What is import and export?

What is import and export in simple words?

Imports lead to an outflow of funds from the country since import transactions involve payments to sellers residing in another country. Exports are goods and services that are produced domestically, but then sold to customers residing in other countries.

What is import and export answer?

Importing is the purchase of goods from a foreign country while exporting is when a country sells goods to another country.

What is import example?

An import is any product that's produced abroad and then brought into another country. For example, if a Belgian company produces chocolate and then sells it in the United States, that would be an import from an American perspective.

What is export and examples?

The definition of an export is something that is shipped or brought to another country to be sold or traded. An example of export is rice being shipped from China to be sold in many countries. noun. 1. Export is defined as to move products to another country for the purpose of trade or sale.