Exports Definition
An export is a good or service that is produced in one country and sold to another country. The seller of the good or service is known as an exporter, while the buyer is known as an importer. Exporting is the act of selling goods or services in another country.
There are two main types of exports: primary exports and secondary exports. Primary exports are raw materials and agricultural products that are extracted from the land, such as oil, minerals, timber, and grain. Secondary exports are manufactured goods that are produced from primary exports, such as cars, machinery, and consumer goods.
The value of a country’s exports is measured by its balance of trade. This is the difference between the value of a country’s imports and exports. A country with a trade surplus has more valuable exports than imports, while a country with a trade deficit has more expensive imports than it does exports.
