Difference Between Import And Export

Introduction

Import is a process of purchasing goods or services from other countries to fulfill domestic requirements. On the contrary, export refers to selling of goods or services to foreign countries to expand global market share.

Difference Between Import And Export 

The main dissimilarities or difference between import and export can be highlighted as follows:

1. Meaning

Import: Buying goods or services from foreign countries to fulfill the demand of home country.

Export: Selling goods or services to foreign countries for the purpose of global exposure.

2. Purpose

Import: Purpose of import is to supply goods and services in the domestic market which are not produced or available in the country.

Export: Purpose of export is to supply goods and services to earn foreign income and to expand global market share.

3. Impact

Import: High import creates trade loss which adversely impact the economy

Export: High export creates trade surplus which is good for the economy.

4. Beneficial For

Import: It is beneficial for the foreign country

Export: It is beneficial for home country because foreign currency is earned.

Import Vs Export (Comparison Chart)

Basis	Import	Export
Introduction	Buying commodities from foreign countries	Selling commodities to foreign countries
Purpose	To fulfill the demand of domestic market	To expand global market share
Impact	High import creates negative impact	High export creates positive impact
Beneficial For	Foreign country	Home country

Distinction Between Import And Export In Short

- Import means purchasing goods/services from foreign countries to fulfill the demand of home country. On the other hand, export is a process of selling commodities to the other countries to increase the global market share.

- Import refers to buying of commodities. Export refers to selling of commodities.

- High import increases the trade deficit. But high export improves the trade surplus of the country.

- Import creates negative impact on country's GDP. Conversely, high export creates positive impact on the GDP of the country.