Identify and explain the concept from the given illustration:
India purchased petroleum from Iran.
Concept: Import trade
- Import trade refers to the purchase of goods by one country from another or the inflow of goods to the home country from a foreign country.
- Hence, this illustration relates to the concept of ‘import trade’ as India (i.e. home country) purchased petroleum from Iran (i.e. foreign country)
Concept: Trends in India’s Foreign Trade since 2001
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