USA HISTORY

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: -Other common imports are coffee, beer, and food. There’s a good chance that your favorite cup of coffee used beans from another country. That Corona beer you picked up on the way home from work is an import also. The piece of fish you ate when you went out to dinner is also highly likely to be an imported good.

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: -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.