Updated: Aug 20, 2021

Goods or services purchased from other countries, involving the use of foreign tchange. Imports, hke exports, may be visible or invisible. Duty rates on goods vary according to the type of product and the nature of any existing agreement with the supplying country. Tendencies to impose restrictions are countered both by fear of reprisals by the other country, by particular trading treaties and by the General Agreement on Tariffs and Trade. Some goods may be the subject of quotas, i.e. only a certain quantity may be imf>orted in any one year. All nations have a list of goods, the importing of which is prohibited. Such lists vary widely from country to country and ^ contain items ranging from nuclear weapons (U.S.A.) to gooseberry bushes (Eire).

Reference: The Penguin Business Dictionary , 3rd edt.

Sources & references
Risk disclaimer
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.