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
Canada: WCO Changes in the 2017 Customs Tariff
The World Customs Organization (WCO) Harmonized System (HS) of Classification provides the customs tariff base for all member countries. The… Read More
WATCH: The Uncertain Future of US Trade Policy
Experts at a Council on Foreign Relations forum discuss the economic and political challenges facing US trade policy, how to… Read More
Mitigating Foreign Currency Risks
Freight forwarders and shipping executives have plenty on their minds these days. Years of extraordinary central bank intervention and cheap… Read More
WATCH: House Republicans Still Pushing Border Adjustment Tax
Despite opposition from Republicans in the United States Senate, House Ways and Means Committee Chairman Rep. Kevin Brady, a Republican… Read More
WATCH: The Biggest Trade Penalty Ever
Secretary of Commerce Wilbur L. Ross, Jr. announced yesterday that ZTE, a Chinese telecommunications concern, has agreed to a record-high… Read More
Border Adjustment Tax: Going Nowhere Fast
The Border Adjustment Tax has been the subject of some confusion among the media, politicians, and the public. Despite President… Read More
North American Businesses Braced for Increased Currency Volatility in 2017
AFEX, one of the world’s largest non-bank providers of global payment and risk management solutions, today announced the results of… Read More
Brexit: What Happens Now?
Dentons, the global law firm, recently released its Global Regulatory Trends to Watch in 2017. In this five-part series, we… Read More
Trade In Information And Communications Technology Goods Fell In 2015
For the first time since 2009, the value of global imports of information and communications technology (ICT) goods declined in… Read More
Enhanced CBP Investigations to Target AD/CVD Evasion
If you import into the United States, now is the time to re-evaluate your procedures on anti-dumping and countervailing duties… 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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