Can importing products benefit the consumer?

Question

Trade promotes economic growth, efficiency, technological progress, and what ultimately matters the most, consumer welfare. By lowering prices and increasing product variety available to consumers, trade especially benefits middle- and lower-income households.22 мая 2015 г.

Do consumers gain from imports?

Foreign trade generates consumer benefits that derive in part directly from imports and in part from responses by the domestic economy. A one percentage point increase in the ratio of trade-to-GDP raises income per person at least by one-half percent and likely by as much as two percent.

How can importation help local consumers?

These overseas products—or imports—provide more choices to consumers. And because they are usually manufactured more cheaply than any domestically-produced equivalent, imports help consumers manage their strained household budgets.

How does a country benefit from imports?

Money saved by buying cheaper imports is money that can be spent on other goods and services, including those produced at home. Cost savings from cheaper imports also benefit other businesses directly. For example, lower food prices are good for the hospitality sector, and cheaper steel helps domestic manufacturing.

Expert · Answer