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IEC Registration

DEFINATION OF IMPORT

An import of a good occurs when there is a change of ownership from a non-resident to a resident; However, in specific cases national accounts impute changes of ownership even though in legal terms no change of ownership takes place (e.g. cross border financial leasing, cross border deliveries between affiliates of the same enterprise, goods crossing the border for significant processing to order or repair). Also smuggled goods must be included in the import measurement.

DEFINATION OF EXPORT

A function of international trade whereby goods produced in one country are shipped to another country for future sale or trade. Exports are one of the oldest forms of economic transfer, and occur on a large scale between nations that have fewer restrictions on trade, such as tariffs or subsidies.

 

 
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