import

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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.
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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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Fases de la politica comercial Cultivos 1951-1966 1967-1975 1976-1982 No transables (1) 2,3 2,6 1,6 Exportables (2) 4,6 4,2 6.0 Sin cafe 8,3 7.0 3,2 Cafe 2,6 1,4 12,4 Importables (3) 3.0 3,8 3,5 Pecuario 2,7 1,4 5,2 Total produccion aqropecuaria 3.0 2,6 4.0 Fases de la politica comercial Cultivos 1983-1985 1986-1990 No transables (1) 1,7 2,5 Exportables (2) 1,2 4,4 Sin cafe 3,6 4,1 Cafe (1,7) 5,6 Importables (3) 0,9 10,9 Pecuario 4,4 3,2 Total produccion aqropecuaria 3,5 2,8 (1) Incluye mani, papa, vegetales, cana de panela, coco, platano, yuca, name, fique y frutas.
To preview our results and justify the question posed above, we note that in general the effects of these reforms are different when conducted within a monetary environment and depend on the size of financing frictions in the exportable relative to that in the importable sector.
When trade protection is provided only to the importable sector, the proportional change in price of exportables is zero and the proportional change in price of nontradeables is less than that of importables (with the shift parameter being less than one).
The negative impact on importables should have been even more severe and the benefits to exportables more modest.
where a and [a.sup.*] are the weights of nontradable goods, and b and [b.sup.*] are the weights of importable goods in the countries' overall price indices.
In what follows, we assume that importables are protected by a quota.
1) the responsiveness of marginal product of labor to changes in employment is higher in the importable sector than in the exportable sector;
Domestic and world price vectors of the importable goods are represented by p[prime] = ([p[prime].sub.1] [p[prime].sub.2]), [Mathematical Expression Omitted], respectively.
Not surprisingly, exportables are much more land intensive than importables. Importables are more capital intensive than exportables and the margin has widened over the period.
The result would depend upon the relative importance of income and substitution effects; also on the composition of the deterioration in trade, i.e., whether it is coming from increases in the price of importables or decreases in the price of exportables.
Interestingly, we find that if the consumption of the exportable commodity requires larger cash balances than the consumption of the importable, then contrary to standard results, an import quota may promote national welfare.
Terms of trade can be represented by the external relative price of exportables to importable.

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