 the real exchange rate and net exports. The students are, last modules में हमने exchange rate क्या वाले से, समजा nominal exchange rate हो real exchange rate हो लिनका अपस में तालग, तो आज हम देखेंगे के real exchange rate में जेंजी दाती है, उसका net exports पर क्या impact होता है. So the real exchange rate is also called terms of trade. Okay. This is important because it represents the rate at which domestic goods and services can be traded for those produced abroad. असी हमने दीखान क्या था के real exchange rate क्या के एक domestic goods के बतले में आप कितनी फारन goods लिए सकते है. So obviously, जब यह चेंज होगा तो this will affect the net exports. अगर real exchange rate में इदाफा होगाता है. Okay. अप्रिसीएट होगाता है. तो इसका होगाता है. अब हम आपनी एक unit के बतले में फारन goods के जियादा units ले सकते है. So the real exchange rate also affects the country's net exports. Net exports में अपने लिए सकते है. So the real exchange rate also affects the country's net exports. So the real exchange rate also affects the country's net exports. The real exchange rate also affects the country's net exports. Net exports means exports minus imports. Changes in net exports have a direct impact on export and import industries in the country. जब exports or imports में तब्दिली आगी. अपने net exports बतलेगा. तो इसकन तीजी में अब आपनी लिए सकते है. जो हम मुलक में अपने लिए सकते है. उन अपने लिए सकते है. तो इसलिए ये मुलक के लिए है. Changes in net exports affect overall economic activity and are a primary channel through which business cycle and macroeconomic policy changes are transmitted internationally. किसी भी मुलक में, उस में को मैक्रो इक्रो इक्रो एक्रो मेंग पूलिएसी चेंच होती है या उस में को योर बिसने साईकल फलक्टूएशन्स की बज़े से A high real exchange rate makes foreign goods cheap relative to domestic goods so there is a high demand for foreign goods. तो आपने मुलक की एक युन्थ के बड़े में तो उसरे मुलक से रियादा ले सकेंगे. तो असका मुलक के लिए है कि आप फारन गुट्स की जो दिमैंट है उस में इजाफा हो जाएग़. तो हमारे लिए आप सस्ती होगी. With demand for foreign goods high, net exports decline. Net exports अभी हमने देखा है क्या? Exports minus imports. तो जब आपकी ये ये imports बड़े जाएंगी तो उसकें तीजे में क्या जाएग़? Net exports उस में कमी वाखिवगग. So, thus the higher the real exchange rate, the lower our countries net exports. तो real exchange rate और net exports में क्या? Relationship बना? Negative relationship बना है. Exchange rate, real, jithna, high होगा? Net exports उतनी काम हो जाएगी. अभी मैंने ऐस्पलेन क्या? क्यों काम हो जाएगी? जब आपका real exchange rate, अपके लिए आपके लिए आपके लिए आपके आपके लिए अपके लिए फारन गुट्स चीप हो रही है, तो उनके उस में इजाएखा हो जाएगा, इजाएखा हो जाएगा. और तुस्रे मुलकों के लिए आपकी चीजने महंगी हो रही है, तो आपकी एक स्पोट्स में कमी वाखे हो जाएगी. तो इस रिलेशिन्चिप को यह जो नेगेटेप रिलेशिन्चिप है, between real exchange rate or net exports में, the effect of a change in the real exchange rate may be weak in the short term and can even go the wrong way. के यह जो रिलेशिन्चिप है, it will hold in the long run, short term में यह जो रिलेशिन्चिप है, यह सम्थाईमस, hold नी करता, hold करता है, तो बहुत वीख होता है, और में भी के यह यह यह यह यह यह वन रोंग डारेक्शन, में भी हम इसके इग्धेमपल से तो समझेंगे, although a rise in the real exchange rate will reduce net exports in the long run, in the short term it may be difficult to quickly change imports and exports. As a result, a country will import and export the same amount of goods for a time with lower relative prices on the foreign goods, thus increasing net exports. For example, the oil prices increase. Now what will happen in the third term? Pakistan's real exchange rate will depreciate. Now we used to export the rice first, instead of that the oil used to come, because of the oil being expensive, we will get less oil in return for our rice. So what will happen in the third term? Our real exchange rate will depreciate. So this is depreciated. So what we have learned now is what should happen in the third term? Net exports should increase. But that increase sometimes is not in the short term. Therefore, very quickly the pattern of our economy the import of oil will be more expensive but we cannot reduce it. We cannot switch on the other fuels. Therefore, we will import the same amount of oil since it is expensive and we will have to spend more on it. Similarly, a real depreciation will lead to a decline in net exports in the short term. When depreciation happens, in the third term, I have told you that net exports should decline. Will lead to a decline in net exports in the short term and a rise in the long term. But in the short term, it may decline. This pattern of net exports is known as the J-curve. So this is the J-curve. In the J-curve, we are taking this time and we are seeing the impact of depreciation when your real exchange rate is depreciating. So what will happen at that time? In the zero time period your net exports are in deficit. So as a result of depreciation in the third term, it should be added in the net exports but in the net exports, these curves are negatively sloped. The next exports are in deficit. So in the short term, in the long term, there will be an increase in net exports. So this is the shape of the curve. In the J-curve, in the short term, there will be an increase in the impact. So the J-curve, this analysis assumes a time period long enough that the movements along the J-curve are complete so that a real depreciation raises net exports and a real depreciation reduces net exports. In the long term, the relationship that as a result of depreciation your net exports increase and the vice versa but in the short term this relationship does not hold. Sometimes it is weak and sometimes even in the opposite direction. Thank you very much.