What is Import? | Terms of Import | Types of Import | Types ofImporters | Requirements To Import Textile Goods From Abroad

Import

Normally import means bring (goods or services) into a country from abroad for sale.The term import is derived from the conceptual meaning as to bring in the goods and services into the port of a country. The buyer of such goods and services is referred to an importer who is based in the country of import whereas the overseas based seller is referred to as an exporter.Thus an import is any good (e.g. garments) or service brought in from one country to another country in a legitimate fashion, typically for use in trade. It is a good that is brought in from another country for sale.Import goods or services are provided to domestic consumers by foreign producers. An import in the receiving country is an export to the sending country.

This is an important subject and should be handled with extreme care and caution. It is advisable that before finalising the terms of Import Order, you should call for the samples or catalogue and other relevant literatures and the specification of the items to be imported. Once you are satisfied with the samples and the creditworthiness of the overseas supplier, you can proceed to finalise the term of the contract to be entered into. For this purpose, the Import Contract should be carefully and comprehensively drafted incorporating therein precise terms, all relevant conditions of the trade deal. There should not be any ambiguity regarding the exact specifications of the goods and terms of the purchase including import price, mode of payment, type of packaging, port of shipment, delivery schedule, etc.

Types of Import
There are two basic types of import:

1. Industrial and consumer goods
2. Intermediate goods and services

Companies import goods and services to supply to the domestic market at a cheaper price and better quality than competing goods manufactured in the domestic market. Companies import products that are not available in the local market.

Types of Importers

• Looking for any product around the world to import and sell.
• Looking for foreign sourcing to get their products at the cheapest price.
• Using foreign sourcing as part of their global supply chain.

Direct Import
Direct-import refers to a type of business importation involving a major retailer (e.g. Wal-Mart) and an overseas manufacturer. A retailer typically purchases products designed by local companies that can be manufactured overseas.

Indirect Import
In a direct-import program, the retailer bypasses the local supplier (colloquial middle-man) and buys the final product directly from the manufacturer, possibly saving in added costs. This type of business is fairly recent and follows the trends of the global economy.

Requirements To Import Textile Goods From Abroad

1. Product, Standards and specifications.
2. Import Quantity
3. Import Inspection
4. Total Contract Value
5. Terms of Delivery
6. Import Taxe, Import Duty and Charges payable at Exporting Country and payable in India on importation.
7. Period of Delivery/Shipment.
8. Import Packing, Import Labelling and Import Marking.
9. Terms of Payment-Amount, Import Mode & Currency.
10. Import Discount and Import Commission
11. Import License and Import Permit
12. Import Insurance.
13. Documentary Requirements.
14. Import Guarantee.
15. Force Majeure or Excuse for Non-performance of Contract.
16. Remedies
17. Arbitration