Import Substitution

Summary of Import Substitution

The act of eliminating imports of a given product by commencing production locally, often accompanied by controls such as increased duties, quotas, or outright bans to discourage or prevent continued foreign imports. This approach is fairly common on the part of developing countries in the process of industrializing, and rather less employed by developed nations seeking to protect import industries.

(Main Author: William J. Miller)

Import Substitution and International Trade Economy

In relation to international trade economy, Christopher Mark (1993) provided the following definition of Import Substitution: A policy of promoting domestic production of goods that otherwise would be imported. Such programs may involve a combination of domestic subsidies and import restrictions,and are often justified on grounds of conserving foreign exchange. See also infant industry protection.

Import Substitution in International Trade

Meaning of Import Substitution, according to the Dictionary of International Trade (Global Negotiator): A strategy that emphasizes the replacement of imports with domestically produced goods, rather than the production of goods for export, to encourage the development of domestic industry.

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See Also

• International Trade
• Trade Regulation
• International Economic Law
• Export License
• International Trade Law
• Foreign Trade
• Safeguard

Hierarchical Display of Import substitution

Trade > Trade policy > Import policy

Import substitution

Concept of Import substitution

See the dictionary definition of Import substitution.

Characteristics of Import substitution

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Resources

Translation of Import substitution

• Spanish: Sustitución de las importaciones
• French: Remplacement des importations
• German: Ersetzung von Einfuhren
• Italian: Sostituzione delle importazioni
• Portuguese: Substituição das importações
• Polish: Zastępowanie importu

Thesaurus of Import substitution

Trade > Trade policy > Import policy > Import substitution

See also

• Heating

• Lock-out

• Requisitioning of staff

• Replacement of imports