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.
Turkey’s Earthquakes Paralyze Third of Steel Output Capacity
Large steel mills in southern Turkey are expected to remain shut for weeks, with production lines idle and workers trying… Read More
The Uyghur Forced Labor Prevention Act: Why and What Importers Need to Know
When you go shopping for a new product, what influences your final purchasing decision? Price? Availability? Quality? Brand? For many… Read More
U.S. Lemon and Lime Price Surges 17% to $931 per Ton
U.S. Lemon And Lime Import Price per Ton August 2022 In August 2022, the lemon and lime price per ton… Read More
Venezuela, Colombia Open Binational Bridge to Boost Trade
Venezuela and Colombia officials opened the Atanasio Girardot international bridge on Sunday, allowing vehicles carrying both passengers and cargo to… Read More
U.S. Christmas Decoration Price Declines 10% to $3 per Unit
U.S. Christmas Decoration Import Price August 2022 The average christmas decoration price stood at $3 per unit in August 2022,… Read More
China Carmakers are Ordering Their Own Ships to Get Export Ready
Two of China’s biggest automakers are so determined to ensure their cars make it from factories on the mainland to… Read More
Laptop Price in America Averages $495 per Unit, Fluctuating Mildly this Year
U.S. Laptop and Tablet Computer Import Price August 2022 In August 2022, the average laptop and tablet computer price amounted… Read More
The Biggest Canadian Exports in 2022
The year 2022 has been an interesting year for Canadian exports in general. Overall, exporting businesses have been very successful… Read More
Top 10 US 2022 1st Quarter Exports
Energy tops the list of the most critical issues globally. Covid and the Russian incursion have jolted markets, pushing energy-related… Read More
EXIM Board of Directors Approves Final Commitments for Projects in Cameroon and Brazil
The Export-Import Bank of the United States (EXIM) Board of Directors yesterday unanimously approved two transactions that will support U.S…. Read More
2022 Global Supply Chain Outlook: 5 Trends to Watch
As 2022 unfolds, supply chain and logistics leaders are under enormous pressure. Capacity constraints, skyrocketing shipping costs, geopolitical conflict, and… Read More
Commerce Announces Addition of Iceland, Liechtenstein, Norway, and Switzerland to Global Export Controls Coalition
Today, the U.S. Commerce Department, through the Bureau of Industry and Security (BIS), is issuing a rule that formally adds… Read More
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