The Procurement Glossary » Import

Import

Compliance & Risk

Definition

Bringing goods into a country from abroad, subject to customs, duties and regulatory requirements.

Explanation

Importing adds duty, freight, documentation and compliance obligations to a purchase. Managing imports well — correct classification, use of trade agreements, accurate documentation — controls cost and avoids delays and penalties.

Example

The import shipment clears customs faster because its HS codes and documentation are correct.

Related terms

• Customs Duty — A tax levied by a government on goods imported across its borders.
• Harmonized System (HS) Code — A standardised international numbering system for classifying traded products, used to determine customs duties.
• Incoterms — Standard international trade terms defining who is responsible for shipping, insurance, duties and risk at each point of a delivery.
• Landed Cost — The total cost of a product delivered to the buyer's door, including price, freight, insurance, duties and handling.

Frequently Asked Questions

What is Import?

Bringing goods into a country from abroad, subject to customs, duties and regulatory requirements. Importing adds duty, freight, documentation and compliance obligations to a purchase. Managing imports well — correct classification, use of trade agreements, accurate documentation — controls cost and avoids delays and penalties.

Can you give an example of Import?

The import shipment clears customs faster because its HS codes and documentation are correct.

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