Terraform import creates the state file .tfstate file only based on the existing configuration (resource.tf/main.tf).
As of now terraform doesn't provision the configuration file for you. Whenever you use import command, it creates a tfstate file based on your existing AWS resource and maps it with the resource configuration which you created.
Then you can run terraform plan command to see what is the difference between your resource and the tfstate file to adjust your resource parameters according.
The error which you got clearly mentioned that you don't have any local resource configuration available to map the tfstate state.
Step 1: create a local resource file
resource "aws_db_instance" "db1" {
allocated_storage = 20
engine = "postgres"
engine_version = "11.5"
.
.
.
.
other config etc...
}
Step 2: use terraform import to import existing resource and map it to 'aws_db_instance'.
Step 3: Run terraform plan to see the config difference between your local resource and imported resource and fix it.
Once terraform come up with creating new config automatically whenever we import existing resource, we don't need to worry about this at all.