Import & Export
An import is the purchase of foreign manufactured goods in the buyer's domestic market it is a process that any product that's produced abroad and then brought into another country. While An export is the sale of goods to a foreign country. It is the process by which companies from one country sell their goods and services to companies or consumers in a different country.
Importance of Imports and Exports
Exports and imports are important because together they make up a country's balance of trade, which can impact an economy's overall health. In a healthy economy, both imports and exports see continual growth. This usually represents a sustainable and strong economy. When exports and imports become unbalanced, it can cause either a trade surplus or a trade deficit.
Advantages of Import and Export:
- It is one of the simplest routes of entering into the global trade and import and export generate huge employment opportunities.
- Can help Countries to access the best technologies available and best products and services in the world.
- As no nation can be 100% self-sufficient, import and export are very crucial for the functioning and growth of that nation.
- Is comparatively less risky when compared with different routes of entering in international business.