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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
importingthe sale in the home market of a product which is produced in a foreign country Domestic producers may IMPORT particular materials, components and final products either because they are unobtainable from domestic sources or because foreign producers can supply an input more cheaply or supply an alternative version of the final product. Similarly importing may be undertaken (indirectly or directly) by foreign-based firms as an adjunct to their EXPORTING operations. In some cases locally based agents may be contracted by overseas producers to develop sales outlets and importers/distributors may be appointed to handle physical distribution. In other cases, in order to build up a stronger position in the market, foreign producers may prefer instead to establish their own sales offices and subsidiary companies to handle local distribution and marketing. See INTERNATIONAL TRADE, MULTINATIONAL ENTERPRISE, PARALLEL IMPORTING, CUSTOMS AND EXCISE.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson