What is the meaning of import and export?

Simply put, import and export are the two sides of international trade. It’s all about countries buying and selling goods and services among themselves.

When a country buys something from another country, it is an import. For example, when India purchases crude oil from the Middle East, that's an import for us.

On the other hand, when a country sells its own products to another nation, it is an export. Think of India selling its software services or spices to the USA. That’s an export.

So, just remember: import means bringing goods in, and export means sending goods out.