As an export specialist, I would like to write about importance of exportation for nation. I have been working in a company as an export specialist for more than one and half year. So, I’ve figured out the importance of exportation for nation. I will try to explain my opinion about this topic.
What Is the meaning of export?
The definition of export is when someone trades something out of the country. In economics, an export is any good or commodity, transported from one country to another country in a legitimate fashion typically for use in trade.
Importance of exportation for nation:
Foreign Exchange:
Exports enable a nation to earn valuable foreign exchange. The foreign exchange can be utilised for imports of consumer goods, raw materials, spares and components, capital goods and technology.
International Relations:
Exports help to develop international ties with importing countries due to the international trade brings together the exporters and importers of various countries.
Balance of Payments:
Every country would like to have a strong and favorable balance of payment position. Large scale exports solve balance of payments problems and enable countries to have favourable balance of payment position. A country's external strength depends upon its balance of payments position.
Reputation in the world:
Exports bring reputation and goodwill for a nation in the international markets. For example, Turkey has goodwill for nut,cotton,pistachio,tomato etc. Germany is famous for engineering goods.
Employment:
Exports help to generate employment in the country. Export trade calls for more production. More production opens the doors for more employment. Opportunities, not only in export sector but also in allied sectors like banking, insurance, transport etc.
Exports and imports are important for the development and growth of national economies because not all countries have the resources and skills required to produce certain goods and services. Nevertheless countries impose trade barriers, such as tarrffiets and import quotas in order to protect their domestic industires.
For sure, export is more important than import for a nation. I tried to explain importance of exportation for nation. Next time I will write about advantages and disadvantages of importation for a nation.
I hope you find my post informative. Please stay tuned for more. Thanks for reading.