The import and export industry is really a big business. If you think about all the goods and services that need to be delivered to consumers, you will be really attracted to get into this line of business. Of course there are difficulties also when it comes to doing importing and exporting. For this article, we will take a look at the pros and cons of the import trade.
Pros of Import Trade
Getting cheaper products than what’s locally available
Sometimes, there are items or goods that are cheaper if you import them from a country that produces them in abundance. For example, countries that produce dairy products can sell their products for a more affordable rate compared to those dairy products that were produced locally. That’s because countries that focus on dairy production already have the land and technology and facilities necessary to streamline their production and therefore the costs of producing goes down. Compare that to a small farm in a country where you don’t have much land for grazing so it’s harder to make the cows produce quality milk and quality dairy products.
Usually the reason for importing is that an entrepreneur or consumers demand higher quality products than what they can readily buy in their local market. These are usually clothes and food items, but you can also see a lot of import for furniture, electronics, cars, and construction materials. Some companies also need to import their raw materials because they cannot get it from the local office or they are also trying to maintain a quality standard for their products.
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When you import goods, you have a chance to offer more variety to your customers. For example, try to imagine a supermarket that only sells one kind of canned tomato on its shelf. If it weren’t for import and export trading, we consumers wouldn’t have anything to choose from and that basically is an injustice in a way because we are forced to just spend on stuff we don’t like.
Cons of Import Trade
It’s not all rosy when it comes to import trading, though. There are still many obstacles involved when trying to get your imported goods inside a specific country. Here are some of the cons:
We all know how some unscrupulous people want to make money out of cheating other people. In this case, the import market is filled with a lot of these dishonest people who try to create fake items and sell them for cheap. So they will import these fake products and try to sell them as if they are at par with the original one.
Of course it is a known fact that there are countries with very corrupt practices and if you are in the import business, you may probably encounter a lot of red tale and legal obstacles that will prevent you or discourage you from continuing your import business and you might end up thinking that it is not worth the trouble and risk.