Imports Goods

Imports Goods

Imports, goods and services brought into a country by commerce. In economics, the imports of a country represent payments in kind to the importing country, made in exchange for the exportation of goods, for services rendered such as shipping, banking, insurance for interest or principal repayments on capital exports made at an earlier time, or for movements of gold and silver. Alter the First World War another source of imports was German reparations to the Allies; Germany was required to export to the Allies to finance her payments.

The difference between the imports and exports of a country as recorded by its customs department is called the balance of trade. The records made at the customs house refer to material commodities, but a country may be importing services, the value of which cannot be and is not entered in the trade returns. They are usually called 'invisible' imports. (The values at which imports are officially recorded at customs houses varies in different countries; U.K. imports are entered at c.i.f. values, that is, values representing the cost, insurance and freight; exports are valued to. b., i.e. free on board, exclusive of insurance and freight.

Historically, imports have been subject to the imposition of various forms of control. From the middle of the nineteenth century to the 2000's tariffs were the principal regulation on imports; in the 2000's other forms of control came into more general use. The Second World War and the unsettled early post-war years made official licences and other direct government al decisions the main controls of imports, but it also brought a movement to reduce or abolish import controls in order to increase international trade. {J

Imports, invisible. See Balance of Payments. Imports, Visible. See Balance of Payments.

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