Analysis of Country P Exports and Imports

The question asks us to find the difference between the average export and average import for Country P over the given four years (2017, 2018, 2019, and 2020). To do this, we first need to find the total exports and total imports for Country P over these years and then calculate their respective averages.

Calculating Average Trade for Country P

Step 1: Calculate Total Exports for Country P

The exports for Country P in the years 2017, 2018, 2019, and 2020 are 25, 24, 28, and 22 Rs Crore, respectively.

Total Exports for P = 25 + 24 + 28 + 22

Total Exports for P = \(99\) Rs Crore

Step 2: Calculate Average Exports for Country P

To find the average export, we divide the total exports by the number of years, which is 4.

Average Exports for P = \(\frac{\text{Total Exports}}{\text{Number of Years}}\)

Average Exports for P = \(\frac{99}{4}\)

Average Exports for P = \(24.75\) Rs Crore

Step 3: Calculate Total Imports for Country P

The imports for Country P in the years 2017, 2018, 2019, and 2020 are 30, 32, 36, and 32 Rs Crore, respectively.

Total Imports for P = 30 + 32 + 36 + 32

Total Imports for P = \(130\) Rs Crore

Step 4: Calculate Average Imports for Country P

To find the average import, we divide the total imports by the number of years, which is 4.

Average Imports for P = \(\frac{\text{Total Imports}}{\text{Number of Years}}\)

Average Imports for P = \(\frac{130}{4}\)

Average Imports for P = \(32.50\) Rs Crore

Step 5: Find the Difference Between Average Import and Average Export

The question asks for the difference between average export and average import. It is usually interpreted as the absolute difference or Import Average - Export Average if imports are typically higher. In this case, imports are higher than exports on average for Country P.

Difference = Average Imports for P - Average Exports for P

Difference = \(32.50 - 24.75\)

Difference = \(7.75\) Rs Crore

The difference between the average export and average import for Country P is 7.75 Rs Crore.

Revision Table: Key Concepts in Data Interpretation

Additional Information: Trade Balance

The difference between a country's total value of exports and total value of imports over a specific period is called the trade balance. It is calculated as Exports - Imports.

• If Exports > Imports, the country has a trade surplus.
• If Exports < Imports, the country has a trade deficit.
• If Exports = Imports, the country has a balanced trade.

For Country P over these four years, the total exports were 99 and total imports were 130. This indicates a trade deficit (130 - 99 = 31) over this period. The calculation in the question focuses on the difference between the *average* values, not the total trade balance difference.