An import is a good or service that is produced or manufactured abroad and sold in the domestic market. It is the receiving country in an export from the sending country, and it is one of the defining financial transactions of international trade. 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 ones own.
Countries are most likely to import goods or services that their domestic industries cannot produce as efficiently or cheaply as the exporting country. Countries may also import raw materials or commodities that are not available within their borders. For example, many countries import oil because they cannot produce it domestically or cannot produce enough to meet demand.
Importing is important for the economy because it allows a country to supply nonexistent, scarce, high cost, or low-quality certain products or services to its market with products from other countries. There are two basic types of import: industrial and consumer goods, and intermediate goods and services. Tariffs are often charged on imported products, which are fees imposed by customs agencies.
