Question

1

a)What is an ‘import’? Please give a ’high profile’ example of a product or a service that our country imports.

b). What is an ‘export’? Please give a ‘high profile’ example of a product or service that our country exports.

Answer 1

Imports refer to goods and services purchased by consumers from overseas producers. High profile Imports by US consists of Machinery (including computers and hardware), Electrical machinery, Vehicles and automobiles, Minerals, fuels, and oil, Pharmaceuticals, Medical Equipments, Furniture etc. Commercial Services, Travel, Transports, Other Commercial Services, Insurance and pension services, Telecommunications, computer, and information services, Financial services are some high profile services imported by US.

Exports refer to goods and services produced in one country yet supplied to consumers in another country. The high profile US exports are related to Food, beverage and feed, Crude oil, fuel and other petroleum products, Civilian aircraft and aircraft engines, Auto parts, Engines and car tires, Pharmaceuticals, Passenger Cars etc. The Top Level US service exports consists of Travel and transportation, Finance and insurance and Sales from intellectual property including software, movies and television shows.