Thursday, 19 October 2017

Import-Export Trade

Import:-
An import is a good brought into a jurisdiction, especially across a national border, from an external source. The party bringing in the good is called an importer. An import in the receiving country is an export from the sending country. Importation and exportation are the defining financial transactions of international trade.
In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. The importing and exporting jurisdictions may impose a tariff (tax) on the goods. In addition, the importation and exportation of goods are subject to trade agreements between the importing and exporting jurisdictions.

Export:-
The term export means sending of goods or services produced in one country to another country. The seller of such goods and services is referred to as an exporter, the foreign buyer is referred to as an importer.
Export of goods often requires involvement of customs authorities. An export's counterpart is an import.


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