What is Import?
Import: Goods brought in from another country.
Where Import fits
Import is part of Trade & Currency in Global Trade. Trade connects economies through exports, imports, tariffs, quotas and trade agreements. Comparative advantage says countries should specialize in what costs them least.
Practical tip
Check duties, rules and currency risk before entering a market.
Related terms
- Tariff
- A tax on imported goods.
- Exchange rate
- The price of one currency in another.
- Trade deficit
- Imports exceed exports in a period.
- GDP
- Total value of goods and services a country produces in a period.
- Export
- Selling goods or services to buyers in another country.
- Quota
- A limit on how much of a good can be imported.
- Free trade agreement
- A deal that removes most trade barriers between countries.
- Customs duty
- A tax collected on imported goods.
Formulas you will use with it
Test yourself
Which term means: “Goods brought in from another country.”?
Trade deficit · GDP · Import
Answer: Import
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