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.
U.S. Bans Russian Uranium Imports to Boost Energy Security
On May 13, 2024, President Biden signed the Prohibiting Russian Uranium Imports Act (H.R. 1042) into law, marking a significant… Read More
G20: Reports of US Decline Greatly Exaggerated
To paraphrase Mark Twain, reports of the decline of United States leadership in the world economy are greatly exaggerated. The… Read More
Coface: Recovery Continues in Europe, Uncertain in US, Elusive in China
Global trade credit insurer Coface released its quarterly economic outlook and map for country and sector risk. The ongoing recovery… Read More
Trump Budget Would Eliminate Energy Infrastructure Program
President Donald Trump has promoted a $1-trillion infrastructure program since he was on the campaign trail and has continued to… Read More
Report: More Inclusive Global Value Chains Advance Growth in Developing Countries
Global value chains (GVCs) are transforming world trade, but must be more inclusive if they are to deliver greater benefits… Read More
USTR Calls Special Session Under US-Korea Free Trade Agreement
United States Trade Representative Robert Lighthizer yesterday, at the direction of President Donald Trump, formally notified the Republic of Korea… Read More
US Commerce Department Hits Four Countries With Antidumping Duties
US Secretary of Commerce Wilbur Ross announced earlier this week the final determination in antidumping duty (AD) investigations, finding that… Read More
Study Finds 25.5-Percent Dollar Overvaluation Spurs Trade Deficit
The Coalition for a Prosperous America (CPA) released a paper this week with an improved methodology for calculating exchange rate… Read More
UNCTAD Announces Development of Tool to Protect Digital Consumers
Another global malware attack, another leak of personal details online, this time of 200 million US citizens. It’s no wonder… Read More
Senator Introduces Bill to Remove Restrictions on LNG Exports
US Senator Bill Cassidy, a Republican of Louisiana, has introduced the License Natural Gas (LNG) Now Act to remove barriers… Read More
Support for Amending US-Korea Trade Deal
The Trump administration has made public its intent to seek amendments to the Korea-US Free Trade Agreement. The administration has… Read More
US Beef Exports to China Less Than Promising
United States beef is now eligible to enter the Chinese market under trade agreements reached by the leaders of the… Read More
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