
So this is what the whole export import basics we have achieved.
02:04
We have done.
02:06
However, we can understand it also that when country i will be required to pay foreign currency.
02:14
What is foreign currency? the currency which is applicable in country i will be domestic currency to citizens of country i...
