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 ?
For rice, it is removing the import quota and instead slapping a 35-percent tariff on the staple to bring down prices.
Today, more than a year later, Zhejiang Petrochemical became the first local oil production enterprise in Zhejiang Province to obtain import quotas for crude oil non-state-owned trade.
China has provided its second batch of crude oil import quotas to independent refiners and trading companies for 2018.
"Alternatively a more balanced dispersal of imported lamb across the EU would help to address the disproportionate impact on the UK." 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.
Earlier this year, Beijing promised to grant mills new import quotas allowing them to purchase 1 tonne of overseas cotton for every 3 tonnes bought from state reserves.
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 5.2% YoY in 2012, respectively), changes in product mix toward more profitable goods (the share of pork sales should reach 21.7% in 2012 vs 16.5% in 2011) and operating efficiency improvements (lower SG&A as a percentage of revenue, as well as improved fodder-meat conversion ratios).
Granting the most-favored status means the two countries can now trade on equal terms, typically giving each other low tariffs and high import quotas.
March 4 2010 - Russian Senator Sergey Lisovskiy has requested that the Russian government decrease poultry import quotas for 2010 by 20% or 170 thousand tons.
The Sugar Policy Alliance has renewed its call for Congress to revise sugar policy as strict import quotas have reduced the availability of refined sugar, thereby inflating prices, the organization says.
It has approved low or duty free import quotas for a wide variety of species that can be used by suppliers from around the world on a first-come-first served basis.
Auto Business News-29 October 2008-Chinese government reopens import quotas for Hyundai and Kia cars(C)2008 ENPublishing - http://www.enpublishing.co.uk