Despite the current incertitude surrounding trade relations between the United States and China, the Asian giant continues to be the biggest importer of US goods on the other side of the Pacific Ocean. China is responsible for 11 percent of the total value of US exports. This may not seem like much, but is certainly impressive when considering that its neighbors, Japan and South Korea, are responsible for just 5.
As one of the United States’ most important export partners, the United Kingdom is responsible for around 3.7 percent of the value of total US exports every year. Among the top categories of US exports to the UK are machinery, transportation products, and precious metals. Here’s a breakdown of the products in each category. Machines Gas turbines: $1.31 billion (2.8% of total value of exports) Office machine parts: $540 million (1.
As one of the most important emerging markets in the world, opportunities to do business with India abound. It’s currently the fourth-largest economy in the world and the 17th largest export economy with exports continuing to grow annually. Its GDP is also on a near-exponential increase, marking a 46.8 percent growth from $1.86 trillion to $2.73 trillion in the five-year period from 2013 to 2018. More recently, its economy grew at its slowest rate in six years.
There’s currently a certain level of apprehension that surrounds trade in and out of the UK — much of it a result of the ongoing Brexit negotiations. At the time of writing, the Brexit deadline, initially set for 29 March 2019, has been postponed to 31 January 2020. Despite its current political predicament, the United Kingdom remains the world’s fifth-largest economy and the 10th largest export economy with much to offer.
What are hazardous materials It’s one thing to ship furniture such as plastic chairs and tables. They can be packaged, palletized, and loaded with relative ease. Even certain machinery, whose odd shapes and sizes would simply mean you’d require a non-standard container such as an open-top or flat rack. But it’s a whole other ball game to ship hazardous materials that can put the health and safety of those who handle them at risk.
What is China Golden Week As one of the world’s biggest and most important markets, China faces huge pressure on its logistical infrastructures to maintain a certain level of productivity and efficiency to keep the global supply chain oiled, running, and stable. From factories and warehouses to ports, terminals, and more, Chinese workers across all logistical sectors clock long hours all year round to ensure the upkeep of the supply network worldwide.
What is TEU? If you are new to the shipping world and are just starting to read up on how this complex and convoluted industry works, be prepared to come across list after list of different ocean freight acronyms. Before you dive deeper, you should probably familiarize yourself with one of the most basic and common acronyms in shipping: TEU. What does TEU stand for? TEU, also known as Twenty-foot Equivalent Unit, is an important unit of measurement with widespread use in the ocean freight industry.
It is all the industry have been talking about these days. And a term you’ve seen floating around for years. You don’t have to be an avid reader of ocean freight news to have heard of the term IMO 2020. But recognizing the term is one thing and knowing what it entails is another. Understanding how it affects your supply chain? That’s a whole other level. The IMO 2020 is one of the most significant changes in the maritime sector in recent history and major cross-industry impacts.
Having to navigate the complex world of ocean freight is complicated enough with the amount of paperwork required for a simple shipment. Throw in having to understand HS codes and pay the right import taxes and duties and things get even more complicated. What if you’re only importing goods for a short period of time, say, for a tradeshow or fair? Or perhaps you are simply shipping commercial samples* to a potential client?
20 shipping acronyms all shippers should know From IMO 2020 and ELD to GRI and EEI, one way or another, you’ve probably heard it all. You may be able to put them into context but… just how well do you understand these shipping acronyms? What’s the difference between HS and HTS codes? Is a 20-foot container the same as a TEU? And just how are SOLAS and VGM related?