ECONOMICS (CBSE/UGC NET)

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

Detailed explanation-3: -Exporting refers to the selling of goods and services from the home country to a foreign nation. Whereas, importing refers to the purchase of foreign products and bringing them into one’s home country.

Detailed explanation-4: -Imports are defined as goods produced outside the boundaries of one country, which are then purchased by that country. Together with exports, imports represent the keystone of foreign trade.

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.