Import
It is the name given to the process of purchasing goods and services from a foreign country. It is called an outsourcing. It is the process of purchasing goods produced in other countries by buyers in the country. Together with exports, it constitutes a country’s foreign trade balance. It can be done by private and legal persons. In addition, it can be done by public economic institutions and the state. Looking at the trade picture of a country, the lower the import is, the more positive it will be for that country. Countries with high import levels face a trade deficit. Thanks to import, quality products can be obtained at low prices. In this way, you can sell with a high profit rate. Besides this advantage, there are also disadvantages. With imports, domestic industry may decline, the country’s economic growth will decline, and a “Goods and Services” tax must be paid. Licenses and documents must be obtained to carry out your transactions.