Import Restrictions Law and Legal Definition (2024)

Import restrictions refer to various tariff and non-tariff barriers imposed by an importing nation to control the volume of goods coming into the country from other countries. Import restrictions are adopted to maintain the exchange rate of the country's currency. Primary import restrictions include: import duties levied on the imported goods to make them costlier, import licenses that limit the total quantity of goods imported, currency restrictions limiting the amount of foreign exchange available for payment of imports, and measures preventing entry of illegal or harmful items.