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.
U.S. Bans Russian Uranium Imports to Boost Energy Security
On May 13, 2024, President Biden signed the Prohibiting Russian Uranium Imports Act (H.R. 1042) into law, marking a significant… Read More
WTO Reports Levelling Of New G20 Trade Restrictions, But Stockpile Grows
The World Trade Organization’s fourteenth trade monitoring report on G20 trade measures, issued this week, shows the application of new… Read More
U.S. Aluminum Producers File Case Against China Zhongwang Holdings
The Aluminum Extruders Council (AEC), a U.S. trade group, has filed a petition against China Zhongwang Holdings Ltd. alleging the… Read More
NCBFAA Urges a Cautious, Reasoned Approach to Final ACE Implementation
The National Customs Brokers & Forwarders Association of America (NCBFAA) is urging U.S. Customs and Border Protection (CBP) to exercise… Read More
SEKO Logistics Triples the Size of its California Footprint as Business Soars
SEKO Logistics has tripled its warehouse operations footprint in California with the opening of an Omni-Channel Logistics hub in Chino… Read More
ACL Takes Deliver of the Largest CONRO Ship Ever Built
Atlantic Container Lines (ACL) has taken delivery of the Atlantic Star, the largest combination container/roll-on/roll-off/ (CONRO) ship ever built. The… Read More
Freight Forwarder Enforcement Penalties Not Limited to Civil Fines
As we discussed in an earlier article, the Department of Commerce’s Bureau of Industry and Security (BIS) enforcement actions often… Read More
U.S. Aerospace and Defense Industries Encouraged by House Action on EXIM
The U.S. House of Representatives voted last week 313-118 to revive the beleaguered Export-Import Bank (EXIM). The legislation, introduced by Rep…. Read More
Freight Forwarders Often Targets of Export Control Enforcement Actions
U.S. exporters face numerous compliance challenges for items exported abroad under dual-use export controls administered by the Department of Commerce’s… Read More
USITC Finds Mexican Subsidies Harmed U.S. Sugar Producers
The U.S. International Trade Commission (ITC) confirmed last week in a 6-to-0 vote that Mexico’s sugar industry harmed American producers… Read More
The Trans-Pacific Partnership: Time for Small Business to Think Big
We’re at a crossroads in global trade, one that can usher in a golden era for Asia’s small and medium-sized… Read More
Lumber Liquidators Pleads Guilty in Federal Wood Import Case
The Virginia-based hardwood flooring importer and retailer Lumber Liquidators Inc. has pleaded guilty in federal court to “environmental crimes related… Read More
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