Question

(2) State the difference between import trade and export trade.​

Answer 1

Answer:

The main difference between import and export is that the import refers to bringing goods and services from other countries to the home country while the export refers to selling goods and services from the home country to other countries. Export and import are essential phenomena in the international economy.

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Answer 2

Explanation:

Export and import are the basic processes of international trade.

When a country buys those goods and services which are scarce in their own country from other countries, it's known as import.

when a country produces excess goods or services than required ,it sells to countries which have demand for it. It is called export.