What is an import?
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An import is goods or services that are brought into one country from another. The word import is derived from the word ‘port’ since the commodities are often shipped via boat to the abroad countries. Along with the exports, imports form the backbone of international trade.
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.