The term import is derived from the conceptual meaning as the goods and services into the port of a country. The buyer of such goods and services is referred to an "importer" who is based in the country of import where the overseas based seller is referred to as an "exporter". Thus an import is any good (e.g. a commodity) or service brought in from one country to another country in a legitimate fashion, typically for use in trade. It is a good that is brought in from another country for sale. Imported goods or services are provided to domestic consumers by foreign producers. An import in the receiving country is an export to the sending country.
Imports, along with exports, form the basics of international trade. Import of goods normally requires involvement of the customs authorities in both the country of import and the country of export and are often subject to import quotas, tariffs and trade agreements. When the "imports" are the set of goods and services imported, "Imports" also means the economic value of all goods and services that are imported. The macroeconomic variable I usually stands for the value of these imports over a given period of time, usually one year.
Famous quotes containing the word import:
“The intellectual life may be kept clean and healthful, if man will live the life of nature, and not import into his mind difficulties which are none of his.”
—Ralph Waldo Emerson (18031882)
“Every tree sends its fibres forth in search of the Wild. The cities import it at any price. Men plow and sail for it. From the forest and wilderness come the tonics and barks which brace mankind.”
—Henry David Thoreau (18171862)