What is import?

Andrey Kim
Andrey Kim
December 19, 2014
What is import?

Imports are the importation of any types of goods and services into the country without the obligation of re-exportation. Import of goods is one of the most important objects of regulation by the state. In this article we will describe in more detail what import is, what types of import are and how it is regulated.

Types of imports

Strictly speaking, today there are two types of imports:

  • industrial and consumer goods;
  • intermediate products and services.

As a rule, foreign companies seek to import into the country those types of goods that are not represented or are presented in insufficient quantities on the national market.

The volume of imports is determined by the scale of the national economy and production of the country, as well as its provision with various resources, including intellectual ones. The more fully the country provides itself, the less imported goods and services will be imported.

Import regulation - how and why?

The state regulates imports through various instruments, in particular, the creation of special duties and quotas, the establishment of minimum import prices, special taxes, technical barriers, etc.All of these restrictions are used to protect domestic producers from competition.

The degree of regulation of the import of imported products is determined by the type of trade policy of the state. Thus, the states with a liberal trade policy almost do not restrict imports, but protectionist ones set strict limits on the import of goods.