Export-oriented refers to an economic strategy or business approach primarily focused on producing goods or services for sale in foreign markets. This involves prioritizing international trade, adapting production to meet global demand, and often leveraging lower labor costs or specialized resources to achieve a competitive advantage. export-oriented businesses and economies seek to generate revenue and economic growth through the sale of their products or services abroad, fostering trade relations and global market integration. The strategy frequently encompasses government policies designed to encourage exports, such as tax incentives, subsidies, and reduced trade barriers.
Export-oriented meaning with examples
- The country's manufacturing sector shifted to an export-oriented model, investing heavily in factories capable of producing goods to international standards. This strategic move aimed to increase foreign currency reserves and boost overall economic growth, diversifying from domestic consumption.
- The company's new marketing strategy focused on identifying international distribution channels to target specific markets, transforming their operations to an export-oriented approach to expand its reach and global presence. It optimized production for international compliance.
- Developing nations often adopt export-oriented industrialization policies, prioritizing sectors with high export potential to drive economic development by concentrating on industries and supporting local businesses to capitalize on international market demands.
- The government implemented tax breaks to promote export-oriented businesses, aimed at providing economic support and incentives for companies looking to sell their products abroad, which can improve the economic competitiveness of the country.