Exports

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Definition

Exports refer to any good, commodity or service sold to a foreign country. For example, Saudi Arabia, the world’s biggest oil producer, expots its oil to the US and China.

Components

Exports vary from country to country. Exports can be any kind of tangible good (such as corn, oil, vehicles, musical instruments, computers, etc.) or services like transportation and banking.

Importance

Over the last couple of decades, a robust export industry has become increasingly important to economic growth. Traditionally speaking, a strong export industry is considered good for the economy because it translates into more jobs, especially as foreign demand for products grow. The more people employed, the more money is put in the hands of consumers which, in turn, could lead to increased economic activity and therefore, GDP growth.

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