In the United States, Angelina runs a modest business where she creates unique jewellery from semi-precious gemstone beads. She buys some gemstone beads from a business in Belgium, uses them to make many necklaces, and sells them to a customer in Canada. The imports are the beads, and the exports are the necklaces.
A product or service that was created in another nation but was purchased in one is an import. The two pillars of international trade are imports and exports. A nation's trade balance, commonly referred to as its trade deficit, is negative if the value of its imports exceeds the value of its exports. Since 1975, there has been a trade deficit in the US. According to the U.S. Census Bureau, the deficit was $576.86 billion in 2019. It is frequently determined through free trade agreements and tariff schedules which commodities and materials are less expensive to import. On the advantages and disadvantages of imports, economists and policy analysts disagree.
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