What is import and export in simple words?

Question

Exporting refers to the selling of goods and services from the home country to a foreign nation.Whereas, importing refers to the purchase of foreign products and bringing them into one's home country.

What is import and export?

Imports are any good or service brought in from one country to another, while exports are goods and services produced in the home country for sale to other markets.

What is imports in simple words?

An import is a good or service bought in one country that was produced in another. Imports and exports are the components of international trade. If the value of a country's imports exceeds the value of its exports, the country has a negative balance of trade, also known as a trade deficit.

What is import and export short answer?

An export is the sale of goods to a foreign country, while an import is the purchase of foreign manufactured goods in the buyer's domestic market.

Expert · Answer

Imports are any good or service brought in from one country to another, while exports are goods and services produced in the home country for sale to other markets.

Expert · Answer

An import is a good or service bought in one country that was produced in another. Imports and exports are the components of international trade. If the value of a country's imports exceeds the value of its exports, the country has a negative balance of trade, also known as a trade deficit.

Expert · Answer

An export is the sale of goods to a foreign country, while an import is the purchase of foreign manufactured goods in the buyer's domestic market.

What is import and export in simple words?