import

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Related to importation: Parallel importation

Import

A good produced in a country other than the one in which it is sold. Imports bring money into the producing country and can remove money from the country in which the good is sold. For that reason, many economists believe that a nation's proper balance of trade means more exports are sold than imports bought. Some countries set up various trade barriers against imports, notably import quotas and tariffs. Most governments seek to promote exports, while they have differing positions on imports. See also: Free trade, NAFTA.

import

A good or service brought into a country from another country and offered for sale. While some imported items originate in foreign subsidiaries of domestic companies, large increases in imports tend to hurt sales and profits of many firms located in the importing country. Compare export. See also balance of trade, quota.

import

  1. a good which is produced in a foreign country and which is then physically transported to and sold in the home market, leading to an outflow of foreign exchange from the home country (visible import).
  2. a service which is provided for the home country by foreign interests, either in the home country (banking, insurance) or overseas (for example, travel abroad), again leading to an outflow of foreign exchange from the home country (invisible import).
  3. capital which is invested in the home country in the form of portfolio investment, foreign direct investment in physical assets and banking deposits (capital imports).

    Together these items comprise, along with EXPORTS, a country's BALANCE OF PAYMENTS. See INTERNATIONAL TRADE, IMPORT DUTY, IMPORTING, IMPORT PENETRATION.

Importclick for a larger image
Fig. 84 Import. (a) UK goods and services imports, 2003.

(b) Geographical distribution of UK goods/services imports, 2003. Source: UK Balance of Payments, ONS, 2004 domestic industries from foreign competition. See TARIFF, IMPORT RESTRICTIONS, PROTECTIONISM.

import

(i) a good that is produced in a foreign country and that is then physically transported to, and sold in, the ‘home’ market, leading to an outflow of foreign exchange from the home country (‘visible’ import). (ii) a service that is provided for the ‘home’ country by foreign interests, either in the home country (banking, insurance) or overseas (for example, travel abroad), again leading to an outflow of foreign exchange from the home country (‘invisible’ import). (iii) capital that is invested in the home country in the form of portfolio investment, foreign direct investment in physical assets and banking deposits (capital imports). Imports are important in two main respects:
  1. together with EXPORTS, they make up a country's BALANCE OF TRADE. Imports must be financed (‘paid for’ in foreign currency terms) by an equivalent value of exports in order to maintain a payments equilibrium.

    The combined net payment figures (exports minus imports) for (i), (ii) and (iii) are shown in Fig. 13 (a), BALANCE OF PAYMENTS entry;

  2. they represent a WITHDRAWAL from the CIRCULAR FLOW OF NATIONAL INCOME, serving to reduce real income and output. (See PROPENSITY TO IMPORT.)

On the one hand, imports are seen as beneficial in that they allow a country to enjoy the benefits of INTERNATIONAL TRADE (obtaining goods and services at lower prices), but on the other hand, as indicated by (b) above, detrimental because they reduce income and output. It is important to maintain a balance between imports and exports. Imports are beneficial, provided that they are matched by exports - i.e. ‘lost’ income on imports is restored by income ‘gained’ on exports to maintain domestic income and output levels, and, as indicated by (a) above, imports are financed by exports to preserve a BALANCE OF PAYMENTS EQUILIBRIUM.

Fig. 84 gives details of the product composition and geographical distribution of UK (merchandise) goods imports in 2003. See Fig. 68 , EXPORT entry, for comparable export data. See BALANCE OF PAYMENTS, INTERNAL-EXTERNAL BALANCE MODEL, GAINS FROM TRADE, IMPORT PENETRATION, IMPORT RESTRICTIONS, IMPORT SCHEDULE, IMPORT SUBSTITUTION, PARALLEL IMPORT.

References in periodicals archive ?
Importation advocates "seem not to have thought about just how hard it would be to create a truly effective program to assure the safety of imported, unapproved drugs.
Suppose, then, that the House importation bill became law, and a substantial portion of American drug buyers took their business to less expensive foreign suppliers.
We didn't realize until after the trial that the police had no case without us," Crosby adds, as the only other evidence of importation was circumstantial.
Food and Drug Administration (FDA) feels that importation threatens individuals' safety and how foreign Internet pharmacies require patients to abrogate any means of legal recourse when they order their drugs.
Rather, the GST due on the importation amount would be self-assessed and the amount reported as a liability for the period on the monthly GST return.
International Trade Commission ("ITC") requesting an investigation into the unlawful importation, sale for importation and sale after importation of certain small-format ball grid array ("BGA") semiconductor packages and products that include such packages.
This assertion comes after the issue of another importation was reported in the media after a typhoon battered the country.
S'agissant des importations de petrole brut, elles ont accuse une baisse "remarquable" de 41,3 pc, due essentiellement au declin du prix de baril a l'importation (-6,57 pc) et des quantites importees (-318 milliers de barils), precise la note publiee sur le site electronique du ministere.
24 /PRNewswire/ -- Responding to Montgomery County Executive Douglas Duncan's announcement of a lawsuit against the Food and Drug Administration (FDA) on importation, Christopher Summers, President of the Maryland Public Policy Institute, issued the following statement:
The two pharmacists organizations believe that a state sanctioned importation program is a dangerous health policy that could have serious ramifications for U.
Customs agents, Beckwith learned that previous shipments allegedly made by the suspect were coded as ``fresh water crabs - not frozen'' in the importation documents.