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
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
U.S., EU Widen Sanctions On Russia
The United States and the European Union are once again widening sanctions against dozens of Russians and Ukrainian individuals and… Read More
German Ambassador Believes India-EU Trade Talks Will be Restarted Soon
Germany’s new ambassador to India has said that he expects the stalled India-European Union free trade agreement talks will resume… Read More
Minnesota Trade Office Awarded Over $500,000 from SBA for Export Promotion Program
The Minnesota Trade Office (MTO) has been awarded $564,132 from the U.S. Small Business Administration (SBA) to fund the Minnesota… Read More
U.S. May be Ready to Resolve Cheese Impasse to Clinch EU Trade Deal
Next month, the European Union and the United States will likely resume their negotiation of the Transatlantic Trade and Investment… Read More
Does Trade Facilitation Matter in the Fight against Corruption?
What does the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) have to do with corruption? It has everything to… Read More
Mobile, social, and cross-border commerce driving online retail in Thailand
A new report by market research firm yStats.com describes the current state, trends and prospects of the online shopping market… Read More
NRS and IKEA Launch Electric Drayage in Los Angeles
National Retail Systems, Inc. (NRS), a third-party logistics provider, launched a zero emissions electric drayage operation exclusively for IKEA Distribution… Read More
What to Expect When Doing Business in Iran
In the wake of the news that Iran—one of the greatest untapped markets—is finally opening up, investment strategists and fund… Read More
Indonesia to Become the Largest B2C Ecommerce Market in Southeast Asia
According to a new report by market researchers yStats.com, Indonesia has the potential to become the largest of the fast… Read More
Major Counterfeit Goods Bust at the Port of Miami
U.S. Customs and Border Protection (CBP) officers recently seized over 2,300 counterfeit Gucci and Louis Vuitton handbags in one of… Read More
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