export/import relations

Export and import relations refer to the exchange of goods and services between countries. Exports are products a country sells to other nations, bringing in revenue and showcasing its industries. Imports are goods and services a country purchases from abroad, providing access to items not produced locally or at better prices. These transactions create economic ties, influence trade balances, and can impact employment, prices, and diplomatic relationships. Effective export/import relations help countries benefit from specialization and global markets, promoting economic growth and consumer choice.