Question

define importance of import and export in economic development for long answer​

Answer 1

Answer:

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Explanation:

Question:

Define the importance of import and export in economic development for long answer​.

Trade:

Goods travelling from one market to another is called trade.

Components of Trade:

• Import
• Export

Import:

Bringing in goods or services for sale from another country is called import.

Export:

Providing produced goods and services from a country to another country for sale for the another country's market is called export.

Importance of Import and Export:

• Import and Export creates an opportunity for the producers to reach beyond the domestic markets, i.e., markets of their own countries.
• Producers can sell their produce not only in markets located within the country but can also compete in markets located in other countries of the world.
• Choices of goods in the markets rises.
• Greater amount of imports and exports led to greater integration of production and markets across countries.
• Import and export between countries leads to good connection between the countries.