What are Imports?
Imports meaning
Imports are a crucial part of international trade, bringing goods or services from foreign countries into the domestic market. They help connect economies globally.
This process involves going through customs and following international trade rules. Free trade agreements make imports easier, which helps global business flow smoothly. Keeping a balance between imports and exports is crucial to managing trade deficits and to keeping the economy stable.
In the latest world merchandise trade report, the top 5 import countries are the US, China, Germany, Japan, and Netherlands. For the most up-to-date information, visit the World Trade Organization (WTO) website.
How to import a shipment?
Importing goods requires specific codes, paperwork, and permits. You also need to be aware of the different customs procedures and pay the necessary duties and taxes.
To start, check if the goods you’re importing are allowed in the country/territory. This information can be found on the customs website of the destination country/territory. For more information, check out our comprehensive Import guide.
What do you need to prepare?
Details you’ll need include:
- Certificate of origin (the sender may need to provide this)
- Import license (if necessary)
- Air Waybill
- Commercial invoice
- Importer Registration Number (Importer of Record)
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