Title GIFT Detailed Material ✅

DEFINITION of Export & Import 1. What is Export? ● Definition: Exporting means selling goods or services produced in one country to another country. ● Purpose: ○ To reach new markets and customers. ○ To increase sales and revenue for businesses. ○ To utilize excess production capacity. ● Examples: ○ A textile company in India selling fabrics to a retailer in the U.S. ○ A software firm in India providing IT services to clients in Europe. 2. What is Import? ● Definition: Importing means buying goods or services from another country for use or resale in the home country. ● Purpose: ○ To access products that are not available locally. ○ To acquire raw materials needed for production. ○ To meet consumer demand for foreign goods. ● Examples: ○ A grocery store in Canada importing fruits from Mexico. ○ A car manufacturer in Japan importing parts from Germany. 3. Importance of Export and Import ● Economic Growth: ○ Boosts the economy by generating revenue and creating jobs. ○ Encourages competition, leading to better products and services. ● Cultural Exchange: ○ Facilitates the exchange of ideas, culture, and technology. ● Resource Access: ○ Helps countries obtain resources that they lack. 4. Visual Representation Here’s a simple chart summarizing the concepts of export and import: