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
CGG Services Settles Civil Liability for Alleged Violations of the Cuba Embargo
CGG Services S.A. has agreed to pay $614,250 to settle potential civil liability for alleged violations of the Cuban Assets… Read More
U.S. Trade Slumps Almost Five Percent in 2015
U.S. exports of goods and services totaled $2.23 trillion in 2015, a 4.8 percent decrease from 2014, according to the… Read More
New Partnership Capitalizes on Alaska’s Potential in Global Air Cargo Commerce
A new partnership between the Alaska International Airport System, the Municipality of Anchorage, and the Anchorage Economic Development Corp. aims… Read More
The CBSA’s Assessment and Revenue Management Project
As the trade landscape continues to evolve and governments modernize systems in 2016, Canadian importers are already experiencing the effects… Read More
U.S. Steel Trade Down in 2015
U.S. steel exports fell by 17.2 percent from 2014 to 2015 to a total of 9.97 million net tons, according… Read More
U.S. Chided for Slow Progress on Transatlantic Trade Pact
Any hope for the successful forging of a comprehensive transatlantic free trade agreement will be dashed unless the U.S. commits… Read More
China’s Role in Latin America is Much More Than a Trade Issue
China has announced the intention to increase its investment stock in Latin America to $250 billion and to attain an… Read More
Canada Amends its Sanctions Against Iran
Canada has made changes to economic sanctions against Iran and has signaled Canada’s willingness to resume dialogue with Iran. The… Read More
U.S. Trade Was Down in 2015
The United States goods and services trade deficit for 2015 was $531.5 billion, up $23.2 billion or 4.6 percent from… Read More
Patent Complaints Against Apple, AT&T Filed
Immersion Corporation, a developer of touch feedback technology, has filed a complaint with the U.S. International Trade Commission against Apple… Read More
European Commission and Mexico Start Negotiations on Trade of Organic Products
The government of Mexico and the European Commission have started negotiations towards a bilateral agreement on trade in organic products…. Read More
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