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
Are You Doing Enough to Grow and Protect Your International Assets?
Global trade and the exchange of commercial services across borders, especially into developing economies, is the new key driver of… Read More
Can Florida Compete in the Global Cargo Business?
Florida’s ports are famous for underperforming. Last year, they handled just 10.2 percent of the U.S. export container traffic and… Read More
Off-Shore, Multi-Use Mega-Port Planned In Gulf of Mexico
After seven years of planning and research, plans are officially underway to build a multi-use, offshore mega-port in the Gulf… Read More
Multi-Billion Dollar Air Cargo Price Fixing Litigation Headed to Trial in Brooklyn
A trial has been set for January 25, 2016 in a class action seeking billions of dollars in compensation from… Read More
What Does the ACE Deadline Delay Mean for Your Business?
In late August, U.S. Customs and Border Protection announced that the mandatory deadline for filing ACE Entry Summaries and ACE… Read More
It’s Complicated: Effects of Removing Restrictions on U.S. Crude Oil Exports
The U.S. Energy Information Administration, the statistical arm of the U.S. Department of Energy, earlier this month released a report… Read More
Port Manatee Eyes USDA Cold Product Import Program
Florida’s Port Manatee has gained federal approval to receive direct imports of select cold-treated South American produce and fruit via… Read More
Ocean Three Alliance Carriers Consolidate Asia-Europe Routes
Ocean Three Alliance partners, CMA CGM, CSCL, and UASH, announced the consolidation of two Asia-Europe routes, aiming to reduce capacity… Read More
Port of Long Beach Sees Record Box Numbers in August
The Port of Long Beach, bruised by vexing terminal congestion issues and labor strife over the past year, is making… Read More
Traffic Jam in San Francisco Bay Said to be Easing
A backlog of container ships crowding San Francisco Bay is fading, the Port of Oakland claims. The port recently reported… Read More
Retail Imports Begin To Climb As Holidays Approach
Import cargo volume at the nation’s major retail container ports is expected to increase 1.2 percent this month over the… Read More
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