Goods and services produced in a country and sold to non-residents. Visible exports are goods sent abroad; invisible exports are services sold to non-residents. Some invisibles, for example air and sea transport, are services performed abroad. In the case of other invisibles, non-residents come to a country to use the services of hotels, hospitals, universities, or casinos. In the case of services such as insurance the location of the service is not defined. Export of capital means making loans to non-residents or buying real assets located abroad, which is not the same as exporting capital goods. Some countries do both, but it is perfectly possible, as with some oil-exporting countries, to export capital without producing capital goods, and many industrial countries are capital goods exporters while borrowing abroad and so are importers of capital. See also net exports.