Term Definition
Export A good or service sold to a foreign country. The money comes into the Irish Economy
Import A good or service imported from a foreign country that is sold to Irish consumers
Visible Export A physical good sold abroad by an Irish company to a foreign country
Invisible Export A non-physical service sold by an Irish company to a foreign country
Visible Import A physical good imported into Ireland from abroad
Invisible Import A non-physical service sold to Irish consumers from a foreign company
Balance of Trade Visible Exports minus Visible Imports
Balance of Payments Total Exports (Visible + Invisible) minus Total (Visible + Invisible) Imports
An example for a Visible Export is Cars
Balance of Trade Visible Exports minus Visible Imports
Balance of Payments Total Exports minus Total Imports
An example for a Visible Export is Meat
An example for an Insivible Export is U2 Playing Abroad
An example for a Visible Import is Cars
An example for an Invisible Import is Buying insurance from a foreign company
Why Ireland exports Market to smallSurplus production of goods
Why Ireland imports Unsuitable climateRaw materials may not he availible iin Ireland eg Oil, Steel and Bananas
Import Substitution Producing goods in Ireland to replace foreign imports
Trade Surplus When visible exports are greater than visible imports
Balance of Payments Surplus When total exports are greater than total imports