import

(redirected from imports)
Also found in: Dictionary, Thesaurus, Legal, Idioms, Encyclopedia, Wikipedia.

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 ?
Similarly, imports of iron and steel scrap registered increase of 11.
During the period under review as mush as 46,799 metric tons of tea was imported against the tea imports of 49,242 metric tons during the corresponding period of last year, the PBS data revealed.
Low quality hurt imports, agrees Alfred Teo, chairman of Sigma Plastics Group, Lyndhurst, N.
Imports of foodstuffs and agricultural products have been rising strongly in 2005 as well.
Companies can import natural rubber duty-free to produce tires for export.
On March 3, President Bush determined that the International Trade Commission's (ITC) Section 421 investigation conclusions regarding import relief for cast ductile iron waterworks fittings (DIWF) from China were not in the national economic interest of the U.
Imports of certain grades and categories remain strong, however, including semifinished steel imports up 41 percent year-to-date.
Steel imports are the result, and not the cause, of the integrated mills' inability to compete internationally.
Chiquita said its market share in Europe has fallen to 20 percent from 50 percent before the EU's banana import system was introduced in 1992, costing it more than $1 billion in sales.
However, the increased import and export opportunities have exposed more companies to customs penalties.
You can create this report using Census Bureau statistics for both imports and exports and by searching through the National Trade Data Bank (NTDB) at federal depository libraries (http://www.
The values of exports and imports grew rapidly and at about the same rate, but net exports fell because die initial value of imports was somewhat higher than the initial value of exports.