What is meant by IMPORT?

For LP's? any record not pressed in the United States.
Pressings from UK, Holland, Germany are USUALLY better masterings or pressings over those in U.S., for certain types of music and certain artists. usually rock/pop. BUT if the mastering tape originated here in the US sometimes US pressings are better in some ways. Japaneses imports are better in some ways, like quality of vinyl, quietness and lack of surface noise but worse in other ways, sound 'flat' lack of 'space' or have a hard 'etched' sound.

For Compact Discs I couldn't tell you anything...

the 'import' sticker itself is the 'only' thing for certain about any given release, that is indeed an import. as to the quality of the pressing or superior sound...its a crapshoot.

In the case of Classical digital discs, I have found that quality goes with label, and it just happens that the best labels are European.

In the USA the large scale manufacture and release of compact discs is performed by huge distributors like Universal, BMG and Sony. Same title releases made anywhere else in the world independent of these distribution agreements are imports. Likewise those never released for USA distribution are imports too.

It means it's IMPORTant.