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Q.

The difference between export and import of a country is termed as its ____.

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Detailed Solution

The difference between export and import of a country is termed as its Balance of trade. Trade refers to the exchange of goods and services between people or countries. The exchange of commodities between two or more countries is known as international trade, and the exchange between local regions like a city or village is termed local trade. International trade involves the exchange of materials from resource-rich areas to areas deficient in resources. The rate of export and import of a country determines its economic stability.
 
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