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Sort of. The parameters to CreateReport (name, description, limitationCategory, title, subtitle, definition, isFavorite, username) match the properties of Orion.Report mostly. "isFavorite" is tracked by the Orion.ReportFavorites entity and "username" corresponds to the "Owner" property. So you can "export" a report by selecting these properties and "import" a report by providing these properties to the CreateReport verb. You are on your own for a file format to store these properties in.
The format used by the "Export Report" command in the website is not documented, but you can figure it out if you need to be compatible with it.