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
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
Trump’s Budget Jeopardizes Trade
The Trump administration submitted a budget outline to Congress last week, one which beefed up military spending–although not by enough… Read More
Canada’s Free Trade Agreements Strategy
Twelve countries originally participated in the Trans-Pacific Partnership (TPP): Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore,… Read More
Document: Trump May Act Unilaterally on Trade
President Donald Trump is claiming authority under the Trade Act of 1974 to unilaterally impose restrictions on imports. That was… Read More
Trump’s Tax Promise Looks Like One of His Tweets
Although Donald Trump claims that his forthcoming tax plan will be “phenomenal,” he is in truth not likely to propose… Read More
Local Businesses Worry About Trump’s Trade Measures
Local reactions to President Donald Trump’s executive orders have grabbed headlines. Mayors are standing by their sanctuary cities status. Protesters… Read More
WATCH: Trump Touts Protectionism in Speech to Congress
In a speech to a joint meeting of Congress that was virtually absent of details, President Donald Trump invoked a… Read More
Uncertainty Ahead for EU Economy
Prior to the US presidential election, growth forecasts for the EU economy were tempered by recurring problems within the European… Read More
WATCH: Free Trade, Fair Trade, Economic Nationalism?
President Donald Trump spoke a to a meeting of the National Governors Association last night, where he touched on issues… Read More
Both Sides of the Manufacturing Equation
President Trump and his economic team have an opportunity to fix something that none of their predecessors have been able… Read More
WATCH Trump’s Over-the-Top Attack on NAFTA
President Donald Trump took to the stage at the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, on Friday,… Read More
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