An export is a good or service produced in one country and sold to buyers in another country. It is a form of international trade that allows countries to seek external markets around the world for commerce, allowing greater revenue and transactional opportunities. The term "export" is defined broadly by the U.S. Governmental agencies and includes the actual shipment or transmission of items out of the United States, including technology and software that may be exported or reexported both physically or electronically. There are also deemed exports, which refer to the release of export-controlled technology, technical data, or source code to any foreign national in the United States.
Exporting is mostly a strategy used by product-based companies, and many manufacturing firms begin their global expansion as exporters and only later switch to another mode for serving a foreign market. Exporting avoids the cost of establishing manufacturing operations in the target country and may help a company achieve experience curve effects and location economies in their home country.
In summary, an export is a product or service produced in one country but sold to a buyer abroad, and it is a key component of international trade.
