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Q.

Export and import are the components of [[1]].


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Detailed Solution

Export and import are the components of trade.
Trade is the exchange of products between individuals, groups of states, and nations. Such transactions happen on the market. International trade refers to trading between two countries. It might happen by land, sea, or air channels. State-level trade occurs between two or more states as opposed to local trade in cities, towns, and villages. No nation can thrive without international commerce since the resources are few and confined to space. The parts of trade are export and import. The difference between a country's export and import represents its trade balance.
 
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