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- DictionaryIm·port
verb
- 1. bring (goods or services) into a country from abroad for sale: "Japan's reluctance to import more cars"
- 2. indicate or signify: archaic "having thus seen, what is imported in a Man's trusting his Heart"
noun
- 1. a commodity, article, or service brought in from abroad for sale: "cheap imports from eastern Europe"
- 2. the meaning or significance of something, especially when not directly stated: "the import of her message is clear"
Import definition: to bring in (merchandise, commodities, workers, etc.) from a foreign country for use, sale, processing, reexport, or services. See examples of IMPORT used in a sentence.
- Overview
- What are imports?
- What are exports?
- Key differences between imports and exports
Importing and exporting represent essential concepts within the flow of international trade. These activities support companies and countries by enabling them to sell and receive goods and services across the world. If you work within the logistics field, understanding these activities and how they differ could provide beneficial insights that you ...
Imports are goods or services that entities purchase from other countries, often via shipment, mail or freight aircraft. Imports often represent goods that a country does not produce or cannot produce affordably or efficiently. An importer can be an individual or company. These entities may import goods to support their business or sell to consumer...
Exports are services or goods a country manufactures and ships to other countries for sale. Exporting can bring profits to a country or money into a country, helping stimulate its economic growth. Because imports may represent goods that another country cannot make, the exporting country often has a comparative advantage. The exporters may produce ...
Objective
The primary objective of importing is to fulfill the demand for services and goods that are not available in a country. As mentioned, the importing country may not have the resources or capabilities to produce particular goods efficiently or at all. Businesses may also import goods or services from foreign markets if they cannot obtain them easily or affordably at home. The primary objective of exporting is to generate income or government revenue by selling domestic goods to foreign markets. Entities may also use exporting to boost their international presence and market share or sell a surplus of goods.
Process
The steps involved with importing and exporting goods and services also differ. The importing process includes the following: 1.Performing a trade inquiry: The importing entity gathers information about the entities that export the desired goods or services, including delivery rates and terms and conditions. 2.Obtaining import licenses: Depending on the goods and services, the importer may need to apply for a license to import and sell them in their country. 3.Placing orders: Once the importer decides who to purchase the goods from, they place an order with details such as quantity, quality and price. 4.Determining payments: When working with foreign entities, the importer may need to consider foreign exchange rates and get the appropriate currency or a letter of credit to make their payments. 5.Receiving shipment notification: The importer typically receives a document alerting them that their shipment is on its way, often including an invoice and details about the shipping vessel, delivery schedule and the goods included in the shipment. 6.Going through customs: The importer also typically receives a notification when the goods arrive, though these items first must undergo the customs process to ensure compliance with domestic laws and regulations before their release. Meanwhile, the steps for exporting goods and services to foreign entities include: 1.Responding to inquiries: Exporters often respond to potential importers' requests for information about their delivery terms and goods, including the quality, price and appearance of products. 2.Receiving and accepting orders: After responding to potential importers' inquiries, the exporter may receive an order for the goods or services they offer that they can agree to fulfill. 3.Obtaining export licenses: Like importers, exporters may need a license to gain permission to dispatch and sell particular goods to foreign entities. 4.Producing and packing goods: The exporter fulfills customers' requests by producing and packaging the ordered goods, then inspecting the shipment to ensure its quality. 5.Receiving customs clearance: The exported goods must receive approval from the customs agency to verify paperwork and any necessary fees. 6.Preparing invoices: Once the exporter ships the order, they create and submit an invoice to the importer that details the quantity and price of the shipment. Related: What Is an Invoice? Definition, What's Included
Trade balance
A country's balance of trade can demonstrate the overall health of its economy. You can use the following formula to determine a country's balance of trade:Balance of trade = total value of exports - total value of importsWhen a country exports more goods and services than it imports, it creates a trade surplus. A trade surplus can represent a healthy economy, as it demonstrates a positive flow of currency from foreign entities. Meanwhile, a country that imports more than it exports represents a trade deficit. With a trade deficit, more money flows out of the country to foreign markets rather than into it. As a result, the country may need to borrow money to pay for additional imports and cover its deficit.
to bring something into your country from another country for people to buy: We import about 20 percent of our food. import verb [T] (COMPUTER) to copy information from one computer or computer program to another: to import data. imported files. Opposite. export. importation. noun [ U ] uk / ˌɪmpɔːˈteɪʃ ə n / us. importer. noun [ C ] import. noun.
import meaning, definition, what is import: a product that is brought from one count...: Learn more.
to bring something into your country from another country for people to buy: We import about 20 percent of our food. import verb [T] (COMPUTER) to copy information from one computer or computer program to another: to import data. imported files. Opposite. export. importation. noun [ U ] uk / ˌɪmpɔːˈteɪʃ ə n / us. importer. noun [ C ] import. noun.
Check pronunciation: import. Definition of import noun in Oxford Advanced American Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.
Nov 21, 2023 · The definition of import as an action is the act of receiving an item or service into one's own country, that originates from another country. So, what is an...
