What are imports and exports?

Imports are the goods and services that are purchased from the rest of the world by a country’s residents, rather than buying domestically produced items. Imports lead to an outflow of funds from the country since import transactions involve payments to sellers residing in another country.

What is the meaning of export?

The meaning of export is when a country sells goods and services to other countries. The Import of Goods and services is done to meet the demands in the country. The export of goods and services is done to participate in the global market and to make a global presence.

What does import mean?

Imports are goods or services that entities purchase from other countries, often via shipment, mail or freight aircraft. Imports often represent goods that a country does not produce or cannot produce affordably or efficiently. An importer can be an individual or company.

What happens if a country exports more than it imports?

When a country exports more goods and services than it imports, it creates a trade surplus. A trade surplus can represent a healthy economy, as it demonstrates a positive flow of currency from foreign entities. Meanwhile, a country that imports more than it exports represents a trade deficit.