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 ?
8178 or the Agricultural Tariffication Act of 1996, which had put the rice import quota in place, must be amended.
Brazil could export the product at lower prices than the current seven years in the case of this sector, in addition to raising the import quota at a reduced fare in 114,000 tons of sugar a year.
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.
In addition, he proposes to distribute import quotas on a monthly basis and not once a year as it is currently being done.
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.
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.
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.