What is Export and Import:-

  • An importin the receiving country is an export from the sending country. Importation and exportation are the defining financial transactions of international trade. In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority
  • The Meaning and Definition of Foreign Tradeor International Trade! Foreign trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP).
  • Importsare foreign goods and services bought by residents of a country. Residents include citizens, businesses and the government. ... If they are produced in a foreign country and sold to domestic residents, they are imports. Even tourism products and services are imports.
  • Such exchange is termed as “External Trade”. It is also known as Foreign Tradeor International Trade. When buying and selling of goods take place across the national boundaries of different countries it is called External trade. It is also known as Foreign trade or International trade
  • The definition of an exportis something that is shipped or brought to another country to be sold or traded