Import

-The term import is derived from the conceptual meaning as to bring in the goods and services into the port of a country. The buyer of such goods and services is referred to an "importer" who is based in the country of import whereas the overseas based seller is referred to as an "exporter".Thus an import is any goodor service brought in from one country to another country in a legitimate fashion, typically for use in trade. It is a good that is brought in from another country for sale. Import goods or services are provided to domestic consumers by foreign producers. An import in the receiving country is an export to the sending country.

Imports, along with exports, form the basis of international trade. Imports of goods normally require involvement of the customs authorities in both the country of import and the country of export and are often subject to import quotas, tariffs and trade agreements. When the "imports" are the set of goods and services imported, "Imports" also means the economic value of all goods and services that are imported. The macroeconomic variable It usually stands for the value of these imports over a given period of time, usually one year.

-There are two basic types of import:
 * 1) 1. Industrial and consumer goods
 * 2) 2. Intermediate goods and services

-Companies import goods and services to supply to the domestic market at a cheaper price and better quality than competing goods manufactured in the domestic market. Companies import products that are not available in the local market.

-There are three broad types of importers:   -Direct-import refers to a type of business importation involving a major retailer and an overseas manufacturer. A retailer typically purchases products designed by local companies that can be manufactured overseas. In a direct-import program, the retailer bypasses the local supplier and buys the final product directly from the manufacturer, possibly saving in added costs. This type of business is fairly recent and follows the trends of the global economy.
 * 1) 1. Looking for any product around the world to import and sell.
 * 2) 2. Looking for foreign sourcing to get their products at the cheapest price.
 * 3) 3. Using foreign sourcing as part of their global supply chain.