Import

Geiger-cars, which imports cars from North America to Europe, is called an importer.

An importer is the receiving country in an export from the sending country. Importation and exportation are the defining financial transactions of international trade. Import is part of the International Trade which involves buying and receiving of goods or services produced in another country. The seller of such goods and services is called an exporter, while the foreign buyer is known as an importer.

In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. The importing and exporting jurisdictions may impose a tariff (tax) on the goods. In addition, the importation and exportation of goods are subject to trade agreements between the importing and exporting jurisdictions.

Definition

Imports consist of transactions in goods and services to a resident of a jurisdiction (such as a nation) from non-residents. The exact definition of imports in national accounts includes and excludes specific "borderline" cases. Importation is the action of buying or acquiring products or services from another country or another market other than own. Imports are important for the economy because they allow a country to supply nonexistent, scarce, high cost, or low-quality certain products or services, to its market with products from other countries.

A general delimitation of imports in national accounts is given below:

Basic trade statistics often differ in terms of definition and coverage from the requirements in the national accounts:

Balance of trade

A country has demand for an import when the price of the good (or service) on the world market is less than the price on the domestic market.

The balance of trade, usually denoted N X {\displaystyle NX} , is the difference between the value of all the goods (and services) a country exports and the value of the goods the country imports. A trade deficit occurs when imports are larger than exports. Imports are impacted principally by a country's income and its productive resources. For example, the US imports oil from Canada even though the US has oil and Canada uses oil. However, consumers in the US are willing to pay more for the marginal barrel of oil than Canadian consumers are, because there is more oil demanded in the US than there is oil produced. In 2016, only about 30% of countries had a trade surplus. Most trade experts and economists argue that it's wrong to automatically assume a trade deficit is harmful to a country's economy.

In macroeconomic theory, the value of imports can be modeled as a function of domestic absorption (spending on everything, regardless of source) and the real exchange rate. These are the two most important factors affecting imports and they both affect imports positively.

Types of import

There are two basic types of import:

Companies import goods and services to supply to the domestic market at a cheaper price and better quality than competing goods manufactured in the domestic market. Companies import products that are not available in the local market.

There are three broad types of importers:

Direct-import refers to a type of business importation involving a major retailer (e.g. Wal-Mart) and an overseas manufacturer. A retailer typically purchases products designed by local companies that can be manufactured overseas. In a direct-import program, the retailer bypasses the local supplier (colloquial: "middle-man") and buys the final product directly from the manufacturer, possibly saving in added cost data on the value of imports and their quantities often broken down by detailed lists of products are available in statistical collections on international trade published by the statistical services of intergovernmental organisations (e.g. UNSD, FAOSTAT, OECD), supranational statistical institutes (e.g. Eurostat) and national statistical institutes.

Import of goods

Importation, declaration, and payment of customs duties are done by the importer of record, which may be the owner of the goods, the purchaser, or a licensed customs broker.

See also

References

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  5. ^ Chowdhury, Tripti Singh; Singh, Preeti (2024-01-01). EXPORT IMPORT DOCUMENTATION: e-Book for MBA 3rd Semester of AKTU, UP. Thakur Publication Private Limited. p. 181.
  6. ^ ICC Export/Import Certification
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  10. ^ for example, see Eurostat: European System of Accounts - ESA 1995, §§ 3.128-3.146, Office for Official Publications of the European Communities, Luxembourg, 1996
  11. ^ economic territory
  12. ^ "Trump warns of trade deficits. Economists say, who cares?". The World from PRX. Retrieved 2024-03-25.
  13. ^ "Trade Balances". Clark Center Forum. Retrieved 2024-03-25.
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  16. ^ USA, IBP (2013-08-01). US Congress Joint Committee on Taxation Handbook - Strategic Information and Regulations. Lulu.com. p. 59. ISBN 978-1-4330-5653-6.

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