Is it really bad for a Country to import most of its goods?

[IB D]

Importing products can provide access to goods and technology not available domestically, diversify the economy, and offer consumers more options and lower prices. However, relying too heavily on imports can result in job losses, a trade deficit, and dependence on other countries.

 

[Barida]

It is not a good thing for most countries that are trying it at the moment. You will have to pay heavily for it when the exchange rate is not favorable to your currency.

 

[Bisolami]

Importing products can provide access to goods and technology not available domestically, diversify the economy, and offer consumers more options and lower prices. However, relying too heavily on imports can result in job losses, a trade deficit, and dependence on other countries.

It is very bad because it is a good thing for palm trees to produce their own things so that they will have a source of income

 

[Chibson]

It is not good for a country to import almost everything. The country must have something they're exporting to balance it.

 

[Shavkat]

This is not a good option. The country needs to know first if they are needed most of their country. It needs to balance the situation.

 

[Chibson]

It is not a good thing for most countries that are trying it at the moment. You will have to pay heavily for it when the exchange rate is not favorable to your currency.

When a country depends solely on exported goods, they'll probably suffer for it. Their economy will probably not develop.

 

[relcap23]

If the goods can be sourced locally it's not ideal to import because it will kill the local industy.

 

[Chibson]

If the goods can be sourced locally it's not ideal to import because it will kill the local industy.

Probably, that is one of the major mistakes a lot of countries make. Some of the products that can be sourced locally are being imported.

 

[eldavis]

Yes to some extent yes. When you import every single goods, it means you county is giving out more than what is coming in. Over time this could lead the country to be unable to depend on themselves and at the same time lead debts.

 

[Chibson]

Yes to some extent yes. When you import every single goods, it means you county is giving out more than what is coming in. Over time this could lead the country to be unable to depend on themselves and at the same time lead debts.

Probably, any country that imports more than she export will actually go into economic hardship. It is always important for a country to try as much as possible to export more in order to balance it up.

 

[Springtime]

Importing products can provide access to goods and technology not available domestically, diversify the economy, and offer consumers more options and lower prices. However, relying too heavily on imports can result in job losses, a trade deficit, and dependence on other countries.

I agree with what you mentioned. There are pros and cons of importing products from other countries. Hong Kong is a financial city. We have very few farms here. Almost 90% of our food are imported, mainly from China.. We also buy water from China.

 

[astutimeliana723]

Importing products can provide access to goods and technology not available domestically, diversify the economy, and offer consumers more options and lower prices. However, relying too heavily on imports can result in job losses, a trade deficit, and dependence on other countries.

Yes, I totally agree with you, if you rely too much on imports, it will cause various economic problems, including increasing unemployment, because domestic products are less competitive than imported products, which are cheaper.

 

[Enxx]

It is not a good thing for a country to rely on imported goods. This can affect the economy of that country. And also when there is less imported goods, there will be employment opportunities for the citizens

 

[Passiveearner]

A country that imports a lots of goods have a higher chance of suffering from a really negative balance of payment. This is the main problem for any country that depends a lot on imports.

 

[IB D]

The major effect of importing most of the consumption needs of a country is on the currency. It gets weaker when you demand more for another country's currency than they demand for your own because you are not exporting anything to them. That's what is happening to my country's currency.

 

[Chibson]

I agree with what you mentioned. There are pros and cons of importing products from other countries. Hong Kong is a financial city. We have very few farms here. Almost 90% of our food are imported, mainly from China.. We also buy water from China.

Wow, importing most of your products is actually not a very good idea in my own perspective but even at that Hong Kong is still a very advanced City. I even thought it is part of China.

 

[Springtime]

Wow, importing most of your products is actually not a very good idea in my own perspective but even at that Hong Kong is still a very advanced City. I even thought it is part of China.

Hong Kong is now part of China. We were a British colony before 1997.

 

[Heatman]

Importing products can provide access to goods and technology not available domestically, diversify the economy, and offer consumers more options and lower prices. However, relying too heavily on imports can result in job losses, a trade deficit, and dependence on other countries.

One of the reasons why a lot of country's government are against importation is because it is going to affect their home Industries and make their own product not have value in the market.

 

[Niyi Briggs]

I heard that there is an African country that imports sachet water from Europe. I am sure that the inflation in that country would be sky-high. That's the reason African countries have unfavorably balance of payments.

 

[Heatman]

I heard that there is an African country that imports sachet water from Europe. I am sure that the inflation in that country would be sky-high. That's the reason African countries have unfavorably balance of payments.

Even the sachet of water that is produced in most African countries especially Nigeria is now even too expensive for the citizens to purchase because of inflation.