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The uncertainties of the ongoing trade war between the US and China are rattling importers and business owners. And with possibly more retaliatory tariffs on the horizon, importers should begin to weigh their options and consider steps they can take to minimize the potential damage these tariff increases can have on their business. iContainers spoke with Lenny Feldman, Senior Member of the Sandler, Travis & Rosenberg law firm specializing in international trade, customs & export law.
The influence of the US market over the global economy cannot be denied. As the world’s second-largest exporter (after China), the US recorded over $1.5 trillion worth of exports in 2017. To put that into a historical perspective, that’s nearly 2.5 times more than what it was exporting just 25 years ago. US top export partners Its NAFTA neighbors, Canada and Mexico, continue to be the US’ largest export partners, with 30% of total US exports destined for the two.
Avoiding mistakes when importing from China The importing process alone can be complicated. Doing so from a country that speaks a whole other language and has completely different rules and regulations can be even more overwhelming. China is the world’s largest exporter with its total exports surpassing $2 trillion in 2016. To put that into perspective, that’s 45.8% more than the world’s second-largest exporter, the United States. Needless to say, trade opportunities with China are plenty and there’s certainly much potential you can tap into.
What does Mexico import? With $380 billion worth of imports in 2016, Mexico ranked as the 12th-largest importing country in the world. That year, its exports totalled $373B, which resulted in a negative trade balance of $6.62B. Its top three import categories include machines, transportation, and plastic and rubbers. These make up 56.9% of total imports. Further breaking that down, we have: Vehicle parts: $22.6B (5.9%) Refined petroleum: $18B (4.
What does the United States import? The United States’ imports in 2016 amounted to a whopping $2.21 trillion, marking a 24.9% increase from 2006. Of the top most imported products in 2016, the top three - machinery, transportation products and chemical products - form more than half (50.9%) of total imports. Products-wise, machinery such as computers and broadcast equipment remain the top imported product from 2006, with a 1% increase from 2006’s 27%.
The Dominican Republic’s exports heat map The Dominican Republic’s exports: From a past of growth to the current radiant forecasts 2018 is set to be a golden year for Dominican Republic’s exports. Or that, at least, is the government’s plan. It has declared 2018 to be the “Year of Promoting Exports”, as a key measure within the framework aimed at reactivating the country’s economy. The Dominican Republic has one of the most vibrant economies in Latin America and the Caribbean, with an average GDP growth rate of 5.
Fulfillment by Amazon (FBA) vs direct fulfillment If you’ve ever purchased anything on Amazon, you may have at some point chosen its same-day or one-day delivery service, even if the item wasn’t sold by Amazon. After all, as the world’s largest retailer, Amazon prides itself on not only the variety of products on its site but also, its speedy delivery. But have you ever thought about what goes on behind the scenes when a purchase is made on Amazon?
Made in China. Much have been made about this phrase, whose origins simply indicated the production origins of a certain good. Today, it no longer just relates to international trade. As a label, Made in China could sometimes subtly indicate the quality of goods or low costs of labor. In popular culture, it’s even been made into a song. For many countries, this label is a legal requirement for all products imported into and sold within their territory be it via ocean freight or air freight.
US beauty products imports Given Hollywood and its influence, it probably comes as no surprise that the United States is the world’s largest importer of beauty products - responsible for a whopping 11% of the total imported beauty products across the globe in 2015. This far surpasses the next few largest importers - Hong Kong (7.6%) and China (6.9%). Movements in the global beauty products market are massive, with the industry estimated to hit $635.
Jorge Mora, the author of the import from China blog, gives us his expert insights on importing from China. Last week, we published part one of the interview. In this post, we focus on the future of China as the nucleus of world trade, international ocean freight to China, and the opportunities. What’s your view on the lack of clarity regarding regulations in China for imports? What’s the best way to overcome this?