Can both goods and services be imported and exported?

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

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Yes, both goods and services can be imported and exported.  In fact, the importing and exporting of services is one of the things that has boomed in the most recent wave of globalization.  

Of course, goods can be imported and exported.  We see this every day.  Many things that you buy at Wal-Mart are labeled "Made in China," which means that they are goods that have been imported to the US.  On the other hand, the US does sell goods to other countries.  Some examples include Boeing airplanes and various agricultural products such as wheat.

But services can also be imported and exported.  For example, many times when we call a customer service number, we end up connected to someone in the Philippines or India.  This is a service that is being exported to us.  Conversely, if an American architecture firm designs buildings for a Chinese client, it is an example of services being exported.

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