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 ?
He said the troubled sugar industry may not be revived following the increase of the sugar import quota from Uganda.
Replacing the current system of rice import quotas with a tariff regime is expected to help bring down retail prices.
Relevant persons from the Zhejiang Free Trade Zone Management Committee told Zizheng Jun that the non-state-run import quota for Zhejiang Petrochemical's 5 million tons of crude oil will be mainly used for the first phase of the project.
EUROPEAN import quotas for lamb need re-assessing to prevent New Zealand sheep meat being dumped In Britain, Plaid Cymru has claimed.
Preparations are being made for the first export in the next few weeks of 50,000 tons of sugar, after the Asian country gave El Salvador approval for an import quota in December, reports laprensagrafica.com (Feb.
| TOKYO, Oct 16 (KUNA) -- China, the world's second largest oil consumer, has set its 2013 non-State crude oil import quota at 29.1 million tons (580,000 barrels per day), the same as this year, the state-run China Daily reported Tuesday.
Islamabad, Sept 25 - A three-member Supreme Court bench Tuesday extended until October 11 bail to federal lawmaker Ali Mousa Gilani and former health minister Makhdoom Shahabuddin in an ephedrine import quota case.
The 26-year-old prop joined the Broncos on a 12-month contract from the Wildcats last September but never played for the club after it was discovered he would have taken the club over their import quota.
In 2009, the Russian government set the country's total poultry import quota at 600,000 tonnes in 2011, including the U.S.
August 20 2010 -- US breeding layer companies are expected to benefit from the termination of the Thai import quota regime, according to a US government report.
grain import quota would be fulfilled if traders import the maximum allowed in the tenders.
They supply nearly 75% of the total poultry import quota set by Russia, which now stands at 1.2 million tons.