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.
Trump Administration Approves First LNG Export License After Biden’s Freeze
The Trump administration has granted its first liquefied natural gas (LNG) export license since lifting the Biden-era pause, approving shipments… 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
Liquidity Squeezes in Greece, China Prompt Private Funding Program
In reaction to the Greek financial crisis and other liquidity events around the globe, Paragon Financial Group of Fort Lauderdale,… Read More
U.S.-Brazil Talks Emphasize Business, Trade
Wide-ranging talks between U.S. President Barack Obama and Brazilian President Dilma Rousseff at the White House last week had business… Read More
Online Retailer Zady Goes Global
Zady, a New York-based online retailer of clothing, accessories, and household goods, announced that it has partnered with Borderfree, a… Read More
Turkey May Be Biggest Buyer of U.S. LNG Exports
The complicated pricing of natural gas in global markets, with a myriad of long-term and short-term arrangements, sometimes linking gas… Read More
Ex-Im-Guarantee Helps Small Business Export Forklifts to Brazil
Wiggins Lift Co. Inc., a manufacturer in Oxnard, Calif., is exporting its forklifts to marinas in Brazil with the support… Read More
U.S. Moves to Ease Some Export Controls
The U.S. Departments of State and Commerce proposed earlier this month new rules to transfer certain items from more restrictive… Read More
U.S. Exporters Laud Passage of Trade Promotion Authority
U.S. agricultural and equipment exporters applauded the passage of the Trade Promotion Authority (TPA) bill in the U.S. Congress. The… Read More
Failure to Reauthorize Ex-Im Bank Called a “Missed Opportunity”
Congress is being scolded for passing on an opportunity to “support thousands of American jobs at firms across the nation… Read More
U.S.-Cuba Embassy Openings Won’t Change Trade Embargo
The U.S. and Cuba announced today the reopening of embassies in Washington and Havana for the first time in more… Read More
Obama Signs Two Global Trade Bills
President Barack Obama signed two pieces of legislation addressing issues of international trade at a White House signing ceremony yesterday…. Read More
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