Import
An import is a receiving country in export from the sending country. Importation and exportation are the defining financial transactions of international trade.
In international trade, the import 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.
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 market other than own. Imports are essential 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.
- An import of a good occurs when there is a change of ownership from a non-resident to a resident; this does not necessarily imply that the good in question physically crosses the frontier. However, in specific cases, national accounts impute ownership changes even though, in legal terms, no change of ownership takes place (e.g., cross-border financial leasing, cross-border deliveries between affiliates of the same enterprise, goods crossing the border for significant processing to order or repair). Also, smuggled goods must be included in the import measurement.
For example goods sent abroad for custom work are no longer counted in exports of goods and processed goods is not counted as an import of goods. However is recognized importing industrial service in the country of the payer of an amount equal to the difference between the value of the finished product and inputs. The total foreign trade balance is not changed.
- Imports of services consist of all services rendered by non-residents to residents. In national accounts, any direct purchases by residents outside the economic territory of a country are recorded as imports of services; therefore, all expenditures by tourists in the economic territory of another country are considered part of the imports of services. Also, international flows of illegal services must be included [Lequiller, Blades, pp.139-143].
Import. Insee. (2023). URL:https://www.insee.fr/en/metadonnees/definition/c1527
Lequiller, F; Blades, D. (2006). Understanding National Accounts. Paris: OECD.
Online Export Import Certificate (International Trade). Edu maritime. Retrieved from: https://www.edumaritime.net/icc-academy/export-import-certificate-eic-online