🔸 What is the concept of export turnover?
Export turnover is the total value of goods that a business or a country exports in a certain period of time (a month, a quarter, a year). This value is converted and synchronized in a specific currency that the country or business receives. Export turnover assesses the economic and financial conditions of companies and countries. An increase in export turnover is an optimistic signal about the financial situation of a company or a country. On the contrary, if the export volume is low and foreign currency revenue is low, the economic and financial development of the enterprise and the country will slow down.
🔸 What is total import-export turnover?
Total import-export turnover (Export-import turnover) is the total value of import turnover and the total value of export turnover combined.
🔸Export situation
Human needs are always changing and unstable, affected by time, economy, market and many other factors. Therefore, changes in export factors will have different impacts on import-export volume.
🔸 Exchange rate
One of the factors affecting the import-export balance is the exchange rate. Changes in this exchange rate in a country can have a huge impact on the import-export activities of that country. These are the three factors that have the greatest impact on export turnover. If just one of these factors changes, a country’s export balance will change. In addition, export turnover is also affected by a number of other factors.
🔸 Logistics
In reality, any country with a developed logistics industry will certainly see an increase in annual exports. The State is encouraging and paying attention to the logistics industry’s development strategy, especially the industry’s human resources. In addition, businesses are spending a lot of money to apply digital transformation to improve the efficiency of domestic logistics operations. Economic development and trade and foreign trade policies Foreign policy, trade policy, and tax rates affect the total import and export turnover of goods of a company or a country. Currently, many countries are establishing economic alliances and duty-free zones to facilitate the import and export of goods between the two sides, which is also a trustworthy and mutually beneficial foreign policy.
To determine import and export turnover, you use the following formula:
Import and export turnover = (Export value / Import value) x 100%.
