The term refinement describes the process by which a product or raw material is transformed into a more valuable one through processing. This can occur by developing, processing or improving the good.
Brief description
Refining goes hand in hand with the process of increasing value. Reasons for refining can, on the one hand, fulfill optical goals or bring productivity gains.
A distinction is made between passive and active refining. We speak of passive refining when goods are sent abroad to increase their value there. Active refining, on the other hand, means that goods are sent to their own economic area to be refined there.
