The main difference between import and export is that Import affects domestic industries, as it may compete with local producers and impact employment and profitability whereas export stimulates domestic industries, creates jobs, and generates revenue for the country.
Before we move to more differences, let’s first understand Import and Export:
- Import: Import refers to the act of bringing goods or services into a country from foreign sources for consumption, distribution, or further production.
- Export: Export refers to the sale and shipment of goods or services produced within a country to foreign markets.
Now, let’s get to Import vs Export:
Major differences between Import and Export
|Imports contribute to a country’s trade deficit, as they represent expenditures on foreign goods.||Exports contribute to a country’s trade surplus, as they generate revenue from the sale of domestically produced goods to foreign markets.|
|Importing allows countries to access goods that are not produced domestically or are more cost-effective to source from abroad.||Exporting enables countries to tap into international markets and sell their products to consumers worldwide.|
|Imports affect domestic industries by providing competition and potentially impacting employment.||Exports contribute to economic growth, job creation, and the development of domestic industries.|
|Imports increase a country’s current account deficit in the balance of payments, as they represent outflows of money to foreign countries.||Exports contribute to the current account surplus by bringing in foreign currency.|
|Import is viewed from the perspective of the importing country, which brings goods into its domestic market.||Export is seen from the perspective of the exporting country, which sells goods to foreign markets.|
So, these are the main differences between the entities.
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