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
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
WATCH – Border Tax: What You Need to Know
Caroline Freund of the Peterson Institute for International Economics explains the logic, benefits, costs, and politics of separate proposals… Read More
Tips for Managing Trade Bans and Restrictions
Bans and restrictions can grow into serious trade barriers unless businesses keep track of them and efficiently integrate them into… Read More
WATCH: IMF Director on the Global Trade Slowdown
Christine Lagarde, managing director of the International Monetary Fund (IMF), discusses a new study by IMF staff explaining the… Read More
Move to Exporting 201
Companies that have had some export success selling though distributors often reach a point where their sales growth flattens or… Read More
WATCH: Trump on the Summit With Xi
For anyone expecting fireworks or drama to emerge from the Trump-Xi meetings, the summit was surely a disappointment. The administration… Read More
WATCH: NAFTA, Trade Deals, and Trump
Joshua Meltzer, senior fellow for global economy and development at Brookings, discusses how the United States enters into trade… Read More
Trade is Front and Center as Trump and Xi Meet
As Presidents Trump and Xi meet at Mar-a-Lago, trade is one of the two big issues on the agenda, along… Read More
WATCH: Trump’s Trade Promises On The Line With China
President Donald Trump has promised tough trade negotiations beginning today with Chinese President Xi Jinping to stop American job losses…. Read More
The Looming Border Adjustment Tax
From the campaign trail to President Trump’s first address to a joint meeting of Congress to ongoing commentary from major… Read More
The Trump-Xi Summit
The first-ever summit between President Donald Trump and China’s President Xi Jinping will be getting underway today at the president’s… Read More
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