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An import is a good that is brought in from a foreign country. This is the opposite of an export, a good that is shipped to a foreign country. The following are common examples of an import.A firm that imports supplies from a foreign country. For example, a manufacturer may import components from its own facilities abroad and materials and parts from third party suppliers.
Direct ImportsThe import of a product for resale by an entity not officially recognized by the producer. For example, an ecommerce seller who imports luxury goods from Europe to sell in Japan. In many cases, the producer discourages this but it is a common practice nonetheless. The end-customer may be informed of this arrangement by the seller because they may not be eligible for support and warranties. Direct imports are a type of grey market.
Consumer ImportA consumer who directly imports a good by themselves. For example, ordering from a foreign ecommerce platform that ships to your country.Importing from foreign producers to sell in a shop. In some cases, the producer owns the shop and is importing from their own factories. Alternatively, a retailer may be a distribution partner of the producer.
WholesaleA wholesaler who imports goods from multiple producers to sell to retailers and other merchants.A firm that imports goods, adds value to them and then resells them. For example, a firm that imports software and sells it with local consulting services and support.Capital ProcurementThe business process of purchasing durable items from suppliers. For example, an airline that buys aircraft from a foreign producer.
Agents & BrokersRepresentatives of a foreign producer who sell to local warehouses, retailers, ecommerce sellers and/or customers. Agents are often used to simplify administration and taxes as it allows you to sell into a country without having a presence there. The use of foreign services. For example, if you stay at a hotel in a foreign country that can be considered an import to your home country. Likewise, using computing services located in a foreign nation is an import.
Change of OwnershipA good can be considered an import if ownership changes even if the good doesn't cross a border. For example, a Canadian who buys a car in Florida for their winter home. This could be considered an import to Canada from the United States.|
| Type | | | Definition (1) | A good that purchased from a foreign producer. | | Related Concepts | |
International Economics
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