In CSS, what does the margin property do?

The margin property in CSS is used to create space outside an element's border, effectively manipulating the distance between that element and any surrounding elements. This external space helps in visually separating elements on a webpage, allowing for better layout control. Margins can be set uniformly on all sides or customized for each individual side (top, right, bottom, left) using various margin properties. By doing so, developers can enhance the overall readability and aesthetics of the design by preventing elements from crowding each other and providing a clear structure to the layout.