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Import - Export Definition

Export and Import refer to activities of selling and buying goods and services across international borders respectively.

Export

Export refers to selling of the goods and services produced in one country to buyers in another country. It can include tangible goods like machinery, electronics and agricultural products as well as intangible services like. consulting, software and tourism.

Import

Import refers to the purchase of goods and services produced in another country for domestic use. similar to export, Imports can be tangible goods or intangible services.

Importance

Both exports and Imports play crucial role in the global economy, facilitating trade between countries and allowing for the exchange of goods and services that may not be available domestically.

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