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FINANCIAL TERMS

Import

Description

Import means bringing goods or services into a country from another country. In simple terms, an import is something a country buys from abroad. Imports are important because they allow consumers and businesses to access products, resources, or services that may be cheaper, better, or unavailable at home. Imports can lower costs and increase choice, but they can also create pressure for domestic producers. For example, if the United States buys cars from Japan or coffee from Brazil, those goods are imports for the United States. Import is not the same as export. An import is something brought into a country, while an export is something sent out of a country to be sold elsewhere.