I need to migrate my configurations by taking the export (Admin -> Import/Export) from version 7.0.2 and importing it in version 7.1.1. So is this possible?
No you cannot migrate configuration across different versions. Even if it does not give you a clear error in the UI, it still does not migrate the configurations to the new structure (if any) of the new version.
If you want to migrate configuration only, we recommend:
Retrieving data ...