Why would a country export and import the same commodity

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1- Why would a country export and import the same commodity? What is the economic justification for such a phenomenon?

2- Countries specialize in the production and trade of certain products in which they have a comparative advantage in producing. What gives a country a comparative advantage? Also, can comparative advantage change over time? How?

3-What is the impact of trade surplus (exporting more than importing) and trade deficit (importing more than exporting) on GDP, employment, and the exchange rate of the country's currency?

Reference no: EM133265536

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