ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Imports are any resources, goods, or services that producers in one country sell to buyers in another country.

Detailed explanation-3: -Imports of goods (P71) consist of transactions in goods (purchases, barter, and gifts) from non-residents to residents. Imports of goods occur when economic ownership of goods changes between residents and non-residents. This applies irrespective of corresponding physical movements of goods across frontiers.

Detailed explanation-4: -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-5: -Imports are any good or service brought in from one country to another, while exports are goods and services produced in the home country for sale to other markets. Thus, whether you’re importing or exporting a product (or both) depends on your orientation to the transaction.