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.
May 2024 U.S. Containerized Imports Break 2.3M TEUs
Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, released its June Global Shipping Report for logistics… Read More
3 Strategies For Importing Goods From The U.S. To Europe
Bilateral trade between the U.S. and the European Union has been a longstanding phenomenon. According to the U.S. Census Bureau, the… Read More
U.S. Bans Russian Uranium Imports to Boost Energy Security
On May 13, 2024, President Biden signed the Prohibiting Russian Uranium Imports Act (H.R. 1042) into law, marking a significant… Read More
5 Ways to Streamline Cross-border Transportation
Over $1 trillion in goods consistently cross the U.S.-Canada and U.S.-Mexico borders annually. And with nearly 30% of all U.S…. Read More
Logistics Trade Bodies Urge Action on New EU Import Rules
Global and European trade associations representing shippers, forwarders, and vessel operators have issued an urgent alert for businesses involved in… Read More
U.S. Commerce Department Honors 64 Companies with Top Export Awards
The U.S. Department of Commerce today recognized 64 companies and organizations from across the country with the prestigious President’s “E”… Read More
U.S. Imports of Machinery Reach $3.8B in 2023
U.S. Loading Machinery Imports In 2023, loading machinery imports into the United States fell to 5.1M units, with a decrease… Read More
Descartes Releases May Global Shipping Report: April 2024 Containerized Imports Surpass March 2024 and April 2023
Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, released its May Global Shipping Report for logistics and supply… Read More
Export of U.S. Railway Goods Wagons Drops to $500M in 2023
U.S. Railway Goods Wagon Exports In 2023, shipments abroad of railway or tramway goods vans and wagons (not self-propelled) decreased… Read More
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
Essential Guidelines for US Freight Forwarders
In a bid to clarify export compliance responsibilities, the Bureau of Industry and Security (BIS) has recently issued comprehensive guidance… Read More
WTO Forecasts Africa’s Export Surge Amid Global Trade Recovery in 2024
According to the latest trade outlook from the World Trade Organisation (WTO), Africa is poised to experience the fastest export… Read More
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