Import means you buy products from another country and sell them in your country through retailing or wholesaling. Export means you sell local products to another country. When you import, you pay exercise duty. When you export, you bring foreign currency in your country. Therefore, import and export business give a boost to the economy. Most developing countries do not manufacture products for themselves, therefore they heavily rely on imports from essential items to luxury items as local production is limited or non existent. Therefore, import business can be highly profitable in the developing economies. However, import and export business cost a lot of money to start.