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Terms of trade (TOT) is a measure of how much imports an economy can get for a unit of exported goods. For example, if an economy is only exporting apples and only importing oranges, then the terms of trade are simply the price of apples divided by the price of oranges — in other words, how many oranges can be obtained for a unit of apples.
Import ratio, in economics and government finance, is the ratio of total imports of a country to that country’s total foreign exchange (FX) reserves. [1] The ratio can be inverted and is referred to as the reserves to imports ratio. This ratio divides a country's average foreign exchange reserve by a country's average monthly level of imports ...
The exact definition of imports in national accounts includes and excludes specific "borderline" cases. [10] Importation is the action of buying or acquiring products or services from another country or another market other than own.
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. [1] Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy ( protectionism ).
A TRQ may discriminate if imports equal or exceed the in-quota volume, rendering the price of imports in the importing country higher than the world price plus the import tariff. Such price difference is known as quota rent, and the distribution of in-quota import rights can determine not only the volume and distribution of trade but also the ...
Includes only visible imports and exports, i.e. imports and exports of merchandise. The difference between exports and imports is called the balance of trade. If imports are greater than exports, it is sometimes called an unfavourable balance of trade. If exports exceed imports, it is sometimes called a favourable balance of trade.
In addition, it does not declare temporary imports duties and credit on government imports or pursuant to other international assistance imports. [83] Upon joining Eurasian Economic Union in 2015, led by Russians, Armenia applied tariffs on its imports at a rate 0–10 percent.