Import - GCSE Business Definition

An 'Import' is an expenditure on goods and services from abroad. This is a crucial component of international trade, where a country acquires products that are not readily available or are more costly to produce locally. Importing can enhance consumer choices, influence pricing, and impact a country's balance of trade. Businesses engaging in imports must consider factors such as exchange rates, tariffs, and trade regulations, which can influence their costs and pricing strategies. Understanding imports is essential for GCSE Business students to explain how global markets operate and the economic interdependencies that exist between nations.