[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.
For example:
- 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.