What is an Import?

Here at Tudor, on a daily basis we are dealing with imports from one country to another. However, in a recent survey, 58% of those who took part admitted to not being able to define what an import is.

An import is an item or service that is brought from one country to another from across the world. An import of good will occur when there is a change of ownership from a non-resident to a resident. Smuggled goods must also be included for the measurement of an import.

Along with exports, imports are the most vital source of international trade. Countries are more likely to import goods that domestic industries can’t produce cheaply or commodities that aren’t available within its border. For instance, here at Tudor, the countries we use the most for imports are by America, India and China. The sorts of goods that we receive are clothing materials, textiles, valves and oil well equipment.

Do you need an Import license?

If you have a business and are considering importing goods then you will need a license. There are controls on imports which include firearms, plants, animals, medicines, foods, textiles and chemicals. Whether you need a license will also depend on where the goods are coming from. Importing controlled goods without the correct license is a criminal offence.

The higher the value of imports which enter a country, compared to the value of exports, the more negative that countries balance becomes under trade regulations.

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