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
European Trade Commissioner: Trade Must Keep Up With Economic Developments
The world finds itself at a peak of international economic integration with trade flows of goods and services equivalent to… Read More
Port Tampa Bay Joins USDA Cold Treatment Program for Imported Produce
Port Tampa Bay has been approved to begin participating in the cold treatment program the U.S. Department of Agriculture to… Read More
Big Ships Now Welcome At PortMiami
A celebration for the completion of PortMiami’s 50/52 foot deep dredge project and on-dock intermodal rail recently took place today… Read More
USITC to Continue Investigations on Imports of Hot-Rolled Steel Products
The U.S. International Trade Commission will continue the investigation into imports of hot rolled steel products from seven countries. The… Read More
Trade Growth Prospects Declining, Says WTO
World merchandise trade volume is expected to rise 2.8 percent in 2015, down from the previous estimate of 3.3 percent,… Read More
Oakland Residents Voice Support For Bulk Terminal
More than 150 Oakland residents attended a public hearing held by the Oakland City Council in support of a proposed… Read More
Port Canaveral Hosts New Auto Service
NYK has signed a one-year trial agreement with Port Canaveral to provide a monthly roll-on/roll-off (ro/ro) service connecting the Florida… Read More
Yusen Logistics Opens Global Pharma Airfreight Gateway at Amsterdam Schiphol
Yusen Logistics announces the opening of its dedicated pharmaceuticals gateway at Amsterdam Schiphol Airport. This new operation represents the official… Read More
Study Forecasts Increased Petrochemical Investment, Production in Mexico
The recent opening of the Mexican upstream energy industry, combined with access to abundant U.S. natural gas supplies from Texas,… Read More
156 Members of Congress Call for Currency Manipulation to Be Addressed in Trans-Pacific Partnership
As President Barack Obama met with China’s President Xi Jinping last Friday and as negotiators and trade ministers from the… Read More
EU Consumer Scoreboard Shows Untapped Ecommerce Potential
The 2015 edition of the European Commission’s Consumer Scoreboard shows that cross-border ecommerce is still an under-developed market in Europe…. Read More
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