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. Bans Russian Uranium Imports to Boost Energy Security
On May 13, 2024, President Biden signed the Prohibiting Russian Uranium Imports Act (H.R. 1042) into law, marking a significant… Read More
US Finds Dumping of Imports of Citric Acid from Belgium, Colombia, and Thailand
The US Department of Commerce has announced the affirmative final determinations in the antidumping duty (AD) investigations of imports of… Read More
Could China Buy $200 Billion More in US Goods?
President Donald Trump had been considering a trade deal with Beijing that might have eased trade tensions and get China… Read More
Global Economy to Expand by 3.1 percent in 2018
Despite recent softening, global economic growth will remain robust at 3.1 percent in 2018 before slowing gradually over the next… Read More
Mexico Starting WTO Dispute Over Trump Tariffs
Mexico will start a dispute settlement process at the World Trade Organization over tariffs the Trump administration has imposed on… Read More
Trump’s Trade Policy Seesaw
Back when the Trump administration seemed intent on defusing potential trade wars and discussing differences with trading partners—in other words,… Read More
VIG Introduces New Terminal Operating System
A new, unified terminal operating system is driving the terminal data and control systems at Virginia International Gateway (VIG) following… Read More
China’s New Silk Road
Logistics 4.0 and the new Silk Road were the dominating topics at transport logistic China 2018, which took place in… Read More
Evidence of Demand Recovery in South America Container Trade
There is evidence of a demand recovery in the North America-East Coast South America container trade, but slow economic reform… Read More
SCPA Achieves Record Month
The South Carolina Ports Authority announced the highest April container volumes in its history, with growth of four percent over… Read More
The Iranians Blew It
For almost two and a half years, from January 2016 until now, Iran enjoyed many of the benefits of economic… Read More
Fracking: Use Caution, Says UNCTAD
Hydraulic fracturing, also known as “fracking”, the divisive method of extracting natural gas from shale formations, should be approached with… Read More
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