Types of Import
There are two basic types of import:
- Industrial and consumer goods
- Intermediate goods and services
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:
- Looking for any product around the world to import and sell.
- Looking for foreign sourcing to get their products at the cheapest price.
- Using foreign sourcing as part of their global supply chain.
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 costs. This type of business is fairly recent and follows the trends of the global economy.
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