Products are recalled in the United States for varying reasons and sometimes they aren't really that serious. A good example would be the banning of drop-side cribs. These cribs were not inherently dangerous if you assembled them properly and used them properly, yet because a few children were "killed" by them, we recalled them all. Those cribs were fine and it is perfectly ethical for companies to sell them in other markets.
Yes, if a product is recalled in the United States, it is still ethical for a company to continue to sell it overseas, because the other country might have different standards than the United States does. Some recalls are pretty silly. If the product is still generally safe, by all means, continue to sell it.
No it is not ethical to stop selling it here but to continue to see it overseas. No we are not like the china government who sends over their lead infused toys and don't tell anyone about it. That is just plain wrong. It could harm others why would anyone want to harm someone.
Pulling items from an informed market and selling them to another market that isn't aware they are unsafe is the definition of unethical. In the 1980's Bayer took known AIDS tainted stocks of medication and sold it in Asian and Latin American countries so they wouldn't lose their profits. Companies shouldn't be punished for this sort of action. They should be torn apart, every dime and asset sold and repossessed by the government, and the executives who made those decisions should be executed like the thousands they killed by selling tainted products. It is wildly unethical to sell dangerous items to an unknowing consumer just to make some more money.