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
Pinwrest Signs Multi-Year Licensing Deal for Use of isoBLOX Technology in Industrial Packaging
Pinwrest Development Group announced it has entered into a multi-year licensing agreement with The Ryder Group to create and market… Read More
New U.S.-Mexico Rail Bridge Dedicated
Senior officials from the U.S. and Mexico were on hand for the August 25 dedication of the new West Rail… Read More
Strong Supply Threatens to End Heyday for Tanker Owners
A surge in crude tanker vessel capacity over the next two years will lead to a fall in ship-owner earnings… Read More
U.S. Technology Expedites First Chilean Salmon Shipment to China
Technology developed by a U.S.-based company was used to expedite the first ever shipment of fresh salmon from Chile to the Port… Read More
Export Sales From Automation Alley Trade Missions Reach $507 Million
Automation Alley, Michigan’s largest technology business association, announced today that export sales by local companies as a result of participation… Read More
European Exports Increase During First Half of 2015
Between January and June 2015, euro area exports of goods to the rest of the world rose to $1.13 trillion,… Read More
BC Port Sees Continuing Growth in Cargo Volume
Port Metro Vancouver has released its 2015 mid-year statistics, showing continued growth in trade through the British Columbian port. Total… Read More
Global Cross-Border B2C Ecommerce Growing at Double-Digit Rates
A new report from market research company yStats.com predicts that the value of purchases made directly by online shoppers across… Read More
Natural Gas Exports: A Win for U.S. and Mexico
America’s natural gas revolution has generated many benefits. One that’s often overlooked is helping ease Mexico’s energy supply shortage. As… Read More
U.S. ITC Makes Preliminary Injury Finding on China Hydrofluorocarbons
The U.S. International Trade Commission determined in a preliminary finding that U.S. industry is materially injured by imports of hydrofluorocarbon… Read More
U.S. International Trade Commission Extends Trade Relief on Diamond Sawblades from China
In a victory for U.S. producers of diamond sawblades, the U.S. International Trade Commission (ITC) voted to extend the antidumping… Read More
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