answersLogoWhite

0

Importing is when a specific country brings in products from Another Country.

eg: US gets a Japanese item from Japan.

Exporting is when a specific country gives away there local products to another country for trade.

eg: US gives Petroleum to another country.

A lot of people mix these two terms. The simplest way to remember is to practice both export and import.

Export is selling and/or shipping different types of products abroad, out of the country where you live. This means that you create your business on international level and join the worldwide trade.

Import is an opposite trade action. This means you buy products from other countries. As a result they are shipped to your home country for you to use them.

User Avatar

Wiki User

9y ago

What else can I help you with?

Trending Questions
How will a reduction in the number of hours worked each day affect an economy's production possibilities curve? Why is there a Need for entrepreneurship? Best explains the purpose of protectionist trade policies such as tariffs and subsidies? Why is teavana tea so expensive? Which economic system is defined by a free market and private ownership? What commodity is used most heavily in industrial economies? What is reengineering approach? The law of demand indicates that as the price of a good increases? How did the war effort affect the American economy after World War 1? What problem did the collapse of the American economy cause in other countries? How entrepreneurship its important at individual level? What industries were booming during the 1920s? What is the relationtionship between business and economy? As chairperson of the Federal Reserve, you are worried that the economy is facing a downturn List the many actions you can take using the Federal Reserve? What philosophy of governmental non-interference in the economy is called? Adam smith's idea of a free market economy proposes that? How customs or import duties can affect import and export businesses? Does a merger of two companies leave the consumer better or worse? The basic economic questions that any provider of goods must ask are What will be produced Who will produce it For whom will it be produced In which type of economy are these decisions made by produce? What is meant by competitive firm?