Imports and exports are the terms used to describe the goods and services traded between nations. Imports Countries import goods that they cannot produce domestically, or that companies can supply to these countries at a higher quality or lower cost. The term can also apply to services rendered to residents of one country from non-residents. Even tourists fall under a loose definition of providing an imported service through the investment they make in hotels, restaurants and attractions. Import statistics can be difficult to track, because of varying definitions and inaccurate coverage. Most of the data collected comes from declarations to custom services. However, these would not account for goods imported to one member nation from another in the European Union (EU), since such products may be moved without customs controls. According to the World Trade Organization, the United States is the world’s largest importer (based on capital investment), followed by the EU, China, Germany and Japan. Exports Exports, simply put, are goods or services produced locally and sold abroad. This may be done as a way to boost the producing nation's gross output, or in exchange for more desired products or services. China has been the world's largest exporter of goods since 2009. Official estimates suggest Chinese exports amounted to $1.904 trillion in 2013. This represents a significant reversal of policies in place for much of that nation’s history, when a more protectionist stance was taken in trading policies. The EU ranks second in exports, followed by the United States, Germany and Japan.
WTO Forecasts Africa’s Export Surge Amid Global Trade Recovery in 2024
According to the latest trade outlook from the World Trade Organisation (WTO), Africa is poised to experience the fastest export… Read More
Treasury Attempts Clarity on State of Iran Sanctions
Despite the easing of sanctions against Iran, following the implementation of the Joint Comprehensive Plan of Action (JCPOA), also known… Read More
Debunking the Top Ten Myths About International Distribution Agreements
[Editor’s note: There are lots of articles out there about the benefits of exporting. The art of negotiating a contract… Read More
Disregarding Trade Compliance is Risky Business
Multinational companies are not investing in their employees’ trade compliance training, even though organizations and individuals that fail to comply… Read More
HOW EARTH FRIENDLY PRODUCTS IS MAKING THE WORLD GREENER ONE EXPORT MARKET AT A TIME
“Greece was really instructive for us,” says Kelly Vlahakis-Hanks, president and CEO of Earth Friendly Products, regarding a rare exporting… Read More
TPP Faces Uphill Battle in Congressional Lame Duck Session
The Obama administration is making a last-ditch effort to get Congress to approve the Trans-Pacific Partnership in a lame duck… Read More
Modi Government Not Committed to International Integration
With Indian Prime Minister Narendra Modi set to be hosted at the White House tomorrow by President Obama, a Washington… Read More
Southeast Asia: The Next Big Ecommerce Market
Southeast Asia is the world’s fastest growing internet region and is expected to grow in value to more than $200… Read More
Importers: Pay Attention to New Rules as Customs Processing Becomes Modernized
The Automated Commercial Environment (ACE) is U.S. Customs and Border Protection’s (CBP) restructured, paperless system, which is designed to facilitate… Read More
Trade’s Central Role in Alleviating Poverty
Trade has a central role in achieving the goal of ending poverty—but more needs to be done to take full… Read More
International Cooperation in 2015 Deserves a B Grade
A new report card on international cooperation finds that multilateral action on most of the critical transnational threats has shown… Read More
Finnish Import-Export Company Upgrades to IBS Platform
Isojoen Konehalli Oy (IKH), a Finnish importer of tools, machinery, parts, accessories and work gear, has chosen to upgrade its… Read More
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