In order to understand the difference between import and export when it comes to trade, it is very important to know what these two concepts mean. Import or import is the process of buying or bringing goods from abroad for commercial purposes.

In order to understand the difference between import and export when it comes to trade, it is very important to know what these two concepts mean. Import or import is the process of buying or bringing goods from abroad for commercial purposes. These goods can be acquired by individuals, companies or the government and are used to process other products or resell them to final consumers. Each country has its own import policies and processes. For example, imported goods coming to Turkey then go through several processes in the Customs area to complete applications such as tax collection or other financial requirements in accordance with the trade policy.

Export or export is the process of selling locally produced goods from one country to another in exchange for foreign currency. Export is known as one of the largest components of international trade and is part of the criteria for measuring the economic value of a country, thanks to its foreign exchange inflow. Among the world's largest exporting countries in dollar terms; Powerful countries such as China, USA, Germany, Netherlands and Japan take place. Exporting facilitates international trade and also stimulates local economic activity by creating employment, production and income.

What are the Differences Between Import and Export?
Each country has its own trade policies, and the trade process, whether import or export, proceeds according to this law. However, the general differences between imports and exports, regardless of country, can be listed as follows:

1. Imports are done to meet the demand for goods that are not available domestically, while exports are done to increase market share or global presence.
2. A high level of imports is an indicator of strong domestic demand, while a high level of exports is an indicator of a trade surplus.
3. Since imports are made from foreign countries, excessive imports affect the domestic economy negatively, while more exports benefit the domestic economy as it increases foreign income to the home country.
4. The applications made in the tax and customs processes in import and export are different from each other. These applications are separated.

Import and export, two terms that we frequently encounter in the field of trade, are actually one of the serious economic power indicators. For example, if a country imports more than exports, this reflects a foreign trade deficit. Thus, it creates many disadvantages that are reflected both to the citizen and to the economy of the country. The economic crisis caused by the weakening of industries and exports together with the foreign trade deficit that has grown over the years can be given as an example of these disadvantages. That's why it is necessary to establish a foreign trade balance in terms of imports and exports . So what is the balance of trade?

What is Balance of Trade?
The balance of trade is the difference between the value of the goods a country exports and the value of the goods it imports. If exports exceed imports, the country has a trade surplus and the trade balance is said to be of a positive value. But if the opposite happens, that is, if imports exceed exports, the country or region has a trade deficit and the trade balance is said to have a negative value. The words "positive" and "negative" used in trade have a numerical meaning only and do not reflect whether a country or region's economy is performing well. For example, a trade deficit may reflect an increase in domestic demand for goods for consumption or production. The total balance of trade, which includes all exported and imported goods, is one of the main components of the balance of payments. A large deficit for a single product or product category may indicate a particular national competitive advantage or disadvantage on a case-by-case basis in the world market for goods.