Import (international trade) in the context of "Exporter"

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⭐ Core Definition: Import (international trade)

Import is the activity within international trade which involves buying and receiving goods and services produced in another country. An importer is a person, organization or country receiving imported goods which have been exported from another country. Importation and exportation are the defining financial transactions of international trade. The seller of such goods and services is called an exporter.

In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. The importing and exporting jurisdictions may impose a tariff (tax) on the goods. In addition, the importation and exportation of goods are subject to trade agreements between the importing and exporting jurisdictions.

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Import (international trade) in the context of Entrepôt

An entrepôt (English: /ˈɒntrəp/ ON-trə-poh; French: [ɑ̃tʁəpo] ) is a transshipment port, city, or trading post where merchandise may be imported, stored, or traded, usually to be exported again. Entrepôt also means 'warehouse' in modern French, and is derived from the Latin roots inter 'between' + positum 'position', literally 'that which is placed between'. Typically located on a crossroads, river, canal, or maritime trade route these trade hubs played a critical role in trade during the age of sail. Modern logistics, supply chain networks, and border controls have largely made entrepôts obsolete, or reduced them in number, but the term is still used to refer to duty-free ports or those with a high volume of re-export trade.

Railways, Container Ships, Air-Freight, and Telecommunications have created a world in which commodities and manufactured goods are shifted from one part of the globe to another in regular, controlled, and reliable streams; see Just-in-Time Manufacturing. Eliminating the factors which once made the entrepot phenomenon central to trade networks. But, as pointed out by the Dutch economist T.P. van der Kooy and has been more recently restated by P.W. Klein, before the Industrial Revolution the flow of goods from one part of the world to another, even one region of a country to another, was so irregular and unpredictable that there was no possibility of achieving any sort of steady distribution, any balancing of supply and demand, or any sort of price stability except by stockpiling great reserves of commodities in central storehouses; ie entrepots.

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