Question

12. What is import trade?​

Answer 1

Answer:

The import trade refers to goods and services purchased into one nation from another. The word 'import' originates from the word 'port' considering the fact that the products are frequently transported via ship to foreign countries. Similar to exports, imports are also the backbone of international trade.

Answer 2

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International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. In most countries, such trade represents a significant share of gross domestic product.

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