Import and export are two terms important in the understanding of international trade. Import is the buying of items or goods from another country. Typically, goods are imported when raw materials available in your country are not present in another. Importation of goods also happens when a country’s local industries cannot match the cheap price of production of the said goods from the exporting country.

Meanwhile, export is the sale of commodities to a foreign country. An “export”, then, are goods or services produced in one country, and bought by another country. Exportation happens when a country has a competitive advantage in the production of goods, attracting or forcing other countries to import from them.

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