ADVANTAGES OF EXPORT:
FOREIGN EXCHANGE EARNINGS:
For a country foreign exchange is extremely important element in its economic system. To maximize its earnings of foreign exchange the country formulates effective foreign policies, establishes good relations with bordering and other countries, enters economic blocs. Export is one of the most important sources of foreign exchange earnings. If a country falls short of it, it seeks help from IMF ( International Monetary Fund).
The foreign exchange earned is used in the economic development, raising people's standard of living, and paying off of foreign debts.
ECONOMIC DEVELOPMENT:
Export business brings economic development. Increase in export takes production to a high levels which in turn creates employment which is a significant indicator of good economic growth and development.
IDENTITY OF THE COUNTRY:
If a country produces high quality products at reasonable price it make sa prominent place in foreign importing countries. People buy the goods by the name of that country with great confidence. Japan, Germany, U.K., France, U.S.A., and many other developed European countries have attained this respectable status. Customers across the world and readily buy products made in Japan, U.S.A., U.K., because these countries have gained consumers' confidence by providing quality products.
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