# Imports/Exports in the equation of exchange

From the equation of exchange: $$MV=PY$$, where $$M$$ is the money aggregate, $$Y$$ is the real output, $$P$$ is the price level and $$V$$ is the velocity of money, we derive $$\% \Delta M + \% \Delta V = inflation + growth\ rate$$. How will these equations be affected by inclusion of imports/exports, and international financial transactions?