GENERAL KNOWLEDGE

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: -Foreign trade refers to the exchange of goods and services between different countries. It comprises both imports and exports.

Detailed explanation-4: -Imports are the goods and services that are purchased from the rest of the world by a country’s residents, rather than buying domestically produced items. Imports lead to an outflow of funds from the country since import transactions involve payments to sellers residing in another country.