ENTREPRENEURSHIP

Detailed explanation-1: -Importing and exporting help the nation’s economies grow and expand. Countries use data on exports and imports to evaluate whether they are in a surplus or deficit. When a country’s exports exceed its imports, it has a trade surplus. It implies a net influx of currency from international markets.

Detailed explanation-2: -Exports and imports are important because together they make up a country’s balance of trade, which can impact an economy’s overall health. In a healthy economy, both imports and exports see continual growth. This usually represents a sustainable and strong economy.

Detailed explanation-3: -Increasing your sales potential While importing products can help businesses reduce costs, exporting products can ensure increasing sales and sales potential in general. Businesses that focus on exporting expand their vision and markets regionally, internationally or even globally.

Detailed explanation-4: -International trade is important because countries rely on other countries for the import of goods that can’t be readily found domestically. If a country specialises in the exports of goods, it may have more supply of certain raw materials than there is demand in its own markets.

Detailed explanation-5: -It helps businesses take advantage of global market possibilities and boost the economy. It includes both imports and exports. Ans : Imports and exports have a big impact on a country’s GDP, exchange rate, inflation, and interest rates. Increasing imports and a growing trade deficit can harm a country’s exchange rate.