Import Quota

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Import Quota

Puts limits on the quantity of certain products that can be legally imported into a particular country during a particular time frame. There is a Fixed quota, which is a maximum quantity not to be exceeded, and tariff rate surcharge, which permits additional quantities but at much higher duty.

Import Quota

A protectionist regulation setting a maximum number of imports for a certain good over a given period of time, usually a year. For example, if a country wants to encourage domestic production of automobiles, it might set a limit on how many foreign cars may be brought into the country each year. While import quotas were once a relatively common form of protectionism, the 1995 renegotiation of the General Agreement on Tariffs and Trade put tougher international restrictions on them. Critics allege that import quotas, in addition to depriving the state of tariff revenue, lead to corruption (in the form of bribing customs agents) and smuggling. Many economists therefore believe that import quotas are less efficient than tariffs.

import quota

see QUOTA.
References in periodicals archive ?
At a time of crisis for lamb producers in Wales, the need to re-examine import quotas was more critical than ever, said Mr Gruffydd.
Beijing has so far granted import quotas for 715,800 barrels per day of crude to refiners outside the country's top three energy firms, roughly 11 per cent of the total crude imports of the world's second-largest oil consumer.
Until then earnings will likely be driven by increased pork production (we forecast the company will increase pork sales by 59% in 2012), meat-price growth linked to cuts in import quotas (we expect pork and poultry prices to rise by 3% and 5.
In addition, he proposes to distribute import quotas on a monthly basis and not once a year as it is currently being done.
In September, USDA set sugar import quotas at the minimum allowed under World Trade Organization agreements, ignoring pleas from industry to increase sugar imports.
The Chinese government has reopened import quotas for Hyundai and Kia cars produced in Korea.
While the Russians were marching through Georgia, they were also gearing up to cut poultry and pork import quotas by hundreds of thousands of tons, Agriculture Minister Alexei Gordeyev revealed at the end of August.
Japan will set low-tariff import quotas for Chilean pork, beef and chicken for a five-year period.
Differences in incidence patterns displayed by voluntary export restraints and import quotas will be highlighted.
Caribbean banana producers have criticised a European Commission decision to allocate an increasing percentage of duty-free import quotas for African, Caribbean and Pacific countries on a 'first come first served' basis.
In May 2005, after this book was published, President Bush renewed import quotas on Chinese textiles, sacrificing the interests of the tiny minority of Americans who wear clothes for the alleged protection of 600,000 textile jobs.
In the 70 years since import quotas were first imposed under the federal Sugar Act, supplies at year's end have never been so low in percentage terms, according to the analytical firm Promar International.