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
Will Trump Clash With China Over South China Sea?
The South China Sea may the first flashpoint for incoming Trump administration, at least if his designated Secretary of State… Read More
Asia Pacific Economic: Recommendations for the Incoming Administration
“No region of the world will do more to shape U.S. economic prospects over the coming decades than the Asia… Read More
World Bank: 2.7-Percent Global Growth in 2017
Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year, the… Read More
Turkish Producers: We Don’t Dump Steel
In recent years, the United States has taken a myriad of protective steps towards preventing the import of steel products…. Read More
China Dropping Trade Growth Target
China may not be setting a trade growth target for 2017. If that proves to be the case it will… Read More
Is China’s Economy Stagnating?
To hear some say it, China is currently pursuing aggressive foreign and economic policies on several related fronts. It is… Read More
ITC Issues Final Determination On Battery Patent Infringement
Following its first public hearing in nearly a decade, an order from the United States International Trade Commission banned the… Read More
New England Bank to Promote Exports
The Provident Bank will be partnering with the U.S. Department of Commerce, The Granite State District Export Council, and state… Read More
China To Streamline Logistics
The Chinese government has proposed an overhaul of China’s logistics industry and infrastructure. According to a recent report in the… Read More
Donald Trump and the Future of Globalization
The election of Donald Trump demands a reevaluation of the future of globalization and our earlier optimism that the open… Read More
Time for a North American Border Infrastructure Bank?
A recent report from the George W. Bush Institute and the Canada West Foundation makes the case for the establishment… Read More
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