Import: When a country imports goods or services, it means that it is purchasing products from another country to meet domestic demand. Imports can include items like raw materials, consumer goods, machinery, and more. Importing allows a country to access products that it might not produce domestically or to obtain products at a competitive price.
Export: Exporting, on the other hand, involves selling goods and services produced within a country to other countries. This can contribute to a country’s economic growth and balance of trade. Exported goods can range from agricultural products to manufactured goods and high-tech products.
The balance of trade is a key concept in this context. If a country’s exports exceed its imports, it has a trade surplus. If its imports exceed its exports, it has a trade deficit.
The import and export of goods and services between countries are critical components of the global economy, and international trade agreements and policies often play a significant role in shaping these interactions.
