What is the importance of the import in a country?

What is the importance of imports and exports?

Though exporting and importing is considered as the nucleus of the business, it also helps in improving the national economy. Some regions are rich in fossil fuels and other precious minerals. Those countries will lack other natural resources. In such cases, they will go for the importing of goods from other countries.

What is the purpose of import?

Purpose of Import Reducing the outflow of a foreign exchange abroad. Strengthening the balance of payments position. Meet the basic needs of the country. Get raw materials.

Why is import important for a country?

Exports and imports are 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. Nevertheless, countries impose trade barriers, such as tariffs and import quotas, in order to protect their domestic industries.