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
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
What Could a U.S.-Mexico Partnership Look Like?
When the Trump administration takes office, one of the clearest articulations of its foreign policy is likely to be its… Read More
The GCC and the Oil Price Crisis
Oil price swings are not only a problem for consumer countries but also for producers, particularly those with oil sectors… Read More
Pacific Nations Celebrate 15 years of Automated Customs
Meeting with other customs officials in a UN meeting room on a frosty European winter’s day, Ben Malas is a… Read More
Enhancing Global Cold Chain Support in 13 Countries
In 2016, Pelican BioThermal, a global cold chain leader, now has new locations and strategic partnerships in 13 countries across… Read More
Can Trade and Development Institutions Work in America’s Interest?
Seventy years ago, at the Bretton Woods conference, the United States was instrumental in creating a system of multilateral financial… Read More
Food Supply Chain Vulnerability
The replacement of Arabica coffee beans with the cheaper Robusta variety is one example of how food supply chains can… Read More
China Still Not Living Up to WTO Commitments
“Trade with China has been one step forward, two steps back for 15 years. Each time China claims to move… Read More
FedEx CEO Blasts Trump Trade Rhetoric
In a speech delivered earlier this month at the National Competitiveness Forum, FedEx Corp. CEO Fred Smith said that some… Read More
Where Global Trade Has the Biggest Impact on Workers
President-elect Donald Trump’s deal to save the jobs of 730 workers at the Carrier plant in Indiana is a first… Read More
The Death of TPP
Any lingering hope for passage of the Trans-Pacific Partnership (TPP), at least in its current form, was extinguished by President-elect… Read More
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