What is Import definition/concept/elaboration

The term import needs to be contextualized within economic activity , more particularly in the area of ​​trade relations. Import is understood as the transport of goods and services that are exported by one country and intended for the internal consumption of another country. This means that the idea of ​​import necessarily involves another concept, export .

the balance of payments

All countries import and export products. In this sense, monetary transactions that take place between one country and another during a certain period are recorded in the balance of payments. In other words, one side of the balance includes money received by a country from exports or foreign loans (this is the positive part of the balance), on the opposite and negative side of the balance is money that a country spends for the benefit of a foreign country, ie imports. The difference between negative and positive values ​​obtains the final balance of payments result.

There are three balance of payments modalities

1) the current account balance (payments from one country to another in exchange for goods, services or work);

2) the balance on account of capital (records aid coming from abroad, as well as the purchase and sale of non-financial goods); Import

3) the balance by financial account (which calculates the loans requested from one country to another).

Why is the import performed and what is its general procedure?

Most countries need products or services beyond their borders. In this sense, imports are aimed at obtaining raw materials, machinery, technology or any product that does not exist in the country itself. As a general rule, imports benefit countries with high production costs (it matters when it is more economical to buy something from abroad than manufactured in the country itself). The negative part of imports is more prominent: the dependence on products from other places and the reduction in the national income of the buyer country.

The import process is associated with a bureaucratic procedure that can be concisely described in four items:

1) a commercial invoice with all data related to the merchandise purchased;

2) detailed knowledge of the shipment of goods in maritime traffic or via air;

3) official certification related to the weight and volume of the means of transport used;

4) documentation associated with customs procedures and the legal restrictions of each country.

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