[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.
Imports simply refer to goods and services that are brought in from somewhere else.
Usually, they are goods shipped over state, or national boundaries.
- A company in Dallas, TX may import cotton from a farm in South Texas.
- A town in Montana may import oranges grown in Florida.
- And, Saudi Arabia might import luxury cars from a car-maker in Germany.