Import Substitution Industrialization (ISI)gave Rise to Trade Deficits Primarily Because

Import substitution industrialization (ISI) gave rise to trade deficits primarily because

A) it generated a considerable exports but did not generate sufficient imports.
B) export revenues were adversely affected by negative terms of trade.
C) import revenues were adversely affected by negative terms of trade.
D) governments were unable to continue to subsidize state owned enterprises.
E) it generated a considerable demand for imports but did not generate sufficient exports.