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EXPORT-LED DEVELOPMENT - Coggle Diagram
EXPORT-LED DEVELOPMENT
Meaning
Economic growth through exports
Countries produce goods for international markets
Earns foreign currency
Exports
Agricultural products
Minerals
Manufactured goods
Services
Advantages
Creates jobs
Increases income
Brings foreign currency
Encourages investment
Economic growth
Disadvantages
Dependence on foreign markets
Prices can change
Overuse of natural resources
Environmental damage
Workers may be poorly paid
Developing countries
Export raw materials
Can attract foreign investment
Can develop industries
May depend heavily on a few exports
Examples
South Africa → minerals, agriculture
China → manufactured goods
Oil-producing countries → petroleum