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. Port Import Surge Fueled by Strike Concerns and Potential Tariff Increases
U.S. container imports are projected to rise through the end of the year as retailers prepare for a possible East… Read More
Texas Company Recognized by U.S. Trade Representative for Export Growth
Keats Southwest, an El Paso, Texas-based company, has been recognized by the Office of the United States Trade Representative for… Read More
White House Slammed for ‘Restrictive’ Energy Export Policies
The U.S. is missing an opportunity to become a global powerhouse “as antiquated federal laws that limit energy exports are… Read More
Integration Point Expands to Malaysia
Integration Point has expanded its presence in the Asia-Pacific region with the establishment of an office in Kuala Lumpur, Malaysia…. Read More
U.S. Trade Deficit Climbs in May as Exports, Imports Decline
The U.S. trade deficit widened slightly in May, reflecting declines in sales of American-made aircraft and machinery as exports continued… Read More
WTO Lauds EU’s Trading Transparency
A report from the World Trade Organization released earlier this month emphasized the European Union’s role in global trade. The… Read More
Alabama State Port Authority Outlines Port of Mobile Expansion
The Port of Mobile, Alabama, is enhancing its cargo handling capabilities with a new steel handling facility, the addition of… Read More
East African Nations Form New Free Trade Zone
Twenty-six African nations have created a free trade zone that spans the eastern half of the continent from Egypt to… Read More
Inbound Australian Air Cargo to be Subject to Stricter Inspections
Air cargo bound for the United States from Australia is not currently subject to the U.S. Transportation Security Administration’s requirement… Read More
U.S. Company Inks Deal During Africa Trade Trip
Teras Cargo Transport of Houston signed a partnership with the South African firm Grinrod Limited during a U.S. government-sponsored trade… Read More
WTO Overturns India’s Restrictions on U.S. Poultry Imports
The World Trade Organization (WTO) Appellate Body has agreed with a previous panel report, handing the U.S a major victory… Read More
Tampa Bay and Panama Foreign Trade Zones Sign Agreement
Tampa Bay’s Foreign Trade Zone (FTZ) No. 79 and the Free Zones Association of Panama recently signed a memorandum of… Read More
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