Glossary term
Quota
A limit on the quantity of specified goods that may be imported or exported in a period.
A quantitative limit on trade in particular goods over a period. An absolute quota stops imports once filled; a tariff-rate quota allows a set quantity at a lower duty and charges a higher rate above it.
Quotas usually depend on origin, and allocation methods differ - first come first served, licensing, historical share - so the practical question is not only whether a quota exists but whether any of it is still available.