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
U.S. Manufacturing Expanded in March
Economic activity in the U.S. manufacturing sector expanded in March for the first time in six months, while the overall… Read More
Green Energy Actually Increases U.S. Dependence on Imports
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All about Alcohol
Liquor delivered another year of growth in 2015, according to the Distilled Spirits Council of the United States (DISCUS). Domestic… Read More
U.S. Cities: Don’t Abandon Trade
The steep decline of manufacturing jobs, stagnant wages, and rising anger among working class voters about their economic future has… Read More
U.S. Exporters: Have You Considered the Benefits of an IC-DISC?
There have been significant changes in and repeals of tax laws affecting U.S. businesses over the last 14 years. However,… Read More
Livingston International Names Houston Office as a National Service Center
Livingston International, a leading North American company specializing in customs brokerage and trade compliance, has designated its Houston office as… Read More
New Labor Legislation Set to Impact Global Supply Chains
On February 24th, President Obama signed into law the Trade Facilitation and Trade Enforcement Act of 2015. The legislation prohibits… Read More
Critics Use Same Flawed Scare Tactics to Bash Trade Deals
Trade critics continue to roll out the same tired arguments lashing out against trade deals that create critical opportunities for… Read More
Plan Emerges to Develop Direct Ocean Routes From South America to Arab Countries
The Arab Brazilian Chamber of Commerce is supporting for the upcoming meeting April 13 to 14 in Cairo, Egypt among… Read More
Manufacturers to Congress: End Cuba Trade Restrictions
On the heels of President Obama’s visit to Havana, the National Association of Manufacturers (NAM) is calling on congressional leaders… Read More
Cuba is Potential Fruitful Market for U.S. Energy Sector
As business between the United States and Cuba grows following President Obama’s historic Havana trip, forging ties in the energy… Read More
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