What are the advantages of importing?

Answer 1

Advantage of import are:

• Enhance your domestic competitiveness
• Increase sales and profits
• Gain your global market share
• Reduce dependence on existing markets
• Exploit international trade technology
• Extend sales potential of existing products
• Stabilize seasonal market fluctuations
• Enhance potential for expansion of your business
• Sell excess production capacity
• Maintain cost competitiveness in your domestic market

Answer 2

There are two primary advantages of importing from outside ones own country:

The first is the possibility of supply of some product or commodity that otherwise would not be available. For instance, in Ireland we don't have our own oil supply, so we need to import our oil so we can fuel our transport systems etc.

The second is the issue of costs; For instance it may be advantageous to import products from a lower cost economy instead of manufacturing it locally. Continuous downward price pressure will sometimes force businesses to look to importing to remain competitive in the marketplace.

Answer 3

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