[This is part of the series: The Complete Guide To Economics 101.]
In a given economy, trade can fall under two broad categories: Import Trade and Export Trade.
Exports simply refer to goods and services that are sent out somewhere else.
Usually, they are goods shipped over state, or national boundaries.
For example:
- A company in Houston, TX may export oil to another company in Lubbock, TX.
- A town in Idaho may export potatoes to someone in South Carolina.
- And, Germany might export steel to a manufacturer in South Africa.