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.
Essential Guidelines for US Freight Forwarders
In a bid to clarify export compliance responsibilities, the Bureau of Industry and Security (BIS) has recently issued comprehensive guidance… Read More
Virginia Governor Signs Collaboration Agreement Between Virginia, Cuba Ports
During a marketing and collaboration mission to Cuba led by Virginia Governor Terry McAuliffe, the Virginia Port Authority signed a… Read More
EU, Vietnam Sign Free Trade Agreement
The European Union and Vietnam have signed the final document cementing an expansive free trade agreement deal that erases more… Read More
Dutch Minister Lead Trade Mission to Cuba
The foreign trade and development cooperation minister of the Netherlands, Lilianne Ploumen, recently returned from leading a trade mission to… Read More
Asia Pacific Air Cargo Market Shows Weakness
Preliminary November traffic figures released today by the Association of Asia Pacific Airlines (AAPA) showed air cargo markets remained weak…. Read More
Abercrombie & Fitch Opens First Store in the UAE
Abercrombie & Fitch Co has opened its first store in the United Arab Emirates (UAE) at Dubai’s luxury Mall of Emirates shopping… Read More
Company, Union Join on Petition Against Tire Imports
The United Steelworkers (USW) union has joined with Titan International, Inc. in filing petitions for relief from imports of off-the-road… Read More
December ISM Report Shows U.S. Manufacturing Contracting, the Overall Economy Growing
Economic activity in the U.S. manufacturing sector contracted in December for the second consecutive month, while the overall economy grew… Read More
USDA Trade Mission Spurs Record Ethanol Exports to China
The U.S. Department of Agriculture (USDA) announced a significant jump in ethanol exports to China this year, following a USDA-led… Read More
No Bridge Too Far for Emirates SkyCargo
Emirates SkyCargo, the freight division of Emirates, has demonstrated its capability to handle all types of cargo, with a load… Read More
Cerveza Fauna Begins Exporting to California
Cerveza Fauna, a Mexican brewer, began export operations to California in late December. The company’s award winning beers hit shelves… Read More
WTO Members Take Important Steps Towards Trade Facilitation Agreement in Nairobi
The World trade Organization’s 10th Ministerial Conference which took place last month in Nairobi, Kenya, yielded important progress toward the… Read More
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