I want to know the meaning of export trade and import trade in a country. I would also like to know the importance of import and export. I wanted this information for my economics assignment. So can you please help me.
Import – to bring in (merchandise, commodities, workers, etc.) from a foreign country for use, sale, processing, reexport, or services.
Export – to ship (commodities) to other countries or places for sale, exchange, etc.
These two terms are associated with international trade. It is the exchange of goods and services across international boundaries or territories. In most countries, it represents a significant share of GDP.
International trade is also a branch of economics, which, together with international finance, forms the larger branch of international economics. So rather than one country hording resources for themselves, their is potential to sell to outside countries for profit.
{ 3 comments… read them below or add one }
Export is any goods coming OUT of a certain country while import is the other way- goods being brought INside that country.
Export is clearly much better that import ‘though we can not do away with the latter. The present trend now in the First World countries (inc US) is the importation of consumer goods since the operating cost (especilly LABOR) is much cheaper overseas.
Worldwide, China is leading the way to have the greatest amount of exported goods primarily due to their very cheap labor.
References :
How do you have an economics assignment, if you don’t know what import and export are? That is economics common sense.
I could write about 300 odd pages about the effects of trade, but for chrissake it won’t help you if you can’t define those terms.
Here’s a start though: Trade (import/export) is good for the economy, according to any reputable economist.
References :
Import – to bring in (merchandise, commodities, workers, etc.) from a foreign country for use, sale, processing, reexport, or services.
Export – to ship (commodities) to other countries or places for sale, exchange, etc.
These two terms are associated with international trade. It is the exchange of goods and services across international boundaries or territories. In most countries, it represents a significant share of GDP.
International trade is also a branch of economics, which, together with international finance, forms the larger branch of international economics. So rather than one country hording resources for themselves, their is potential to sell to outside countries for profit.
References :