What is meant by imports?

Imports – definition Imports are the value of foreign goods and services bought by a country’s households, firms, government agencies, and other organisations in a given period of time. Visible imports include payments for final products and intermediate goods, including oil and other commodities, finished and part-finished goods, and components.

What are imports & how do they work?

Imports are foreign goods and services bought by citizens, businesses, and the government of another country. It doesn't matter what the imports are or how they are sent. They can be shipped, sent by email, or even hand-carried in personal luggage on a plane.

What is an import & why is it important?

An import is a product or service produced abroad and purchased in your home country. Imported goods or services are attractive when domestic industries cannot produce similar goods and services cheaply or efficiently. Free trade agreements and tariff schedules often dictate which goods and materials are less expensive to import.