Difference Between Export and Import

Answer 1

The main difference between import and export is that import refers to bringing goods and services from other countries to the home country while export refers to selling goods and services from the home country to other countries. For more information you can join the import export course at B2B Export import Academy at Pune.

Export and import are essential phenomena in the international economy. Both these trading processes affect the economy, facilitating the economic advancement in a country and the world as a whole.

Main Difference

The main difference between import and export is that import refers to the sale of the goods and services from other countries to the homeland while export refers to selling goods and services from the home country to other countries.

Export vs. Import

Import is the formation of trade in which goods are acquired by a domestic company from other countries to sell them in the home market. Omit, export implies a dealing in which a company sells goods to other countries which manufactured it .

Import is the process in which goods of the foreign country are brought to the home country, to resell them in the domestic market. export implies the process of sending goods from the homeland to a foreign country for selling purposes.

The main aim of import is to carry out the demand of goods and services that are lacking or not available in the domestic country while the main aim of export is to create more overseas income from the selling of domestic products and to increase the global presence of domestic products and services.

Excessive imports can hurt the domestic economy. Excessive export can benefit the domestic economy since it increases the foreign income to the home country.

Difference Between Export and Import

Definition

Import refers to bringing goods and services from Another Country to the home country while export refers to selling goods and services from the domestic country to other countries. This is the main difference between import and export.

Aim

The main aim of import is to fulfill the demand of goods and services that are lacking or not available in the domestic country whereas the main aim of the export is to create more foreign income from the selling of domestic products and to increase the global presence of domestic products and services.

Effect on the Domestic Economy

Since import is buying from external countries, excessive import can have a negative impact on the domestic economy. But more exports can benefit the domestic economy since it increases the foreign income to the home country.

Conclusion

There are two ways to import/export goods and services, wherein direct exporting/importing is one in which the firm approaches the overseas buyers/suppliers and completes all the legal formalities concerned with shipment and financing.

But, in case of indirect exporting/importing the firms have very little participation in the operations, rather intermediaries perform all the tasks and so in indirect exporting the firm has no direct interaction with the overseas customers in case of exports and suppliers in case of imports.

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All this provided information can prove to be very useful to analyse and understand the current market trend.

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