What does import refer to in international trade?

Import in international trade specifically refers to the act of purchasing goods or services from foreign producers. When a country imports, it is acquiring products that are manufactured or grown in another country and bringing them into its own market for consumption or resale. This process is a crucial part of global trade dynamics, as it allows countries to access products that may not be available domestically or to obtain goods at a lower cost than if they were produced locally.

The context of imports is essential in understanding the balance of trade, which compares the total value of imports and exports for an economy. A healthy import-export balance can indicate a robust economy that is engaging effectively in the global marketplace.

The other options refer to different trade or economic activities: transferring products between domestic firms pertains more to internal trade rather than international commerce, sales to foreign buyers describes exports rather than imports, and production of goods for local markets relates to domestic operations instead of international trade. These distinctions emphasize the specific nature of imports as the purchase of goods from international sources.