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.
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Apparel Manufacturing has Potential to Create 1.2 Million New Jobs: World Bank Report
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Leaked TTIP Documents Met With Furor in Europe, Silence in U.S.
After Greenpeace Netherlands released a package of 248 leaked documents relating to negotiation over the Transatlantic Trade and Investment Partnership… Read More
Problems in Steel Sector Prompting Rise in Trade Remedy Measures
The problems in the global steel sector are prompting governments to increase their use of trade remedy measures to protect… Read More
WTO Supports Pakistan’s Economic Reform Efforts
World Trade Organization Director General Roberto Azevêdo visited Pakistan last week for a series of high-level meetings with the government,… Read More
Defend Trade Secrets Act Passed U.S. Congress
The Defend Trade Secrets Act (DTSA) was passed by the United States House of Representatives by a 410-2 margin on… Read More
U.S. Manufacturers Call on Government to Address Trade Issues with India
The National Association of Manufacturers (NAM) released a set of priorities outlining specific steps the U.S. and Indian governments should… Read More
Global Trade in Fake Goods Worth Half a Trillion Dollars a Year
Imports of counterfeit and pirated goods are worth nearly half a trillion dollars a year, or around 2.5 percent of… Read More
Implications of Giving Financial Data Special Treatment in Trade Agreements
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Annual Event Focuses on US-Mexico Relations, Cross-Border Business
With U.S.-Mexico relations making headlines—particularly in this year’s presidential election—ManattJones Global Strategies, the U.S.-Mexico Chamber of Commerce (California Regional Chapter),… Read More
New Poll Reveals Americans Are Tepid On Trade
A newly-released Morning Consult poll of more than 10,000 respondents reveals where Americans stand on the country’s biggest trade policy… Read More
EU-China Trade Deal Would Boost Combined GDP by $200 Billion by 2030
The potential benefits for European jobs and growth of an EU-China Free Trade Agreement (FTA) are underestimated, according to a… Read More
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