The grey market (in U.S. spelling, gray market) refers to the flow of goods through distribution channels other than those authorized by the manufacturer or producer.

Unlike those on the black market, grey market goods are not illegal. Instead, they are being sold outside of normal distribution channels by companies which may have no relationship with the producer of the goods. Frequently this occurs when the price of an item is significantly higher in one country than another; this situation commonly occurs with cigarettes, electronic equipment such as cameras. Entrepreneurs will buy the product where it is available cheaply, often at retail but sometimes at wholesale, import it legally to the target market and sell it a price which provides a profit but which is below the normal market price there.

Read more about "Grey market" at: http://www.answers.com/topic/grey-market

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Note added at 28 mins (2005-04-12 22:08:50 GMT)
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\"يشار إليها أيضاً باسم \"الاستيراد الموازي

العديد من عمليات الاستيراد تجري عبر قنوات غير تلك التي يعتمدها المصنّع الأصلي للمنتج، وموزعوه المعتمدون. وتنشأ بذلك ظاهرة تسمى، السوق الرمادية، أو الاستيراد الموازي. ويشهد هذا السوق، الكثير من عمليات الغش والخداع، والعديد من المشكلات الأخرى الناجمة عن عدم مسؤولية البائع أمام الشركة التي يسوق أجهزتها

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