A direct sale to customers abroad by an American firm, with terms of payment commonly based on an irrevocable letter of credit, is an import sale.

Name: A direct sale to customers abroad by an American firm, with terms of payment commonly based on an irrevocable letter of credit, is an import sale.
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An import sale refers to a sale made by a foreign firm to an American buyer. In this case, it is a direct sale by an American firm to customers abroad, which is an export sale.

A Direct Sale to Customers Abroad by an American Firm