ECONOMICS
BALANCE OF TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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imports
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exports
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Either A or B
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None of the above
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Detailed explanation-1: -What Is an Import? An import is a good or service bought in one country that was produced in another. Imports and exports are the components of international trade. If the value of a country’s imports exceeds the value of its exports, the country has a negative balance of trade, also known as a trade deficit.
Detailed explanation-2: -Mineral fuel is the largest imported product under HS Code at 2-digit level. And crude petroleum oil is imported the most in India. After mineral fuels, gems & precious metals are 2nd main import items of India.
Detailed explanation-3: -Exporting refers to sending goods from domestic country to foreign country.
Detailed explanation-4: -The import trade refers to goods and services purchased into one nation from another. The word ‘import’ originates from the word ‘port’ considering the fact that the products are frequently transported via ship to foreign countries. Similar to exports, imports are also the backbone of international trade.
Detailed explanation-5: -Obtain IEC. Ensure legal compliance under different trade laws. Procure import licenses. File Bill of Entry and other documents to complete customs clearing formalities. Determine import duty rate for clearance of goods. 06-Aug-2021