Importing and Exporting are means of Foreign Trade. Foreign trade is carried out in goods and services – which includes imports, exports, and the balance of foreign trade – is presented separately for goods and for services. The total imports, exports, and balance of foreign trade are presented as summaries of goods and services.
Exporting refers to the selling of goods and services from the home country to a foreign nation. Whereas, importing refers to the purchase of foreign products and bringing them into one’s home country. Further, it is divided in two ways, which are,
Every nation is blessed with certain resources, assets, and abilities. For instance, a few nations are rich in natural reserves, for example, petroleum products, timber, fertile soil or valuable metals and minerals, while different nations have deficiencies of these resources.
Products are likely to be imported are below