The United States Supreme Court has recently defined the phrase “gray-market good” as: “a foreign-manufactured good, bearing a valid United States trademark, that is imported without the consent of the U.S. trademark holder”. The importation of genuine goods by someone other than the designated exclusive importers, which is usually referred to as “parallel importation”, is not a new phenomenon. Nevertheless, in the last ten years the volume of gray market goods has increased dramatically and the issue has received considerable attention from the courts, the news media and numerous legal commentators. The imports are “parallel” in the sense that they are made by the same manufacturer who makes the domestic trademark owner's goods. They are “gray-market” goods since they are legitimately sold abroad, but are not authorized by the domestic trademark owner for sale in the domestic market. The goods are also “genuine” in the sense that tney are manufactured by the same source as the domestic owner's goods. The problem of parallel importation is a worldwide one which has been solved through case law in most countries. This article reviews recent developments in the United States and Israel concerning parallel importation.