Imports means bringing of goods into a country from a place outside the country. It refers to the goods which are produced abroad by foreign producers and are used in the domestic economy in order to cater to the needs of the domestic consumers. Exports of goods means taking goods out of a country to a place outside the country. It refers to the goods which are produced domestically and are used to cater to the needs of the consumers in other countries. The country which is purchasing the goods is known as the importing country and the country which is selling the goods is known as the exporting country. Thus, the imports and exports have made the world a local market. The traders involved in such transactions are importers and exporters respectively. An import is any good or service brought into one country from another country in a legitimate fashion, typically for use in trade. Import goods or services are provided to domestic consumers by foreign producers. An import in the receiving country is an export to the sending country. Import of goods normally requires involvement of the Customs authorities in both the country of import and the country of export and is often subject to import quotas, tariffs and trade agreements.
The highlights in 2013 - Exports declined in the first six months of 2013 due to sluggish global demands, A sharp depreciation in the value of the rupee led to turnaround in India's exports from July, India's exports posted double-digit growth in the July-October period, Imports declined due to a sharp drop in gold demands, Exports rose by 6.27 per cent to $203.98 billion in the April-November period, Imports declined by 5.39 per cent to $303.89 billion first eight months of 2013-14 and Trade deficit narrowed to $99.9 billion in the April-November period from $129.2 billion in the corresponding period of last year