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imports


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Goods and services bought by residents of a country but provided by non-residents. Visible imports are goods physically brought into the country. Imports of services, or invisible imports, may involve the supplier entering the country, for example to put out oil-well fires, or residents going abroad to enjoy the services of hotels, or entertainments. For some invisible items, such as payment of royalties on patents, the location of the service is not defined. Capital import means accepting foreign loans or selling real domestic assets to non-residents. This should not be confused with the import of capital goods. Many countries in fact do both, but it is possible to import machinery without borrowing abroad, or to borrow abroad, for example to finance government spending on armaments, without importing capital goods.

Subjects: Economics.


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