In common word definition of import means buy some product or service for business purpose form other country rather then own country.
In detail import is bring product or service by following country’s rule and regulation for commercial purpose it may happen for quality of product or service also it may happen if prize of the is less then own country.
A country which faces scarcity in the supply of any commodity can purchase it from another country where there is a surplus. Importing is concerned with purchasing goods made in another country.
Definition of import
According to P.H. Collin, “Import means means bringing goods into a country form aboard for sale.”
According to Y.P. Singh and M. Saeed, “Import means goods or services purchased from other countries involving the use of foreign exchange.”
Related Content of Import-Export:
- General Procedure of Import Trade
- Documents used in Import Trade
- What is the Definition of Export?
- Stages of Export Involvement
- Procedures for Export Trade
- Documents used in Export Trade
- Standard Terms of Sale