What is imports in simple words?

Question

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.

What is import and export in simple words?

Imports lead to an outflow of funds from the country since import transactions involve payments to sellers residing in another country. Exports are goods and services that are produced domestically, but then sold to customers residing in other countries.

What is export in simple words?

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.

What is called importing?

Importing involves bringing products or services into a country for sale that have been made elsewhere. U.S. companies that buy products overseas and ship them into the U.S. for sale, or as part of a product that is being assembled in the U.S., are importing.

What is import and example?

An import is any product that's produced abroad and then brought into another country. For example, if a Belgian company produces chocolate and then sells it in the United States, that would be an import from an American perspective.

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