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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.

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 ?
Recall that President Buhari on August 13th, announced that he has ordered the Central Bank of Nigeria (CBN) to stop providing foreign exchange for importation of food into the country.
Ainsi, les importations des fruits comestibles (fruits fraiches ou seches) se sont chiffres a 56,63 millions usd durant le 1er trimestre 2019, contre 35,13 millions de dollars a la meme periode de l'annee derniere, soit une hausse de plus de 61%.
'Due to the perishable nature of rice importations and in order to protect the interest of the government, district collectors may allow release of goods pursuant to Section 304 and 426 of the CMTA [Customs Modernization and Tariff Act], pending the issuance of the IRR,' it added.
Michael Romero of party-list group 1-Pacman, one of the bill's authors, the measure retains the NFA but strips it of its authority to regulate rice importation through the issuance of permits.
"Considering that importation of capital equipment remains as one of the major cost burdens of business enterprises in their start-up and expansion, there is a need to extend the zero percent duty on capital equipment, spare parts and accessories currently being enjoyed by BOI-registered enterprises," the presidential order read.
La plupart de ces importations proviennent des pays europeens, de certains pays du Golfe tels que les Eemirats arabes unis et l'Arabie saoudite, et aussi de la Turquie et la Tunisie.
Evasco said the mode of importation will be government-to-private procurement.
Tionko said the CAO excludes for immediate release importations, even if within the de minimis threshold, that are: declared as without commercial value or of no commercial value of with specific amount but qualified by the phrase for customs purposes or other analogous phrases; tobacco and liquor products carried by passengers in excess of the allowable limits; goods subject to requirements or conditions imposed by regulatory agencies, unless for personal use and within the limits allowed by regulations; prohibited and restricted importations; and importation to be entered conditionally free, for warehousing, for transit and/or admission to free zones.
Les flux des echanges commerciaux de la Tunisie avec l'exterieur aux prix courants ont atteint durant les deux mois 2014 les valeurs de 4512.9 MD en exportation contre 4394.7 MD, durant les deux mois 2013, et 6424.8 MD en importation contre 5932.9 MD, durant les deux mois 2013, selon les derniers chiffres de l'Institut national de la statistique (INS).
East of Nigeria, the first importation occurred in Chad in August 2003 from northeastern Nigeria, leading to an outbreak of 29 cases ([paragraph]).
"It's just hard for me personally to imagine how you can conceptualize systems of safe and effective legal importation without leading to two classes of drugs." Troy said.
As an alternative to the present cumbersome system, would the Department consider a self-assessment provision similar to the provision in section 218 for importations other than goods?