Export means selling goods or services to other countries to make profit.
Import is buying or bringing goods or services from foreign countries because they have lower price or the cost of producing is cheaper.
The Balance of Trade is the difference between a country's export and what they import. Net export is measured by subtracting the monetary value of imports from exports.
A trade surplus is when exports are more than imports.
A trade deficit is when imports are more than exports.
REFERENCE:
Dr. Stephanie Powers, "Goals: Balance of International Trade", (class notes, PowerPoint presentation slide no. 23, accessed April 15, 2012).
Export means selling goods or services to other countries to make profit.
Import is buying or bringing goods or services from foreign countries because they have lower price or the cost of producing is cheaper.
The Balance of Trade is the difference between a country's export and what they import. Net export is measured by subtracting the monetary value of imports from exports.
A trade surplus is when exports are more than imports.
A trade deficit is when imports are more than exports.
REFERENCE:
Dr. Stephanie Powers, "Goals: Balance of International Trade", (class notes, PowerPoint presentation slide no. 23, accessed April 15, 2012).