People from one country sell goods and services to another country. For instance, the Apple phones that you see around you are imported. Most toys and electrical appliances are made in China and imported by India.
Read this to know more about the jargon associated with foreign trade.
The data released by the government of India shows that India’s exports were lower this year compared to the same period last year.
But our imports, if you notice, reduced even more drastically. Overall, India had a trade surplus (we exported more than we imported) because we exported a lot more services.
You might remember that India reported its first trade surplus after 18 years in July 2020.
This is the second time that India is reporting a trade surplus, largely because of our very robust services exports.
Question for you: What are some of the services that India exports?