The main difference between import and export is that the 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.
Export and import are essential phenomena in the international economy. Both these trading processes directly 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 purchase of the goods and services from other countries to the homeland while the 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. On the other hand, export implies a dealing in which a company sells goods to other countries which manufactured domestically.
Import is the process in which goods of the foreign country are brought to the home country, to resell them in the domestic market. Inversely, export implies the process of sending goods from the homeland to a foreign country for selling purpose.
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 import can hurt the domestic economy. On the other hand, 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. On the contrary, more export can benefit the domestic economy since it increases the foreign income to the home country.
Conclusion
Basically, 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 directly and completes all the legal formalities concerned with shipment and financing.
However, 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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