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: -Export refers to a product or service produced in one country but sold to a buyer abroad. Exports are one of the oldest forms of economic transfer and occur on a large scale between nations.

Detailed explanation-3: -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-4: -Selling of goods and services from the home country to a foreign country is known as export, while buying of goods and services and bringing them into one’s home country is known as import.

Detailed explanation-5: -One-time import. This handles importing most profile information for both people and organizations. Recurring import. A list or filter shared by another nation can be imported using the recurring import. Voter file import. Ballot import. Scanned survey import. Donation import. Membership import.