Export-oriented economy

An export-oriented economy focuses on producing goods and services primarily for sale to other countries rather than for domestic use. This approach aims to boost national income, employment, and economic growth by capitalizing on the country's competitive advantages in manufacturing, technology, or resources. Countries adopting this strategy often invest in infrastructure, innovation, and policies that facilitate international trade. Success depends on global demand, exchange rates, and maintaining quality standards. Examples include South Korea and Singapore, which have grown rapidly by successfully exporting electronics, machinery, and services.