Dec 02, 2019 - 11:45 PM
Thanks for your question and apologies for the delay in response.
There are numerous reasons why imports and exports are so pivotal in the growth and development of any nation of the world.
The growth of national economies is mainly based on the exports and imports of goods. Since not all countries have the resources and skills to produce certain in-demand goods, the imports of raw material help keep the regular supply of demands in the market, and in turn benefits the nations in competing against each other, and to reach the collective goal of eradicating poverty from the face of the earth.
In order to protect the domestic industries, many countries even impose tariffs and import quotas to protect their domestic industries.
Import and export also enables jobs in local economy to help bring up the per capita income.
In a nutshell, when the country exports more than it imports, it has a trade surplus. When it imports more than it exports, it has a trade deficit.