What is the difference between import and export duties?

Import and export duties are taxes levied on goods moving between countries. Import duties are taxes imposed on goods entering a country, while export duties are taxes imposed on goods leaving a country. Import duties are often used to protect domestic industries from foreign competition. Import taxes are commonly known as tariffs and serve two purposes: to raise revenue for the government and to protect domestic industries. Tariffs protect domestic businesses by increasing the price of imported goods. This makes imported goods less competitive than domestic goods, so domestic businesses can better compete in the market. Export taxes are used to limit the amount of goods exported from a country. This is because exports can deplete a country’s limited resources, resulting in decreased economic growth. Export taxes make exported goods more expensive, which often reduces their demand outside of the country. In Delaware, import and export duties are imposed to generate revenue for the government. Currently, the United States imposes a 4.7 percent merchant marine duty on imported goods. This duty is used to fund the maritime and marine industry, such as merchant vessels and other marine-related activities. State taxes such as these can vary, so it is important to check with local authorities for the most up-to-date rates.

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What is the difference between import and export duties?

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