Jeff Taylor

Exports are goods that are sold in a foreign market, while imports are foreign goods that are purchased in a domestic market. Exports and imports are important for the development and growth of national economies because not all countries have the resources and skills required to produce certain goods and services. Importing is the purchase of goods from a foreign country while exporting is when a country sells goods to another country. Explore this business concept and the importance of the process, examine barriers that exist to trade, and unpack the accounting of importing and exporting. Exporting and importing helps grow national economies and expands the global market. Every country is endowed with certain advantages in resources and skills. For example, some countries are rich in natural resources, such as fossil fuels, timber, fertile soil or precious metals and minerals, while other countries have shortages of many of these resources.