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
American Metal Manufacturers and Users: ‘Tariffs Are Taxes’
With the slogan “tariffs are taxes,” a diverse array of steel- and aluminum-using manufacturers from across the United States launched… Read More
US Applies Preliminary Antidumping Duties on Products from China and India
The US Department of Commerce has announced the affirmative preliminary determinations in the antidumping duty (AD) investigations of imports of… Read More
US Finds Dumping of Imports From Six Countries
The US Department of Commerce has announced the affirmative final determinations in the antidumping duty (AD) investigations of imports of… Read More
US and Bahrain Sign MOU on Trade in Food and Agriculture Products
The United States Trade Representative has announced that the US and Bahrain have signed a memorandum of understanding on trade… Read More
SC Ports Handles Record Container and Finished Vehicle Volumes in March
The South Carolina Ports Authority has announced the strongest monthly container volume in its history, with 199,659 twenty foot-equivalent container… Read More
UPS Study: Purchases From Marketplaces Nearly Universal
Online shoppers across the globe are buying from marketplaces and international retailers, relying more on digital devices and seeking alternate… Read More
EU And UNCTAD Kick-Start Project to Help Angola Diversify Its Trade
The European Union and UNCTAD have launched a four-year, $6.9 million project aimed at helping Angola diversify its economy and… Read More
China Could Retaliate Through Cybersecurity
As the Trump administration prepares a series of trade actions and investment restrictions against China, Beijing has signaled its intention… Read More
A Trade War With China Would Hurt US and Its Allies
Two-thirds of world trade now occurs through global value chains that cross at least one border during the production process,… Read More
Trump’s New National Security Team: Disaster For The Iran Nuclear Deal
Iranians gathered for picnics to mark sizdah bedar, the culmination of the annual celebration of the Persian new year (Nowruz.)… Read More
Is Trump Serious About Rejoining TPP?
Yesterday, multiple news outlets reported that President Donald Trump ordered US Trade Representative Robert Lighthizer to look into the possibility… Read More
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