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An import in the receiving country is an export from the sending country. Importation and exportation are the defining financial transactions of international trade.[3]

In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. The importing and exporting jurisdictions may impose a tariff (tax) on the goods. In addition, the importation and exportation of goods are subject to trade agreements between the importing and exporting jurisdictions.

A country has demand for an import when the price of the good (or service) on the world market is less than the price on the domestic market.

The balance of trade, usually denoted In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. The importing and exporting jurisdictions may impose a tariff (tax) on the goods. In addition, the importation and exportation of goods are subject to trade agreements between the importing and exporting jurisdictions.

"Imports" consist of transactions in goods and services to a resident of a jurisdiction (such as a nation) from non-residents.[4] The exact definition of imports in national accounts includes and excludes specific "borderline" cases.[5] Importation is the action of buying or acquiring products or services from another country or another market other than own. Imports are important for the economy because they allow a country to supply nonexistent, scarce, high cost or low quality of certain products or services, to its market with products from other countries.

A general delimitation of imports in national accounts is given below:

Basic trade statistics often differ in terms of definition and coverage from the requirements in the national accounts: