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
Is the EU Really That Important to US Interests?
It’s not a bad idea to challenge the assumptions underlying United States policies. It helps ensure that policymakers continue to… Read More
WATCH – Economists and Politicians: Who’s Right on Free Trade?
Economists usually find nothing but good from FTAs. But free trade agreements are coming under increasing fire in political circles…. Read More
Alaska Governor Wants Trump to Back LNG Pipeline
Alaska Governor Bill Walker has asked President Donald Trump to support a $45 billion gas pipeline as part of a… Read More
WATCH: Trump’s Misleading Statements About Energy, Steel
President Donald Trump signed an executive order yesterday at the headquarters of the Environmental Protection Agency that purported to roll… Read More
Is Mexico’s Surprise Surplus a Portent of Export Reversal to Come?
Mexico delivered a trade surplus of $684 million in February, according to official figures, compared to A $350 million deficit… Read More
First Look at Trump Budget Isn’t Pretty
The Trump administration released the first document of its proposed budget for the 2018 fiscal year last week. The document… Read More
Bullish on Exports to Mexico
I may be wrong, but 90 percent of President Trump’s trade rhetoric may just be pre-negotiating posturing. Keep in mind… Read More
WATCH – US-Mexico: Trade, Security, and Prosperity
Much more than the Rio Grande now separates the policies of the US and Mexican governments. Mexico will have a… Read More
WATCH: Pioneering Blockchain for Trade
Vivek Ramachandran, global head of product and propositions for global trade and receivables finance at HSBC, explains the importance of… Read More
Adidas to Automate China Trade Operations
Conducting international trade within China can be difficult and complex. Adidas China needed an automated solution to help reduce manual-based… 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
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