Meaning of Exports and Imports
The terms export and import are associated with international trade and are the most common and known terms of this form of trade. Export in simple term means sending of goods and services that are produced in a particular nation to be used and consumed in some other nation. Import on the other hand refers to the receiving of goods and services produced in some other nation for consumption in one’s own nation. The country or person who exports these goods and services is known as the exporter and the act of sending goods and services to another nation is exporting. On the other hand, the country or person who imports the goods and services from some foreign nation is known as importer and the act of receiving or buying goods and services from another nation is known as importing. The need for export and import arises because no nation is self-sufficient, thus in order to satisfy human needs and tap the market businessmen import goods from other nations to supply them to t