What is the difference between import and export duties?

Import and export duties, or tariffs, are taxes imposed on certain goods that are imported into or exported from a country. Import duties are taxes that are collected on goods that are imported into a country, while export duties are taxes that are collected on goods that are exported out of a country. Import duties are usually imposed to protect domestic industries from foreign competition or to raise revenue. For example, an import duty could be imposed if a country feels that domestic producers of a certain product are not capable of competing with foreign producers. On the other hand, export duties are usually imposed as a form of government control over the amount of certain goods that are exported. This helps prevent a country’s resources from being depleted too quickly. Import and export duties can also be used to protect certain industries within a country. For example, a country may impose a tariff on certain types of imported cars, in order to protect the domestic car industry and encourage people to buy cars manufactured within the country. In Maryland, the Maryland Department of Business and Economic Development is responsible for collecting import and export duties. The Department also provides additional resources to businesses in Maryland that are impacted by foreign trade policies, such as customs regulations, trade agreements, and sanctions.

Related FAQs

What trade agreements are currently in place?
What is the Uruguay Round of GATT?
What are the advantages and disadvantages of international trade?
What is the purpose of the Bali package?
What is the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs)?
What is the most important legal document governing the global trading system?
What is the role of the International Labour Organization (ILO) in the global economy?
What is the North American Free Trade Agreement (NAFTA)?
What is the role of the WTO in resolving trade disputes?
What is the difference between a boycott and a trade embargo?

What is the difference between import and export duties?

Related FAQs

Related Blog Posts