When dee, a u.s. citizen, purchases a designer dress made in milan, the purchase is?

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19-08-2022
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When dee, a u.s. citizen, purchases a designer dress made in milan, the purchase is?

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qwseagreen qwseagreen · Answer 1 · 2022-08-25T14:42:19+02:00

When dee, a U.S. citizen, purchases a designer dress made in Milan, the purchase is a US import and an Italian export. If a citizen of the United States purchases any product from the outside U.S., it is import for the U.S. and export for the country from which the product is sold.

Imports are any goods or services brought from one country to another, while exports are goods and services produced in the home country for sale in other markets. Thus, whether you are importing or exporting a product (or both) depends on your approach to the transaction. Exports are defined as the sale of products and services to foreign countries that are sourced or produced domestically. Imports are the other side of exports. Importing refers to buying goods and services from foreign sources and bringing them back to the home country. Importing is also known as global sourcing.

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