PEP 08 states:
Imports are always put at the top of the file, just after any module comments and docstrings, and before module globals and constants.<
I was surprised not to see actual cost numbers for the repeated load-checks posted already, although there are many good explanations of what to expect.
If you import at the top, you take the load hit no matter what. That's pretty small, but commonly in the milliseconds, not nanoseconds.
If you import within a function(s), then you only take the hit for loading if and when one of those functions is first called. As many have pointed out, if that doesn't happen at all, you save the load time. But if the function(s) get called a lot, you take a repeated though much smaller hit (for checking that it has been loaded; not for actually re-loading). On the other hand, as @aaronasterling pointed out you also save a little because importing within a function lets the function use slightly-faster local variable lookups to identify the name later (http://stackoverflow.com/questions/477096/python-import-coding-style/4789963#4789963).
Here are the results of a simple test that imports a few things from inside a function. The times reported (in Python 2.7.14 on a 2.3 GHz Intel Core i7) are shown below (the 2nd call taking more than later calls seems consistent, though I don't know why).
0 foo: 14429.0924 µs
1 foo: 63.8962 µs
2 foo: 10.0136 µs
3 foo: 7.1526 µs
4 foo: 7.8678 µs
0 bar: 9.0599 µs
1 bar: 6.9141 µs
2 bar: 7.1526 µs
3 bar: 7.8678 µs
4 bar: 7.1526 µs
The code:
from __future__ import print_function
from time import time
def foo():
import collections
import re
import string
import math
import subprocess
return
def bar():
import collections
import re
import string
import math
import subprocess
return
t0 = time()
for i in xrange(5):
foo()
t1 = time()
print(" %2d foo: %12.4f \xC2\xB5s" % (i, (t1-t0)*1E6))
t0 = t1
for i in xrange(5):
bar()
t1 = time()
print(" %2d bar: %12.4f \xC2\xB5s" % (i, (t1-t0)*1E6))
t0 = t1