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In economics
Economics

File:Ballard Farmers' Market - vegetables.jpgEconomics is the Social sciences that studies the Production theory basics, Distribution , and Consumption of Good and Service ....
, an import is any good
Good (economics and accounting)

In economics, a good is any object or service that increases utility, directly or indirectly. It should not to be confused with the adjective "good", as used in a moral or ethics sense....
 (e.g. a commodity
Commodity

A commodity is anything for which there is demand, but which is supplied without qualitative product differentiation across a market. It is a product that is the same no matter who produces it, such as petroleum, notebook paper, or milk....
) or service
Service

A service is the diametrically opposed non-material counterpiece of a physical good . A service provision comprises a sequence of activities that does not result in ownership of the outcome, and this is what fundamentally differentiates it from furnishing someone with physical goods....
 brought into one country from another country in a legitimate fashion, typically for use in trade
Trade

Tradeis the willing exchange of goods, Service , or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter , the direct exchange of goods and services....
.It is a good that is brought in from another country for sale. Import goods or services are provided to domestic consumer
Consumer

Consumer is a broad label that refers to any individuals or household that use Good generated within the economic system. The concept of a consumer is used in different contexts, so that the usage and significance of the term may vary....
s by foreign producer
Production, costs, and pricing

In microeconomics, industrial organization is the field which describes the behavior of firms in the marketplace with regard to production, pricing, employment and other decisions....
s. An import in the receiving country is an export
Export

Export goods or services are provided to foreign consumers by domestic Production theory basics. It is a good that is sent to another country for sale....
 to the sending country.

Imports, along with exports, form the basis of international trade
International trade

International trade is exchange of Capital , goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product ....
.






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In economics
Economics

File:Ballard Farmers' Market - vegetables.jpgEconomics is the Social sciences that studies the Production theory basics, Distribution , and Consumption of Good and Service ....
, an import is any good
Good (economics and accounting)

In economics, a good is any object or service that increases utility, directly or indirectly. It should not to be confused with the adjective "good", as used in a moral or ethics sense....
 (e.g. a commodity
Commodity

A commodity is anything for which there is demand, but which is supplied without qualitative product differentiation across a market. It is a product that is the same no matter who produces it, such as petroleum, notebook paper, or milk....
) or service
Service

A service is the diametrically opposed non-material counterpiece of a physical good . A service provision comprises a sequence of activities that does not result in ownership of the outcome, and this is what fundamentally differentiates it from furnishing someone with physical goods....
 brought into one country from another country in a legitimate fashion, typically for use in trade
Trade

Tradeis the willing exchange of goods, Service , or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter , the direct exchange of goods and services....
.It is a good that is brought in from another country for sale. Import goods or services are provided to domestic consumer
Consumer

Consumer is a broad label that refers to any individuals or household that use Good generated within the economic system. The concept of a consumer is used in different contexts, so that the usage and significance of the term may vary....
s by foreign producer
Production, costs, and pricing

In microeconomics, industrial organization is the field which describes the behavior of firms in the marketplace with regard to production, pricing, employment and other decisions....
s. An import in the receiving country is an export
Export

Export goods or services are provided to foreign consumers by domestic Production theory basics. It is a good that is sent to another country for sale....
 to the sending country.

Imports, along with exports, form the basis of international trade
International trade

International trade is exchange of Capital , goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product ....
. Import of goods normally requires involvement of the Customs
Customs

Customs is an authority or Government agency in a country responsible for collecting and safeguarding Duty and for controlling the flow of goods including animals, personal effects and hazardous items in and out of a country....
 authorities in both the country of import and the country of export
Export

Export goods or services are provided to foreign consumers by domestic Production theory basics. It is a good that is sent to another country for sale....
 and are often subject to import quota
Import quota

An import quota is a type of protectionism trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time....
s, tariff
Tariff

A tariff is a tax imposed on goods when they are moved across a political boundary. They are usually associated with protectionism, the economic policy of restraining trade between nations....
s and trade agreements. when the "imports" are the set of goods and services imported, "Imports" also means the economic value
Value (economics)

The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods which can be exchanged....
 of all goods and services that are imported. The macroeconomic
Macroeconomics

Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole....
 variable
Variable

A variable is a symbol that stands for a value that may vary; the term usually occurs in opposition to constant, which is a symbol for a non-varying value, i.e....
 I usually stands for the value of these imports over a given period of time, usually one year.

Balance of trade


A country has demand
Demand

Economics*Demand ,the desire to own something and the ability to pay for it*Demand curve,a graphic representation of a demand schedule *Demand deposit, the money in checking accounts...
 for an import when domestic quantity demanded exceeds domestic quantity supplied
Supply

supply is the amount of good or services a business providesSupply may refer to:*Supply and demand theory*Confidence and supply#Supply for a Government budget, in the Westminster System...
, or when the price
Price

Price in economics and business is the result of an exchange and from that trade we assign a numerical monetary Value to a product , Service or asset....
 of the good (or service) on the world market is less than the price on the domestic market
Domestic market

Domestic trading:Trading that is aimed at a single market, the firms domestic trade, is referred to as domestic trading. In domestic trading, the firm faces only one set of competitive, economic, and market issue and essentially must deal with only one set of customers, although the company may have several segments in this one market....
.

The balance of trade
Balance of trade

The balance of trade is the difference between the monetary value of exports and International trades in an economy over a certain period of time....
, usually denoted NX, is the difference between the value of the goods (and services) a country exports and the value of the goods the country imports.

NX = X - I, or equivalently I = X - NX

A trade deficit occurs when imports are large relative to exports. Imports are impacted principally by a country's income
Income

Income, refers to consumption opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received......
 and its productive resources. For example, the US imports oil
Petroleum

Petroleum or crude oil is a naturally occurring, flammable liquid found in rock formations in the Earth consisting of a complex mixture of hydrocarbons of various molecular weights, plus other organic compounds....
 from Canada
Canada

Canada is a country occupying most of northern North America, extending from the Atlantic Ocean in the east to the Pacific Ocean in the west and northward into the Arctic Ocean....
 even though the US has oil and Canada uses oil. But consumers in the US are willing to pay
Willingness to pay

Willingness to pay generally refers to the value of a Good to a person as what they are willing to pay, sacrifice or exchange for it.WTP is the maximum monetary amount that an individual would pay to obtain a good....
 more for the marginal
Marginalism

Marginalism is the use of marginal concepts within economics. The central concept of marginalism proper is that of marginal utility, but marginalists following the lead of Alfred Marshall were further heavily dependent upon the concept of Marginal product in their explanation of cost; and the Neoclassical economics tradition that emerged fro...
 barrel of oil than Canadian consumers are, because there is more oil demanded in the US than there is oil produced.

In macroeconomic theory, the value of imports I can be modeled as a function of the domestic absorption
Absorption (economics)

Absorption is the total demand for all final good marketed goods and services by all Agent s resident in an economy, regardless of the origin of the goods and services themselves....
 A and the real exchange rate s. These are the two largest factors of imports and they both affect imports positively.

I = I(A,s)

Type of imports

There are two basic types of imports: 1. Industrial and consumer goods, 2. 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: 1. Looking for any product around the world to import and sell. 2. Looking for foreign sourcing to get their products at the cheapest price. 3. Using foreign sourcing as part of their global supply chain.

Role of the Internet


Many online auction websites such as eBay
EBay

eBay Inc. is an United States Internet company that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell goods and services worldwide....
 are now providing wholesalers through a wholesale list
Wholesale list

A wholesale list is a piece of compilational media providing details for various wholesale companies. One can use a wholesale list to save hours of researching about wholesaling companies as the producer of a wholesale list will already have done it....
, generally, the lists that require a fee to view, may not be updated frequently, the data may be old, and the companies listed may no longer be in business.

Another form of online middleman is B2B trade companies like Global Sources
Global Sources

Global Sources is a Hong-Kong based business-to-business media company. It facilitates trade from Greater China to the world, using a wide range of English-language media and facilitates trade from the world to Greater China, using Chinese-language media....
. These cater mainly to big businesses who are importing large quantities of goods from foreign countries. They also have sister sites that serve smaller orders for small businesses, like .

In addressing the concerns of listed companies' legitimacy and dependability, such B2B portals may inspect suppliers at their actual premises before they list suppliers. The "verified suppliers" system of Global Sources
Global Sources

Global Sources is a Hong-Kong based business-to-business media company. It facilitates trade from Greater China to the world, using a wide range of English-language media and facilitates trade from the world to Greater China, using Chinese-language media....
 is one such example.Imports is having cargo and clearance.

Alternatively, these companies may also branch out of cyberspace and organize their own Sourcing Fairs, where thousands of buyers and suppliers can meet face-to-face. Two examples are and

See also

  • International trade
    International trade

    International trade is exchange of Capital , goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product ....
  • List of countries by imports
    List of countries by imports

    This is a list of countries by imports, based on The World Factbook. For comparison purposes, some non-sovereign entities are included in this list, sovereign territories are ranked....
  • Export function
    Export function

    The Export function is an idea used in economic theories to measure exports. The total amount of exports, E, in a nation is mainly affected by two variables, see import, the total foreign absorption and the real exchange rate....