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.
Exploring the Top Import Markets for Trailers and Semi-Trailers
When it comes to the global market for trailers and semi-trailers, certain countries stand out as key importers of these… Read More
Spotlighting Gender-Sensitive Trade Policymaking in East Africa
East African nations can harness their trade policies to help empower women economically in the region, thanks to improvements in… Read More
Demanding Immediate Bipartisan Action on Infrastructure
On the grounds of the United States Capitol, Diane Benck of West Side Tractor Sales Co. and 2018 chairwoman of… Read More
The Section 301 China Investigation
Nicole Vasilaros, senior vice president, government and legal affairs at the National Marine Manufacturers Association (NMMA), the largest recreational marine… Read More
US Must Better Prepare Its Workforce for the Promise and Perils of Technology
“The world is in the midst of a profound transformation in the nature of work, as smart machines and other… Read More
Japan’s Critical Leadership Role on Free and Fair Trade
On March 8, 2018, in Santiago, Chile, 11 Asia-Pacific countries signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),… Read More
Deal To Harness International Trade Technology
The Brazilian arm of the International Chamber of Commerce and UNCTAD have signed an agreement to work together to harness… Read More
Canada’s National Trade Corridors Fund
Transport Canada has released details of the $2 billion National Trade Corridors Fund, one component of the $180 billion the… Read More
The Future of Trade
Sweeping advances in technology and finance will fuel global trade over next decade. Technology could bridge the current $1.5 trillion… Read More
International Cooperation Gets Low Grade
The Report Card on International Cooperation gives a dismal C- to international efforts to mitigate the world’s most pressing problems… Read More
US Finds Dumping and Subsidization of Imports of Wire Rod from Five Countries
The United States Department of Commerce announced the affirmative final determinations in the antidumping duty (AD) and countervailing duty (CVD)… Read More
BREAKING NEWS: US to Investigate Auto Imports as National Security Threat
US Secretary of Commerce Wilbur Ross initiated an investigation today under Section 232 of the Trade Expansion Act of 1962… Read More
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