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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 ?
The import of milk, cream and milk food also witnessed a decline of 10 per cent to $199 million from $221.26 million in same period of last year, whereas the import of dry fruits and nuts also plunged to $37.89 million in July-April (2018-19) against the import worth of $97.1 million in same period of the preceding year.
The regulatory duty on import of mobile phones valuing up to $30 charged at a flat rate of Rs180 per set as against the earlier Rs250, while it charged at the rate of Rs18,500 on import of mobile phones valuing more than $500 per set.
Other telecom apparatus imports witnessed a rise of over 6.9% in 2017-18 as they were $686.432 million compared to $642.119 million during the same period of 2016-17.
The imports from United State of America (USA) were recorded at $2092.864 million against $2077.556 million where as the imports from India were recorded at $1593.635 million against $1816.405 million last year.
The cost of petroleum products' imports dipped 15.95pc during the 12 months, whereas a 30.89pc decline was recorded in terms of the total quantity imported; bringing the total down to 10.4 million tonnes.
Similarly, import of pulses also fell to $432.54 million in the corresponding period of current fiscal year against the import worth of $442.7 million in same period of last year thus showing a decrease of 2.3%.
Pork imports expanded by 9.21 percent to 54,772.793 MT, from 50,152.813 MT on the back of higher purchases of offal and bellies.
Bulk of the imported crude oil, or 86.9 percent, was sourced from the Middle East.
The country is heavily dependent on energy imports due to a dearth of local oil and gas production.
'Secondly, the Brent crude oil's price (the benchmark oil price for imports in Pakistan) has increased from $60 per barrel to $80 per barrel (showing a surge of 33%)...
ISLAMABAD -- Pakistan's oil and food import bill has increased by nearly 20 percent on annual basis to $18.6 billion in the first eleven months (July to May) of the current fiscal year owing to an increase in global prices of crude oil and grains.
For Pakistan Bader (2006) estimated that 37 percent of imports are value added and exported abroad.