import

Product or service that one country purchases from another for domestic consumption, or for processing and re-exporting (Hong Kong, for example, is heavily dependent on imports for its export business). Imports may be visible (goods) or invisible (services). If an importing country does not have a counterbalancing value of exports, it may experience balance-of-payments difficulties and accordingly consider restricting imports by some form of protectionism (such as an import tariff or import quotas).

The USA recorded a record trade deficit in January 1999 as imports increased and exports fell for the fourth consecutive month, the Department of Commerce announced in March 1999. The one-month deficit increase was 22%. Imports totalled $93.8 billion, an increase of 2.1%, and exports were $76.8 billion, or 1.4% lower.