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: -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-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: -When the goods are imported from one country with the purpose of exporting it to another country, then such type of trade is called entrepot trade.

Detailed explanation-5: -Imports can be finished products, like cars, TV sets, computers, or sneakers, or they can be raw materials, such as zinc, oil, wood, or grains. They can also be services, like financial services, travel services, and insurance. Imports are a vital part of the U.S. and global economy.