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This is what I think is happening:
The PATH=/usr/local/bin sets the variable to what ever is on the right hand side of the =
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Yes, you are correct.
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Export PATH exports the variable, as it is a global variable it is able to do this (can some one confirm this is correct)
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Exporting the variable, makes the value of the variable accessible by the system... as in a "system environment variable".
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$PATH: was on a line that followed PATH=/usr/local/bin so I assume this somhow appends the string within the variable (this is a guess and the part I am most confused by). What is the “:” all about?.
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$PATH is used as a place holder for the value of the current path. The new path (/usr/local/bin) is appended to the current path ($PATH). The : is a delimeter to separate the various directories specified in the path.