Define import trade explain in detail
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Answer:
#The import trade is referred 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. Here, if the expense of a country’s imports is more than the value of its exports than the country has a negative balance of trade (BOT), which is also known as a trade deficit.
#Every country import goods and services that the domestic country cannot manufacture, maybe because the country cannot produce effectively or cheaply like another exporting country. Few countries sometimes also import commodities and raw materials which are not available on their premises. For instance, many nations import oil they cannot manufacture it locally or cannot provide sufficient to meet the demand.