Introduction:

An import is a good or service brought into one country from another. The word
"import" derives from the word "port" since goods are often shipped via boat to
foreign countries. Along with exports, imports form the backbone of international
trade. If the value of a country's imports exceeds the value of its exports, the
country has a negative balance of trade (BOT), also known as a trade deficit.
Generally, an import means bringing goods into one country from another
country in a legitimate manner, typically for use in trade. Import of goods and
services are provided to domestic consumers by foreign producers. Import of
commercial quantities of goods normally requires involvement of the Customs
authorities in both the country of import and the country of export.
The United States has experienced a trade deficit since 1975. It stood at $49.3
billion in November 2018, according to the U.S. Bureau of Economic Analysis and
the U.S. Census Bureau.

Basics of an import:
Countries are most likely to import goods or services that their domestic
industries cannot produce as efficiently or cheaply as the exporting country.
Countries may also import raw materials or commodities that are not available
within their borders. For example, many countries import oil because they cannot
produce it domestically or cannot produce enough to meet demand. Free trade
agreements and tariff schedules often dictate which goods and materials are less
expensive to import. With globalization and the increasing prevalence of free-
trade agreements between the United States, other countries and trading blocks,
U.S. imports increased from $473 billion in 1989 to $2.3 trillion as of the third
quarter of 2018.
Free-trade agreements and a reliance on imports from countries with cheaper
labor often seem responsible for a large portion of the decline in manufacturing
jobs in the importing nation. Free trade opens the ability to import goods and
materials from cheaper production zones and reduces reliance on domestic
goods. The impact on manufacturing jobs was evident between 2000 and 2007,
and it was further exacerbated by the Great Recession and the slow recovery
afterward.

Key Notes:
➢ Imports are goods or services brought into one country from another
country.
➢ Countries are most likely to import goods or services that their domestic
industries cannot produce as efficiently or cheaply as the exporting
country.
➢ Free trade agreements and tariff schedules often dictate which goods and
materials are less expensive to import.
➢ Economists and policy analysts disagree on the positive and negative
impacts of imports.

Import policy in Bangladesh:

Bangladesh places controls on imports of some items currently listed in the
Import Policy Order 2015-2018 at the website of the Office of the Chief Controller
of Imports and Exports.
On February 15, 2016, the Government of Bangladesh introduced the Import
Policy Order 2015-18. The previous policy order expired on June 30, 2015
(however it remained valid until the Import Policy Order 2015-18 was issued).
The new policy puts emphasis on easing the imports of raw materials for use in
export-oriented industries. The country of origin must be noted on all products,
product packaging, or containers. However, for imports of coal, cotton,
aluminum, and export-oriented garment and industrial related raw materials, the
country of origin is not required. Nuclear radiation tests are mandatory for
imported milk, dairy, edible oil, vegetable seeds, grains, and other food products.
Such certification should also be submitted to Customs authorities. Non-
commercial importers (individuals and organizations) may import goods worth
seven thousand dollars for personal use; with permission, non-commercial
importers may import more than seven thousand dollars’ worth of goods.
According to the new policy order, ocean-going ships, oil tankers and fishing
trawlers older than 25 years cannot be imported. To import abandoned ships
(scrap vessels), the exporter or owner must have a certification and importer
must issue a declaration to the effect that ‘toxic or hazardous waste are not being
transported’.
Items banned on either religious, social, health, or economic policy grounds
include illegal drugs, materials that would offend religious sensitivities, certain
agricultural products and several types of reconditioned equipment. In addition,
the importation of goods from Israel and shipment of goods on vessels operating
under the Israeli flag are prohibited. Additional items are restricted, but not
banned, from import for religious, social, health, security or trade reasons. Of the
restricted items, some may be imported with prior permission, while other items
may be imported only by authorized industrial users or government agencies.
Import Policy:
• Except due to the rise of price of raw materials, if the price of an item increases
than the rise in the price of the raw materials in the international market, the ban
on the import may be revoked on the recommendation of the concerned
sponsoring authority • Goods from Israel or goods produced in that country and
also goods carried in the flag vessels of that country shall not be importable. •
However, if anyone is aggrieved by any decision regarding ban that person or
organization can submit his representation to the Bangladesh Tariff Commission.
Bangladesh Imports: Commodities Here are the major import commodities of
Bangladesh:
•Machinery and equipment •Chemicals •Iron and steel •Textiles •Foodstuffs
•Petroleum products •Cement Bangladesh Imports: Partners The following were
Bangladesh’s import partners as of 2008: •China: 15.8% •India: 15.7% •Kuwait:
8.1% •Singapore: 7.6% •Japan: 4.4%
Industrial Policy:
• Its official strategic effort to encourage the development and growth of the
manufacturing sector of the economy. • The role of private sector • Agricultural
products and employment • Technical and industrial institute • Providing SME for
new entrepreneurs • Hygienically preserve and market agricultural products •
Using solar power, to minimize power shortage • Information and communication
technology improvement