Import Export both deal in trading with goods or services outside the geographical boundaries of a country and take trading process to International level.
The process of bringing a product or service into a country from a foreign country is known as Import i.e buying from abroad and an importer is a person who is engaged in such an activity. Whereas the process of sending a product or service from one’s country to a foreign country is called Export i.e selling to abroad and an exporter is a person who is engaged in this activity.
Main Objectives of Import Export
Import
- It helps in the industrial development as there is inducement of advanced technology, scare raw materials and capital goods.
- For national defense equipments for armed forces like army, navy and air force. Superior quality and powerful defense equipments are required in a country to ensure safety and security of citizens.
- Enhances growth of economy as so many goods are imported from abroad which ultimately add on to the development of infrastructure.
- Standard of living is improved when high quality goods are imported and then customers buy them.
- In case of shortage of goods, many items are imported from other countries or when supply is less than the demand in a country.
Export
- It helps in increasing the government revenue which can be used for the benefits and welfare of the public.
- Home country can utilize it’s resource in useful manner and sell them in other countries, this will also increase export trade.
- Those goods which are in extra or surplus quantity can be exported and sold in other countries. In this way no produced goods are wasted.
- Improves international relationships between countries and created a better understanding and cooperation.
- Export provides a large number of employment to the needy people of the country.
- The country’s overall income or national income increases when there is an increase in exports, so rise in exports leads to the growth and development of the country.
Import business introduces new goods with high quality to the country and sells them in the local market at a low price which is affordable to people comparatively to the goods of competitors in the same market.
Export business rises the profits of the medium and large companies as it fulfills the requirements and needs of other countries so it does not depend on just local market but also other markets of different countries. Rise in export means rise in the growth of the country, therefore there is an increase in country’s economy.
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