Importing goods and services can provide numerous benefits to businesses:
Diversification: By importing, businesses can diversify their product line and offer a wider range of goods to customers. Cost Efficiency: In many cases, it is cheaper to produce goods in other countries due to lower labor costs and materials, thus reducing overall costs. Market Expansion: Businesses can expand their market reach by bringing in unique products that are not available locally. Competitive Advantage: Importing can give businesses a competitive edge by providing access to high-quality or innovative products.