Importing is the process by which goods are imported from one country for the purpose of reselling them in another country. Imports are foreign goods and services purchased by a country's residents. Any product that is not manufactured on local lands is automatically considered an imported product. Residents who purchase the imported product can be customers, businessmen or even the government itself. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay It does not matter what type of product is imported as long as the product is manufactured outside the country into which it is imported. Usually these products have a clear advantage when imported, whether they have higher and better quality or are significantly lower in cost than locally made products. The Philippines' major import partners are Japan, China, the United States, Korea and Thailand. Importing raw materials and goods is one of the routes to increase profit margins. There are numerous advantages to importing goods, such as high quality, low prices and advantages related to international trade. An importer may have the comparative advantage which means lower prices. The importer can also have much cheaper products from the foreign market due to low labor costs, low taxes etc. In terms of quality, the importer can have higher quality goods and produce high-quality finished goods and extend business profit margins. In some countries, the government provides support to the importer in developing trade relationships. This support offers tax rebates to businesses leading to greater efficiency on business profits. The government provides the information of manufacturers and manufacturers in the foreign country so that the importer can purchase high-quality and low-priced goods. Also thanks to government involvement, transaction risk is reduced. An importer can access regionally unique resources and low-cost labor to produce the goods. These resources are needed in the manufacturing process, have specialized skills, and may be robust in some countries. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Some of the products could cause erosion of domestic markets and national economies, particularly when there is a trade deficit, i.e. import is more than export. Some goods such as cars; Home appliances drive a higher level of domestic automotive and electronics markets and also job losses in the respective markets. Domestic industries can also be crippled due to importing from countries where wages are low and domestic industries are unable to compete as they cannot lower the prices of goods relative to the cost of goods..