What is Export?
Goods and services produced in one country and sold to buyers in other countries are called exports.
In other words, export is defined as the sale of a product or service from a country abroad in exchange for foreign currency. The terms of foreign sales or sales abroad can also be used instead of export. Export is extremely important for modern economies. Markets are offered to people, firms for their services and goods. Companies often export products and services. If the goods are expanded into new markets or existing markets, exports increase profits and even global market share is achieved. In other words, exporting entails the act of trading in the international market. Export business relies on land, sea or air as modes of transport. On the other hand, the choice of transit depends on several factors.
What is Import?
Import is the value of goods and services purchased by a country’s government agencies and firms, and by a country’s households. It refers to the sale of commercial goods to another country. Imports include payments for oil, finished goods, semi-finished goods and intermediate goods.