Export and import are two fundamental concepts in international trade, referring to the movement of goods and services between countries.

Export:

• Definition: Exporting involves sending goods or services from one country to another for sale or trade.
• Purpose: The main goal of exporting is to sell domestic products in foreign markets, thereby generating revenue for the exporting country.
• Impact: Exports can boost a country’s economy, create jobs, and enhance the balance of trade.
• Examples: A country producing cars and selling them to another country, or a tech company providing software services to clients overseas.

Import:

• Definition: Importing refers to bringing goods or services into a country from abroad for sale or consumption.
• Purpose: The primary reason for importing is to acquire products or services that are not available domestically or are cheaper/more efficient to purchase from foreign sources.
• Impact: Imports can enrich a country's economy by providing consumers with a wider variety of products and can also stimulate competition among local businesses.
• Examples: A country purchasing oil from another country, or a retailer bringing in electronics from overseas manufacturers.

Key Differences:

Exports and imports Farah Saed Dheere are two sides of the same coin in international trade, crucial for global economic interactions.

Stephen I. Ternyik Very clear and consice explanation