SIGNIFICANCE OF TRADE TO TANZANIA

 

  • Economic Growth: Trade creates numerous job opportunities through the several industries set up to meet the demand of various goods. A high demand of certain goods encourages specialization in production, which lead to high quality of goods

SIGNIFICANCE OF TRADE TO TANZANIA

  • Foreign exchange: Through international trade a country is able to acquire foreign currency which enables the said country to import goods from other countries.

  • Industrial growth: Goods with a high demand stimulate industrial growth because several manufacturers compete to put up industries to meet the demand.

  • Source of revenue: Trade generates revenue to a country through taxation of commodities and services rendered. Sales tax and other custom duties are some of the ways of raising revenue for a country.

  • Development of Infrastructure: Trade usually demands good transport facilities, as this enables goods to reach their destination in good time.

  • Employment opportunities. Trade creates employment opportunities in the industries that are established/creates self-employment.

  • Expansion of agriculture. An increase in demand for agricultural goods will encourage the farmers to grow more of the items to meet the people’s demands.

  • Development of settlements. Major trading centres attract dense settlements

  • Regional cooperation. Trade enhances cooperation between TANZANIA and the trading partners.

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