The file format commonly used for exchanging graphics on the web is JPEG (Joint Photographic Experts Group). The JPEG format is widely favored due to its efficient compression, which reduces file sizes without significantly compromising image quality. This makes it ideal for web usage, where loading times are critical for user experience. Other formats, such as PNG and GIF, are also used, but JPEG remains the preferred choice for photographs and complex images requiring high detail. Understanding these formats helps optimize graphics for web performance.