It turns out people have been onto this for a little while (unsurprising since it’s a pretty easy way to save/make a boatload of money). This article in the NY Timestalks about the spread of this practice. It also turns out that according to a US Supreme Court decision it’s 100% legal for American individuals, but not businesses:
There are no penalties for students who import books for their own use, under a 1998 Supreme Court decision that ruled that manufacturers who sell goods more cheaply overseas than in the United States have no protection against having their products sold back to the American market. But businesses or individuals who buy books for resale outside India could face prosecution for copyright infringement.
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