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.
WTO Forecasts Africa’s Export Surge Amid Global Trade Recovery in 2024
According to the latest trade outlook from the World Trade Organisation (WTO), Africa is poised to experience the fastest export… Read More
Examining the International Distribution Buyback Clause
Many U.S. exporters, in an effort to keep their options open, include an escape clause in their distribution contract. In… Read More
Five Trends Guiding the Future of B2Bi and ERP
B2B integration done correctly is a chance for organizations to cut costs without reinventing the wheel. And by 2020 and… Read More
Debunking The Top Ten Myths About International Distribution Agreements
Most companies today know that foreign bribery is bad, and may even know it’s illegal. They may have heard of… Read More
First Neopanamax Vessel Calls Port of Philadelphia
On Wednesday, August 3, the first of a new class of neopanamax shipping vessels called the Port of Philadelphia to… Read More
California Releases Plan to Transform Freight Transportation System
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Brexit Makes TTIP More Important
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Logistics Companies Settle False Claims Allegations for $1 Million
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Manufacturer, Importer Admit Fraud in New York Trade Case
The defendants in a civil False Claims Act case pending in a U.S. district court in New York have admitted… Read More
U.S. Trade Deficit Widens in Second Quarter
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WTO Report: Resist Protectionism and Get Trade Moving Again
WTO members need to avoid putting up barriers and “get trade moving again” in order to address slow global economic… Read More
Presidential Candidates Critique U.S. Trade Policy at Conventions
Based on the rhetoric from both presidential candidates at the recent Democratic and Republican National Conventions, it seems that no… Read More
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