What do we mean by export and import? - Teacher notes

When discussing the concepts of export and import, we're referring to the fundamental components of international trade. To export means to send goods or services from one country to another country for sale or trade. Essentially, when a country exports, it is providing its products to consumers in another nation. Conversely, importation is the process of bringing goods or services into one's own country from abroad for the purpose of selling or using them. Countries often import products that are not readily available within their borders or are cheaper or of higher quality from foreign sources.

The broader term 'trade' encompasses both the activities of exporting and importing. It is the exchange of goods and services between countries, driven by the concept of supply and demand. Understanding the dynamics of trade is crucial for students as it affects global economies and has implications for political and social relationships between countries. An important aspect of trade is 'Fairtrade', a movement aimed at achieving better prices, decent working conditions, local sustainability, and fair terms of trade for farmers and workers in the developing world. Fairtrade matters because it strives to balance the inequalities of conventional trade, which often negatively impacts the poorest, weakest producers. By engaging in Fairtrade practices, consumers and businesses can contribute to the promotion of sustainable development and offer better support to marginalized producers and workers.