Share This Article:

Economic Definition of import. Defined.

Offline Version: PDF

Term import Definition: Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods purchased from other countries. The United States, for example, buys a lot of the stuff produced within the boundaries of other countries, including bananas, coffee, cars, chocolate, computers, and, well, a lot of other products. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports).

 

« implicit price deflator | import quota »

Permalink: https://glossary.econguru.com/economic-term/import

Alphabetical Reference to Over 2,000 Economic Terms