Import
An import is the receiving country in an export from the sending country. Importation and exportation are the defining financial transactions of international trade. In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. The importing and exporting jurisdictions may impose a tariff (tax) on the goods. In addition, the importation and exportation of goods are subject to trade agreements between the importing and exporting jurisdictions. Definition. Imports consist of transactions in goods and services to a resident of a jurisdiction (such as a nation) from non-residents. The  exact definition of imports in national accounts includes and excludes specific "borderline" cases. Importation is the action of buying or acquiring products or services from another country or another market other than own. Imports are important for the economy because they allow a country to supply nonexistent, scarce, high cost, or low-quality certain products or services, to its market with products from other countries. A general delimitation of imports in national accounts is given below: Basic trade statistics often differ in terms of definition and coverage from the requirements in the national accounts: Balance of trade. A country has  demand for an import when the price of the good (or service) on the world market is less than the price on the domestic market. The balance of trade, usually denoted formula_1, is the difference between the value of all the goods (and services) a country exports and the value of the goods the country imports. A trade deficit occurs when imports are larger than exports. Imports are impacted principally by a country's income and its productive resources. For example, the US imports oil from Canada even though the US has oil and Canada uses oil. However, consumers in  the US are willing to pay more for the marginal barrel of oil than Canadian consumers are, because there is more oil demanded in the US than there is oil produced. In macroeconomic theory, the value of imports can be modeled as a function of domestic absorption (spending on everything, regardless of source) and the real exchange rate. These are the two most important factors affecting imports and they both affect imports positively. Types of import. There are two basic types of import: 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 (e.g. Wal-Mart) 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 (colloquial: "middle-man") and buys the final product directly from the manufacturer, possibly saving in added cost data on the value of imports and their quantities often broken  down by detailed lists of products are available in statistical collections on international trade published by the statistical services of intergovernmental organisations (e.g. UNSD, FAOSTAT, OECD), supranational statistical institutes (e.g. Eurostat) and national statistical institutes. Import of goods. Importation and declaration and payment of customs duties is done by the importer of record, which may be the owner of the goods, the purchaser, or a licensed customs broker.