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
EC supports European Farmers Facing Russian Import Ban
The European Commission has extended the safety net measures for the European fruit and vegetables sector until the end of… Read More
U.S. Trade Deficit Increased in June
The U.S. goods and services deficit was up $2.9 billion to $43.8 billion in June, from $40.9 billion in May,… Read More
Eyes On Freight Now Backed by 500 Startups
Eyes On Freight, an online service that helps shippers manage their supply chains on one central platform, has joined 500… Read More
Boeing Could Be Going, Going…Offshore?
The Boeing Company is reportedly seeking alternate financing for a multi-million dollar satellite contract that was scrubbed by privately held… Read More
India Looking to Become Defense Exporter
Traditionally an importer of defense hardware, India is now looking for export markets for its capabilities in missiles, radar, avionics… Read More
Post Embargo: U.S. Exports to Cuba Could Grow By $1 Billion
The United States is positioned to become the main economic winner once the ban on trade with Cuba is lifted…. Read More
U.S. Steel Producers Take Aim at Cold-Rolled Steel Imports
Another U.S. steel maker has joined a handful of other major domestic producers in filing antidumping and countervailing duty petitions… Read More
U.S. Imposes Countervailing Duties on Canadian Glossy Paper in Preliminary Ruling
The U.S. Department of Commerce last week issued a preliminary decision to impose countervailing duties on Canadian imports of supercalendered… Read More
CargoWise One Ready for CBP Pilots
WiseTech Global has announced that development has been completed in CargoWise One to meet the requirements for U.S. Customs and… Read More
Georgia Plans New Appalachian Inland Intermodal Port
Georgia Governor Nathan Deal, the Georgia Ports Authority (GPA), Murray County, and CSX Transportation have signed a memorandum of agreement… Read More
Senate Committee OK’s Lifting Ban on U.S. Oil Exports
The U.S. Senate energy committee has passed a bill that would lift a decades-old ban on the export of crude… Read More
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