Something that's imported is produced in one country and brought into another one. When you buy imported olive oil, it may have been made in Spain or Greece and then shipped to the U.S.
Some imported items are less expensive than local ones, often because workers are paid less to make them — cheap imported clothing is one example. In other cases, domestic goods cost less because they don't have to travel as far as imported goods, like imported wine from France. The Latin root of imported is importare, "bring in" or "convey," from in-, "into," and portare, "to carry."