I've never tried exporting it,  but If I was to go 3rd party in software,  I'd probably go alembic as a time saver.

here's a link in the manual that explains the motion plus format a little more
https://manual.reallusion.com/iClone_7/ENU/Content/iClone_7/Pro_7.4/09_MotionPlus/What_is_MotionPlus.htm

and here's a link explaining the alembic format. 
https://manual.reallusion.com/iClone_7/ENU/Content/iClone_7/Pro_7.4/26_Alembic/The_Concept_of_Alembic.htm?Highlight=alembic

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"To define Tao is to defile it" - Lao Tzu

Just curious to know if these motion files when baked can be used or recognised in 3rd party applications like Unreal? I know u can bake animations in Cinema 4D and import? be great to know.

my pleasure,  it's not that bad ... you have a supportive community here and the advantage to iclone is that many of the tools are actually basic which makes them easy(er?) to learn in comparison to the other packages out there.  The real magic is in how you use them,   kind of like a deck of cards ...the cards are basic but the tricks and games you can use them for are endless.

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"To define Tao is to defile it" - Lao Tzu

Thanks for your help PlanetsStarDragon, well now that I halfway learned Zbrush after 7 years, I am back to square one with CC3 and Iclone.

the cloth and hair for that matter is handled with soft body / cloth physics -  and from there you can create a gradient black and white weight map.

the tools are basic but effective  https://manual.reallusion.com/iClone_7/ENU/Content/iClone_7/Pro_7.4/20_Physics/The_Basics_of_Soft_Body_Simulation.htm

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I also want to produce short videos with models wearing earrings, so I guess i will have to wrestle with the physics.
And I also wanted to make some costumes, that I may want to be affected by gravity.
So as an aside how does all the clothing that people make and bring into Iclone get Physics, is there a special system in Iclone to do that?
or is it done sort of like in that video with the chain?
Thanks

yes.

thats actually how i do it when I make my covers for my new song releases.
( although i admittedly prefer to photoshop instead of wrestling with the physics lol )

this character was created in daz,  tweaked in cc3,  then photoshopped

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Sorry I was not clear about that, I mean to say I would do all of it in Iclone, set up the physics ect.
Then I was asking if I set up the physics to the earing, and I put that earing on a character in Iclone,
and I then had that character do some animated moves like the Realusion Glamorous Moves, would the earing
react to gravity while doing those moves, and then could I just grab any frame I wanted as a still shot from that animation?

Thanks

not exactly -  cc3 doesn't have a physics engine -   you really need iclone 7 to do it proper....  
I can't say if I know a work around because I've never experimented with trying to animate in cc3 since I already have 7,  I just know that it lacks the animation tools to make this happen.   If I were to try a work around,  I'd try baking the physics in iclone,  and importing a motion plus file into cc3,  but still I don't see how that is useful because cc3 doesn't have a play button and only renders stills.

for all the trouble that it's worth in experimentation, simply posing the earring correctly is the most reasonable way to address this.

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"To define Tao is to defile it" - Lao Tzu

Oh I see, So then if I set up physics for that earing in Iclone 7, would I be able to then put that earing on a generic CC3 character, then have the character do the   Glamorous Moves Female motions that I puchased, and the earing would act as an earing that was influenced by gravity, while the character was going through those motions?  and then I guess I could some how just capture a frame of that motion of a pose I liked and use it as a still shot?

Thanks