Difference between Import and Export

Following are the main differences between import and export.

• Import trade is buying goods from other countries while export trade is selling your goods to other countries.
• Import examples are products that your country does not produce or manufacture like In Pakistan; people import Japanese cars, high tech products, etc. Export examples are the products that your country manufacture or produce like in Pakistan; people export furniture, mangoes, oranges, surgical instruments, etc.
• If the currency of the country is weak then the import level decreases, and export level increases and if the currency of the country is strong then the import level increases and export level decreases.
• If the import increases then the country has a trade deficit and if the export increases then the country has a trade surplus.
• Import and export both are good in profit ratio for the importer and exporter due to the factors involving currency exchange and international trade.