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.
Logistics Trade Bodies Urge Action on New EU Import Rules
Global and European trade associations representing shippers, forwarders, and vessel operators have issued an urgent alert for businesses involved in… Read More
Double-Digit Import Growth Despite Tariff Talk in Washington
Imports at the nation’s major retail container ports should see double-digit year-over-year increases for the next two months as a… Read More
Upcoming NAFTA Renegotiation Should Expand Telecom Freedom of Choice
President Trump signed an executive order that mandates review of all US trade deals currently in place. White House press… Read More
WATCH: Is the US Trade Deficit Really a Problem?
Gary Clyde Hufbauer explains that at times of high growth, a US trade deficit can actually help the economy—but… Read More
WATCH: A Massive Trade Retaliation?
Chad Bown of the Peterson Institute explains why the border tax proposal in Congress could lead to unprecedented retaliation… Read More
Free Zones: Brexit Security for British SMEs
Britain’s decision to leave the European Union was the beginning of the end of an era of unified political and… Read More
WATCH: Trump’s Trade Initiatives
Gary Clyde Hufbauer of the Peterson Institute says the US president’s directives to renegotiate the North American Free Trade… Read More
Commerce Department Seeks Comments on Federal Regulatory Burden
Secretary of Commerce Wilbur Ross is asking for input from American manufacturers to learn about the unnecessary burdens manufacturers face… Read More
WATCH: Border Tax Adjustment and Corporate Tax Reforms
The Peterson Institute for International Economics held a conference to discuss border tax adjustment and corporate tax reforms. Jason… Read More
Is China Really a Good Option for International Trade?
With a landmass that covers more than the whole of America and also a population of over a billion, it’s… Read More
WATCH: Brexit and Trade
Brexit will not only affect EU-UK’s trade policies, but it will also have an impact on global trade. This… Read More
Commerce Finalizes Investigations Against Chinese Chemical Companies
The United States Department of Commerce has finalized determinations in an antidumping duty (AD) and countervailing duty (CVD) investigation of… Read More
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