Import

Definition

Import refers to goods and services purchased from foreign countries and brought into one's own country for consumption or resale. Imports satisfy domestic demand for products not produced domestically or available at lower prices abroad.

Related terms

Trade Deficit: Trade deficit occurs when a country's imports exceed its exports, resulting in a negative balance of trade.

Protectionism: Protectionism refers to government policies that restrict imports through measures such as tariffs or quotas to protect domestic industries.

Exchange Rate: Exchange rate is the value of one currency in terms of another currency. It affects the cost of imports and exports between countries.