Import quota

An import quota is a government-imposed limit on the quantity or value of a good that may be brought into a country during a specified period.

Tariff-rate quota: A trade policy allowing a set quantity of imports at a low tariff and applying a higher tariff to additional imports. It combines a quantity threshold with different tariff rates.
Deadweight loss: The loss of total economic surplus when a market distortion prevents mutually beneficial exchanges. Imports excluded by the quota can create lost gains for buyers and sellers.
Import tariff: A tax imposed on goods when they enter a country. A tariff raises import costs, while a quota directly limits import volume.
Multi Fibre Arrangement: A system of international agreements that imposed quotas on textile and clothing exports to major markets from 1974 to 2004. It was a prominent network of negotiated quotas in global trade.
National security exception: A provision allowing governments to restrict trade on grounds of protecting essential security interests. Security claims can justify restrictions that would otherwise conflict with trade commitments.
Import licensing: A system requiring official authorization before specified goods may be imported. Licenses determine who can bring goods in under a quota.
Consumer surplus: The difference between what consumers are willing to pay and what they actually pay. Higher prices under a binding quota reduce buyers’ gains.
Free trade: International exchange of goods and services with few or no government-imposed barriers. Free trade removes the quantitative restriction that defines a quota.
Common Agricultural Policy: The European Union’s framework for supporting agriculture and regulating agricultural markets. Its history includes agricultural import restrictions and managed market access.
Food security: The condition in which people have reliable access to sufficient, safe, and nutritious food. Food import limits can affect supply resilience as well as domestic agriculture.

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