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A good or service brought into one country from another. Along with exports, imports form the backbone of international trade. The higher the value of imports entering a country, compared to the value of exports, the more negative that country’s balance of trade becomes.
This is an interesting note as it gave-way for the emergence of the current multinationals. The Bank Export Services Act of 1982 allowed commercial banks to enter the export trading company arena for the first time and act as owners of ETCs. You can learn more about ETCs through theRead More …