In international trade, the terms ‘imports’ and ‘exports’ refer to the goods and services traded between countries. Imports are the goods that we buy from other countries, while exports are the goods that we sell to other countries.
For example, if a country purchases electronics from Japan, those electronics are considered imports. Conversely, if the same country sells agricultural products to Canada, those products are classified as exports. Understanding the difference is crucial for grasping how global trade operates and its impact on the economy.