The Basics of Import

The Basics of Import

A simple definition of import is the bringing of goods or commodities into a country from another country following the legal procedures set out in the trade laws. Goods that are produced by foreign producers and meant for domestic consumption are considered as imported goods. There are two basic types of imports, industrial and consumer goods. To import goods in commercial quantities you must first have the consent of the custom authorities for both of the countries. The one that is sending the goods and the one that is receiving the goods.

Within the import business there are three types of importers. These are:-

1) Importation of products to sell to other parts of the world.

2) The import of foreign goods and services at a low cost to sell only to the domestic market.

3) Import of products to sell to both the domestic market and the world.

International trade is formed from the basics of import and export. All transactions and the exchange of goods and/or services across national borders fall under the term international trade. There are a number of factors that have been seen as responsible for the growth in international trade. Some of these factors are globalization, outsourcing, multinational corporations, advanced transportation and industrialisation.

If you are planning to undertake a business venture into import then these tips should be useful to you:-

The country that you wish to import goods from will have an embassy situated in your country that can provide you with useful information and industry directories to aid you in sourcing a company that deals in your preferred goods to import from.

Contact your countries taxation departments to enquire about registration numbers and any licensing requirements that may be needed. There may be additional procedures and legal obligations that you will be required to follow. Not doing so could lead to some serious problems for you and your business.

You will need to contact the country’s embassy that you are wishing to import goods from to ensure that there are no restrictions on goods being transferred from that country into your own. Contacting your own country’s embassy is also advisable to ensure that you have the full information needed.

International trade information can also be found on the internet. Source a website that is credible and has a good reputation for providing up to date and correct information before taking the information that they provide as fact. It may also be advisable to check this information against your country’s embassy.