What is "grey market"

n. 1 (context business English) The buying and selling of goods through distribution channels other than those authorized or intended by the manufacturer or producer. 2 (context finance English) The trading of shares before they are listed on the stock exchange.

A grey market (sometimes called a parallel market, but this can also mean other things; not to be confused with a black market or a grey economy) is the trade of a commodity through distribution channels that are legal but unintended by the original manufacturer. The most common type of grey market is the sale, by individuals or small companies not authorised by the manufacturer, of imported goods which would otherwise be either more expensive or unavailable in the country to which they are being imported. An example of this would be the import and subsequent re-sale of Apple products by unlicensed intermediaries in countries such as South Korea where Apple does not currently operate retail outlets and licensed reseller markups are high.