Note: the general meaning of the word import is to bring something from outside to inside. The term is also used in informatics - see Import (IT).
Import in practice: In practice import includes all values (i.e. including licenses, copyrights, etc.). If the import is higher than export, it has long-term negative impact on the economy of the state - this means a deficit of the balance of payments and the loss of GDP of the state. The total volume of import and export is an important macroeconomic indicator and it has an impact on the balance of payments and GDP of the state. In the long run, it is desirable to have the level of state import and export is balanced.
Related terms and methods:
- Import Licence
- Import restrictions and limitations
- Balance of payments (BoP)
- Foreign trade, International trade
Related management field:
- Marketing and Sales