What is the purpose of the 'import' statement in Python?

The 'import' statement in Python serves the purpose of including libraries or modules in your code. By using this statement, you can access pre-defined functions, classes, and variables from those modules, which enhances code reusability and organization. For instance, if you need to perform mathematical operations, you can import the 'math' module to use functions such as 'math.sqrt()' for square roots, thus avoiding the need to write that functionality from scratch.

This capability facilitates the use of extensive libraries that Python provides, allowing programmers to leverage existing code for a variety of tasks, ranging from data manipulation to the creation of graphical user interfaces. Overall, the 'import' statement is essential for developing efficient and modular Python applications, as it enables the integration of external code libraries into your projects.