Explain the difference between Export promotion and Import substitution?
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Import substitution replaces imports with local manufactures. It is meant to lower a country's expenses. ... Export promotion pushes local production to manufacture for foreign markets. It is meant to increase a country's revenue.
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As we will discuss below, the main point of import substitution is that the locally produced goods are replaced with the imported goods. However, in an export promotion strategy, the external demand is the source of activity. ... The second goal is to increase the
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