import restrictions

  

Definition

Methods employed in controlling the volume or value of goods coming into a country, usually to maintain the exchange rate of the country's currency. Also called import controls, the primary import restrictions are: (1) Tariffs (import duties) or taxes levied on the imported goods to make them costlier, (2) Import licenses or import quotas that limit the total quantity of goods imported, or imported from a certain country, (3) Currency restrictions that limit the amount of foreign exchange available for payment of imports, and (4) Prohibition that prevents entry of illegal or harmful items. The last three are collectively known as non-tariff barriers.

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