The Reason Why Export and Import are Down

Every country does these activities, from poor to rich countries. Yes, these activities are exporting and importing. Export is the purchase of domestic goods by foreigners, while imports are the purchase of foreign goods by domestic residents (Mankiw, 2012, p. 13). Export and import become a way for a country to boost economic growth. If exports are greater than imports the balance of payments will be surplus and if an import is greater than export the balance of payments will be a deficit. There are several reasons why exports and imports are down.