A permit from the government to import particular goods. The requirement for import licences may be intended to protect domestic producers from competition, to improve the balance of trade by restricting imports, or to facilitate government control over dangerous materials such as explosives. Even if a licence can be obtained, the requirement imposes extra transactions costs and delay on buying imports, and in some countries necessitates bribing the officials who issue licences.

• two-gap model
• two-part tariff
• two-stage least squares
• two-tier board
• type I and II errors
• unbiased estimator
• unbundling
• uncertainty
• uncompetitive
• UNCTAD
• undated security
• under-capitalized
• under-developed country
• under-funded pension scheme
• underlying rate of inflation
• under-subscription
• under-valued currency
• underwriting
• undistributed profits
• UNDP
• unearned income
• unemployable
• unemployment
• unemployment benefit
• unemployment rate