Import Substitution implies ........

Economic Affairs Foreign Trade - Trends and Policy

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Import Substitution implies:

Substituting expensive imports with cheaper imports.

Substituting imports by domestic production

Substituting expensive imports by cheaper exports

Reducing both imports and exports.

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Explanation:

Import Substitution implies substituting imports by domestic production.
Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreign imports with domestic production. ISI is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.