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. Imports of Machinery Reach $3.8B in 2023
U.S. Loading Machinery Imports In 2023, loading machinery imports into the United States fell to 5.1M units, with a decrease… Read More
U.S.-Cuba Embassy Openings Won’t Change Trade Embargo
The U.S. and Cuba announced today the reopening of embassies in Washington and Havana for the first time in more… Read More
Obama Signs Two Global Trade Bills
President Barack Obama signed two pieces of legislation addressing issues of international trade at a White House signing ceremony yesterday…. Read More
ROI on Pacific Northwest Channel Deepening Project: Over 5 to 1
The economy in the U.S. Pacific Northwest has enjoyed a handsome return on the investment made deepening of the Columbia… Read More
Crowley adding sailings from New Jersey to Puerto Rico
Crowley Maritime Corp. will add sailings between Pennsauken, N.J., and San Juan, Puerto Rico, this summer. The move comes in… Read More
‘Country Of Origin’ Meat Labeling Repealed by House Committee
A U.S. House committee has voted to end a program requiring Country of Origin Labels (COOL) on certain beef, pork… Read More
U.S. Trade Deficit Climbs to Six-Year High
Awash in a flood of foreign-made goods the U.S. saw its trade deficit in March balloon to $51.4 billion, the… Read More
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