In the context of international trade, what is an 'import'?

An 'import' refers specifically to the process of buying products from foreign businesses. This is a crucial aspect of international trade as it allows countries to acquire goods and services that may not be available domestically or that are produced more efficiently or at a lower cost abroad. Imports can include a wide range of products, from raw materials to finished goods, and they play a significant role in both the economy and consumer choices within a country.

By importing goods, consumers often benefit from a greater variety of products, potentially lower prices, and access to high-quality items that might be unavailable in their home market. This interconnectedness of global markets highlights the importance of imports in facilitating trade, promoting competition, and driving innovation within industries. Understanding this concept is fundamental for comprehending the broader dynamics of international trade and its significance in the global economy.