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What is Import?

What is Import?

The word “import” is derived from the word “port,” since goods are often shipped via boat to foreign countries. Countries are most likely to import goods that domestic industries cannot produce as efficiently or cheaply, but may also import raw materials or commodities that are not available within its borders.

For example, many countries have to import oil because they either cannot produce it domestically or cannot produce enough of it to meet demand.

A good or service brought into one country from another. Along with exports, imports form the backbone of international trade. The higher the value of imports entering a country, compared to the value of exports, the more negative that country’s balance of trade becomes.

An import in the receiving country is an export from the sending country.

International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.

 


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