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
NuStar and ConocoPhillips Loaded Their First Export Cargo of U.S. Crude Oil After Lifting of Export Ban
On the heels of the U.S. government’s recent lifting of the ban on the export of crude oil produced in… Read More
USTR: Russia Moving in Wrong Direction on Trade Rules
Russia became a member of the World Trade Organization (WTO) on August 22, 2012, 19 years after first applying to… Read More
UPS Wants to Help Customers Solve U.S.-Mexico Crossborder Trade Challenges
UPS strengthened its crossborder services to help U.S. exporters capture new opportunities in Mexico, and Mexican exporters to increase trade… Read More
USTR Releases 2015 Report to Congress on China’s WTO Compliance
The Office of the U.S. Trade Representative presented to Congress the 2015 annual report on China’s compliance with its World… Read More
Taiwanese Companies in Multimodal Alliance
China Airlines, Yang Ming Marine Transport Corp., and the state-owned Chunghwa Post Co. have signed a memorandum of understanding to… Read More
The State of American High-Tech Manufacturing
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IMF: Decline in Commodity Prices Has Significantly Affected Low-Income Developing Countries
A recently-released International Monetary Fund (IMF) paper has found that the sharp decline in international commodity prices over the past… Read More
First Export Load From Gulf Coast of U.S. Crude Loaded
A 600,000 barrel cargo of domestic light crude oil was loaded at the Enterprise Hydrocarbon Terminal (EHT) on the Houston… Read More
Exports to Myanmar Eased by U.S.
In December, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a six-month general license authorizing certain… Read More
Lake Charles LNG Project Receives FERC approval
A Lake Charles, Louisiana, liquefied natural gas export project has received approval from the U.S. Federal Energy Regulatory Commission (FERC)…. Read More
Iran Oil Exports Hit Six-Month High in December
Iran exported an estimated 1.26 million barrels a day (bpd) of crude oil in December, a six-month high. This comes… Read More
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