Value of all goods and services provided to the rest of the world, whether by sales, barter, gifts or grants, including the value of :
merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services;
but excluding
labour and property income, also known as factor services, as well as transfer payments.
A nation's trade balance is given by the difference between exports and imports:
[ Exports - imports = trade balance ]
Total exports
Include all goods leaving the country through customs for a foreign destination. It is the sum of Domestic exports and Re-exports :
[ Total Exports = Domestic exports + Re-exports ]
Domestic exports: exports of all goods grown, produced, extracted, manufactured or substantially enhanced in value in the trader country leaving the country through customs for a foreign destination.
Re-exports: also known as Foreign Exports in the US, re-exports refer to the export of goods that have previously entered the country and are leaving in the same condition as when first imported. Exports of imported merchandise which has been minimally processed but not substantially enhanced in value are also counted as re-exports.
