Import

An international sales transaction where the seller of the purchased goods is always a foreigner.

The basic type of foreign trade transactions is the purchase transaction, which is considered an import (import) from the point of view of the buyer (importer) of the goods or services, and an export transaction (export) from the point of view of the seller (exporter). 

Imports (like any other transaction) consist of well-defined stages. These are the preparation, the conclusion of the contract, and the performance of the contract. The parties must first find each other. After that, they must agree on their business terms. They must carefully record the details of the agreement in their contract, and then the deal is concluded with the performance. 

Although import is primarily the purchase of foreign goods, the concept cannot be identified with the import of goods. The subject of an import transaction can be the import of work. An example of this is passive wage labor, when our raw material is processed abroad. The construction and commissioning of a project by foreigners can be an import, and the import can also be part of a re-export transaction. The subject of import is more often the use of foreign services or the purchase of intellectual products, patent, licenses, and know-how.  

In overseas trade, the subject of import can be the purchase of a security (for example, Bill of Lading - B/L) embodying ownership rights over goods. A trader from a third country can also give his name as a "buyer" for concealed re-export (transit transaction). 

The import may be unique due to the number of participants or the consideration of the goods. An example of the former is a commission transaction, and of the latter, when the importer pays for the foreign goods with goods, as in the case of barter, bay back and other exchange transactions. The deal-making technique and the location can also make the import special (commodity exchanges, auctions, competitive negotiations, the status of the importer in the case of public procurement). Imports can also be specific due to the philosophy of the transaction (commodity exchange speculation transaction, hedging).

It is worth knowing that the terms direct and indirect import do not refer to the type of transaction, but to the way the transaction is organized. In the case of direct import, the manufacturer contracts with the foreign exporter himself, in the case of indirect import, he purchases the foreign goods from a domestic importer. 

The conditions of the import transaction can be fixed by individual states (possibly in foreign trade laws). They can dictate who can import (activity license) and when the activity requires a license. Others try to limit imports with high customs duties or the so-called administrative protectionism tools, putting foreign exporters in front of import regulations that are difficult to meet. (The latter should not be confused with animal and plant health or product safety regulations for imported goods.) 

The import-restricting instruments of trade policy (mainly high tariffs) have been pushed back strongly among WTO members, despite the trade wars between individual states that sometimes show up in tariff increases. 

Within the framework of the WTO, the states that define world trade committed themselves to multilateral agreements resulting in liberalization, which are mainly reflected in tariff reductions. For goods, this is GATT. For services, GATS. For intellectual products subject to trade, TRIPS. These agreements, as well as the TFA (Trade Development Agreement), played a significant role in eliminating the bureaucratic customs administration of many countries, which sometimes made imports impossible and could be measured in weeks or months. The tariff exemptions and preferential tariffs of the bilateral and regional economic international agreements also create favorable import opportunities in international trade.