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Imports and Exports

Imports refer to goods and services brought into a country from abroad, while exports are goods and services sold by a country to other nations. Together, imports and exports make up a country’s trade balance. A trade surplus occurs when exports exceed imports, while a trade deficit occurs when imports exceed exports. The flow of imports and exports is a key indicator of economic health and global competitiveness.

Example

The U.S. imports consumer electronics from China while exporting agricultural products to Europe, contributing to its overall trade balance.

Key points

• Imports: goods and services brought into a country; exports: goods and services sold abroad.

• A trade surplus occurs when exports exceed imports, while a trade deficit occurs when imports exceed exports.

• Key indicators of economic health and global trade dynamics.

Quick Answers to Curious Questions

A trade deficit means the country imports more than it exports, which can lead to increased debt and currency devaluation over time.

Exports bring in revenue, increase production, and create jobs, contributing to a country’s economic growth.

Imports provide access to a broader range of goods and services, often at lower prices, which can enhance consumer choice and standard of living.

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