Written by Fmi.Online Friday January 6, 2023
Import represents the bringing of foreign goods or services in another country, where the products will be processed, used, sold or exported.

Explanation :

Imports, along with exports, are a key element in a country’s balance of trade as the lower the value of imports, the more positive the balance of trade in an economy. Countries that have high import levels face a trade deficit, and they need to increase their reserves to pay for the imported goods. Furthermore, there are countries, mostly in the under-developed or the developing economies, which rely on imports of basic commodities, such as oil and industrial materials. Generally, countries tend to import goods or services that they cannot produce at the same low cost or with the same efficiency that other countries can.

In a nutshell :

  • An import is a product or service produced abroad and purchased in your home country.
  • Imported goods or services are attractive when domestic industries cannot produce similar goods and services cheaply or efficiently.
  • Free trade agreements and tariff schedules often dictate which goods and materials are less expensive to import.
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