You have the choice when exporting of whether to included deleted items in the export. If you include deleted items, they can be undeleted or obliterated in the newly imported folder.

If you did not include deleted items, then will simply not exist in the imported folder. History will show that these files and folders existed, but you will not have access to them.

One note about deleted items is that if you applied a label in the exported folder that applied to a file or folder that is currently deleted, and the deleted items were not exported, those labels will not include the deleted items either.