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
HSBC and ING Execute Live Trade Finance Transaction on Blockchain Platform
HSBC and ING Bank have successfully executed a live trade finance transaction for international food and agriculture conglomerate Cargill using… Read More
Exports Increased in Most of Metro America In 2017
Even as the largest economy in the world, the United States must continue to export goods and services to… Read More
A Tale of Three Coal Markets
The United States, China, and India together constitute about 70 percent of global coal consumption and 64 percent of global… Read More
Retail Imports Growing Despite Threat of Tariffs
Imports at the nation’s major retail container ports are expected to grow steadily throughout the summer despite the prospect of… Read More
US Finds Dumping and Subsidization of Silicon Metal Imports
US Secretary of Commerce Wilbur Ross has announced the affirmative final determinations in the antidumping duty (AD) and countervailing duty… Read More
US Issues WTO Counter-Notification Against India’s Market Price Support
United States Trade Representative Robert Lighthizer and Secretary of Agriculture Sonny Perdue have announced that the US submitted a counter… Read More
UNCTAD’S Technology and Innovation Report 2018
Technologies on the frontier of what is possible can boost the ambitious agenda of the Sustainable Development Goals and help… Read More
A Hard Exit From the Iran Deal
In a sweeping action with immediate consequences for both US and non-US persons, President Trump announced the withdrawal of the US… Read More
Withdrawal from Iran Nuclear Deal
Fulfilling what he has long promised to do, on May 8, 2018, President Trump announced that the United States will… Read More
Members of Congress Pushing Improvements to Section 232 Tariff Exclusion Requests
Rep. Jackie Walorski (R-IN), Rep. Ron Kind (D-WI), and 37 other Members of Congress sent a letter to the Commerce… Read More
After Dumping Nuclear Deal, Trump Has No Strategy for Iran
After months of speculation and a flurry of last-minute European diplomacy, Donald Trump has taken perhaps the most consequential decision… Read More
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