Importing and Exporting Importance

Thank you for your question, please see my vision of it.There are numerous reasons why imports and exports are so pivotal in the growth and development of any nation of the world.The growth of national economies is mainly based on the exports and imports of goods. Since not all countries have the resources and skills to produce certain in-demand goods, the imports of raw material help keep the regular supply of demands in the market, and in turn benefits the nations in competing against each other, and to reach the collective goal of eradicating poverty from the face of the earth.In order to protect the domestic industries, many countries even impose tariffs and import quotas to protect their domestic industries.Import and export also enables jobs in local economy to help bring up the per capita income.

Hi Anna! Exports and imports are very important for the development and growth of national economies because not all countries have the resources and skills required to produce certain goods and services. For example, some countries are rich in natural resources, such as fossil fuels, timber, fertile soil or precious metals and minerals, while other countries have shortages of many of these resources. Additionally, some countries have highly developed infrastructures, educational systems and capital markets that permit them to engage in complex manufacturing and technological innovations, while many countries do not. To conclude, exporting and importing not only helps grow national economies but also expands the global market.