Import vs Export — Difference (with Table & FAQs)
Imports are goods brought into a country from abroad. Exports are goods sent from a country to be sold abroad.
TL;DR: Imports are goods brought into a country from abroad. Exports are goods sent from a country to be sold abroad.
Written & reviewed by the Syllab.in Academic Team (CBSE/NCERT subject experts) · Updated
The main difference between Import and Export: Imports are goods brought into a country from abroad. Exports are goods sent from a country to be sold abroad.
Import vs Export — Comparison Table
| Basis | Import | Export |
|---|---|---|
| Direction | Into the country | Out of the country |
| Purpose | To meet domestic demand | To earn foreign exchange |
| Trade Balance | Increases trade deficit | Increases trade surplus |
| Employment | May reduce domestic jobs | Creates employment |
| Customs Duty | Government collects customs duties | Government may provide subsidies |
| Example | Oil, electrical equipment imported in India | Textiles, software exported from India |
Key Points
- Imports fulfill domestic needs not met by local production
- Exports utilize surplus production and generate revenue
- Trade balance is difference between imports and exports
- India exports software, textiles, and agricultural products
Frequently Asked Questions
What is the difference between import and export?
Import means buying goods and services from another country into your own country. Export means selling goods and services from your country to another country.
Give an example of import and export for India.
India imports crude oil and electronics; India exports tea, textiles, software services and spices.
What is the balance of trade?
The balance of trade is the difference between a country’s total exports and total imports. Exports more than imports is a trade surplus; imports more than exports is a trade deficit.