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.
Descartes Releases May Global Shipping Report: April 2024 Containerized Imports Surpass March 2024 and April 2023
Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, released its May Global Shipping Report for logistics and supply… Read More
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A slippery and troublesome word, localization means different things to different people. Inherent in the term, however, is the locale…. Read More
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Is India the World’s Fastest Growing Economy?
Several global economic reports recently heralded India as the fastest growing world economy. That drops China to the second place… Read More
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G20 Summit: Trade Talk, Little Action
The reviews are in on the recent G20 summit, held in the Chinese city of Hangzhow. How did it do?… Read More
Debunking The Top Ten Myths About International Distribution Agreements
Once upon a time, a manufacturer had an Israeli distributor. They had a contract, and it had all the usual… Read More
Trade Policy: Where Do the Presidential Candidates Stand?
The Information Technology and Innovation Foundation (ITIF), a technology policy think tank, released a breakdown of the 2016 presidential candidates’… Read More
Mississippi Companies Receive Awards for Excellence in Exporting
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EU Plywood Imports on the Increase
EU plywood imports are continuing to increase, according to a recent report from the market research firm Index Box. The… Read More
BI/ERP Integration: Benefits For Exporters
The challenge facing most exporters is being able to manage all of their business processes and ever-growing number of operational… Read More
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