Also, individual consumers gain certain advantage with imported goods over the products produced at the domestic market. Very often, the products imported increase the standard of living of consumers by providing them more choices or a better price.
The exports of a country should be more than the imports of the country. Even though importing products is essential in order to gain access to resources and goods that are scarce or at a cheaper price, importing more products can have bad consequences. When imports exceed the exports of a country, more money leaves the country than is inflowing into the country through exports.
Similarly, if the country’s exports increases, the domestic economic activity is also increased. Increased exports escalate the production, jobs and revenue. When a country’s export exceeds the import, its gross domestic product increases, which is the total value of the finished goods and services it produces in a given period of time. In short, the wealth of a country depends on the increase in the net exports.