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
AISI Applauds Passage of Customs Bill
The American Iron and Steel Institute (AISI) hailed Senate passage, by a vote of 75-20, of the conference report for… Read More
China Demands Concessions to Advance Canada Free Trade Pact
Canada will have to make some serious concessions on its foreign investment policies and commit to building an energy pipeline… Read More
U.S.-China Reach Agreement on Phytosanitary Protocol for Rice Exports
U.S. officials have confirmed that the United States and China have agreed on a phytosanitary protocol that will permit the… Read More
U.S. LNG Export Operations to Begin in Alaska, Louisiana
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Containers to be Weighed Before Departure
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The World Customs Organization updates the Harmonized Commodity Description and Coding System, or Harmonized System (HS), every five years. The… Read More
Asia Pacific Airlines Recorded Passenger and Cargo Growth in 2015
Preliminary traffic figures for 2015 released by the Association of Asia Pacific Airlines (AAPA) showed growth in both international air… Read More
NAM Urges Senators to Approve Trade Facilitation Measure
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Qatar Airways Cargo Announces New Freighter Routes to Prague, Budapest, and Ho Chi Minh City
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AAL Pulling its Weight in Venezuela
AAL has successfully delivered its first shipments of heavy lift cargo, destined for the Petroleos de Venezuela SA (PDVSA) Puerto… Read More
Morocco Becomes the Second African Country to Host a Wholly-Owned UPS Entity
UPS is strengthening its presence in the Kingdom of Morocco by investing 16 million Moroccan Dirhams ($1.6 million) in UPS… Read More
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