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
USDA and USTR Finalize Access for US Pork Exports to Argentina
US Secretary of Agriculture Sonny Perdue and US Trade Representative Robert Lighthizer have announced that the government of Argentina has… Read More
US Yanks Export Privileges From Chinese Company
Secretary of Commerce Wilbur Ross has announced that the US Department of Commerce’s Bureau of Industry and Security (BIS) imposed… Read More
Southern Africa Renaissance
Asian exports to Southern Africa grew by 5.6 percent in 2017, although the resulting annual count of 772,000 teu is… Read More
Africa’s Ports
Africa, despite its enormous size, still represents only a small portion of world trade. Exports are largely commodity based and… Read More
Businesses Unprepared For A Post-NAFTA World
Businesses across Canada and the United States that currently make use of the North American Free Trade Agreement (NAFTA) are… Read More
Ireland, Northern Ireland Ports Collaborating in Advance of Brexit
Ports sitting on opposite sides of a future Brexit border between Ireland and the United Kingdom are collaborating to overcome… Read More
NAFTA: Multinationals Should Choose Just-in-Case Over Wait-and-See
The threat of a US NAFTA withdrawal has significantly dissipated in recent weeks, giving way to optimism and a sense… Read More
Port of Oakland Forecasts Steady Growth as Partners Invest
Containerized cargo volume moving through the port of Oakland is expected to increase two percent annually for the next five… Read More
American Metal Manufacturers and Users: ‘Tariffs Are Taxes’
With the slogan “tariffs are taxes,” a diverse array of steel- and aluminum-using manufacturers from across the United States launched… Read More
US Applies Preliminary Antidumping Duties on Products from China and India
The US Department of Commerce has announced the affirmative preliminary determinations in the antidumping duty (AD) investigations of imports of… Read More
US Finds Dumping of Imports From Six Countries
The US Department of Commerce has announced the affirmative final determinations in the antidumping duty (AD) investigations of imports of… Read More
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