Import quota

Definition

An import quota is a government-imposed limit on the quantity of a certain good that can be imported into a country within a specified period. It is used to protect domestic industries and control the volume of goods coming into the country.

Related terms

Tariff:

A tax imposed on imported goods and services to increase their price and make domestic products more competitive.

Trade Barrier: Any regulation or policy that restricts international trade, including tariffs, quotas, and import bans.

Protectionism:

Economic policy of restricting imports from other countries through methods such as tariffs and quotas, aimed at protecting domestic industries