Why Do Countries Import And Export The Same Goods

In the case of the lunch swapping, you wanted those brownies and you couldn't get them at home so you traded for them. Exports, Imports and the other GDP components (1946-2007) Net export data from 136 countries: a long term time series. European Union: How the EU's Value Added Tax (VAT) Impacts U. While the trade between the United States and Japan is important for both countries, Japan also trades increasing amounts of goods with other Asian countries and other places around the world. theanswerbank. Also, consumer surplus and producer surplus are the same under such an import quota and a tarifi. There are five. Different tariffs are applied on different products by different countries. Why does any country import and export the same product? e. These activities are integral to the 10. External shocks may have more potent effects on China's trade balance and domestic economy, because a slowdown in exports may not be offset by a commensurate decline in imports. Is it a question of shelf-life?. In general, some countries carry out export license system to required raw materials, semi-manufactures and Hard-to-get products and materials. Let's explore these various purposes by starting with asking why a country like the United States, with its massive and extraordinarily diverse economy, would need to import anything from other countries. In the same year, Canada exported goods worth $332 billion to the United States, a country that imports about 75 percent of Canadian merchandise every year. On goods brought into the country; Export duty. A look at the nation's top 10 imports and top 10 exports reveals something seemingly odd: Six of the 10 are the same things. Frequently Asked Questions. Sweden Trade Statistics. ) comply with international ISPM-15 requirements? Where can I find regulations to export live animals or animal products to other countries?. Countries that import more also tend to export more, and, on average, the two will be a wash on GDP, in the long run. A lower transfer price has the opposite effect. International innovation Global innovation funding, on-the-ground support and accelerated access to global markets. government pursues a strong dollar. The UK is an important trading partner for South Africa in terms of exports (vehicles, fresh produce, and wine)and imports (machinery, mechanical appliances, vehicles and beverages). Only, if you are working as an export-import agent or sourcing agent, then you may not need to apply for the IEC code. The main export commodities are alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, wearing apparel and mineral fuels. It also provides information on the total value of imports and exports as well as the current major trading partners. For more information, see Use Unicode Native Format to Import or Export Data (SQL Server). How do you jump on board and begin importing or exporting?. Carnets are also known as Merchandise Passports or Passports for Goods. Deferring the payment of GST on imported goods. The country or countries you'll export to or import from; Desperately Seeking Imports. There’s no reason why Scotland and rUK wouldn’t continue to have a strong trading relationship just like all those countries. This information is required. Also shown is each import country's percentage of total Chinese exports. A difference in style of products may be suited to different market. output and employment. Why does a trade deficit weaken the currency? October 1999 To answer this question recall that the trade deficit means that the United States is buying more goods and services than it sells abroad (imports exceed exports). The price index for U. Import of goods by post. Information on rules for products, access to foreign markets for EU businesses and how to export to the EU Import and export | European Union Skip to main content. Imports have grown at a faster rate than exports since 2016, driven in part by strong domestic economic growth. Also, transportation and insurance costs are sometimes added to import totals. The Export-Import Bank of the United States (EXIM) is the official export credit agency of the United States. A country imports goods that can be more effectively and cheaply produced by another country. To avoid delays in releasing your goods at the border, open your program account before you import or export goods. The country's inflation rate: If the country has a relatively high rate of inflation, domestic households and firms are likely to buy a significant number of imports. In addition, the purpose of the HS Code is to improve the efficiency and effectiveness of each country's customs authorities. Basics of Exporting and Logistics - How to Export Goods Overseas Whether you are new or experienced in exporting, there are seems to always be areas of exporting that may confuse or not be completely clear to the Exporter. exports fell 0. In the graphs below, we can see that jewelry and precious metals and stones are important exports and imports for New York overall. Like almost all of the other nations of the world, the United States has seen a rapid increase in both its imports and exports over the last several decades. A visaed invoice is an original or copy of an invoice,. 8 billion in 2009). Direct exports are goods that are exported from the UK to a destination outside of the EU. Benefits of Imports Students taking economic courses have a rather negative view towards exporting and many assume that importing impedes economic performance, but this is just a misconception. The US was Northern Ireland's second most significant export partner in the same year. import and export? By Drew DeSilver The U. Other essential countries of importation include Latvia and Lithuania. Find, compare and share OECD data by indicator. Because of this negative offset for imports of goods and services, the sum of the other five items, excluding imports, will always total more than 100 percent of GDP. These changes could affect companies that import and export taxable goods and services with China. One of the major reason is that the goods produced locally might be of higher grade and/or quality. Turkey's main exports are food, textiles, clothing, iron, steel, ships, consumer electronics, appliances and automotive goods. There are, however, still a number of countries in which the government plays an interventionist role. Germany is a leading exporter of machinery, vehicles, chemicals, and household equipment thanks to the hard work of its highly skilled labor force. Exports are one component of international trade. Edible oil is the single largest agricultural product imported into the country and accounts for around two-thirds of the total agricultural imports. imports from the developing countries in the apparent consumption of manufactured goods (production plus imports minus exports) in the developed countries. This is similar also in other developing countries like China, Vietnam, South Africa. Is there help for new exporters?. Why rare-earth mining in the West is a bust The U. An item from one country may be less expensive than the same item from another country. Import-dependent industries prefer a strong dollar, as it makes the prices of imports appear lower, so people will buy more. If there is a smooth development practice of agriculture, imports are reduced while export increases considerably. Importing keeps relation with other countries positive and reduces the risk of conflicts. Germany Third on the list of the world's top exporters is the central European nation of Germany , which is also home to one of the world's largest economies. The percentage of total South Korean exports destined for the United States market decreased to 35. This week Jacob and Adriene walk you through the basics of imports, exports, and exchange. From January to June 2018 your accumulated imports. Export duties are no longer used to a great extent, except to tax certain mineral and agricultural products. Governments use tariffs to create economic barriers to trade. Access to cheaper imported goods is one of the primary benefit a country gains from importing, which in turn boosts its economy. The Office of Public Affairs (OPA) is the single point of contact for all inquiries about the Central Intelligence Agency (CIA). Once the particular goods have been exported the security should be immedi-ately released. When filing U. The export business is expected to continue to grow significantly, producing profits in the billions and benefiting those countries' economies, as the U. Opening a trading business in Italy. Importing or exporting goods. Some imports begin as ideas in the U. Why do we pay import/export duties/customs if we live in a free trade zone? One thing that the increased value of the dollar has done over the years is allowed me to be a lot more willing to buy goods online from US stores. 75 trillion in imports. This indicates that. Botswana Import Inspections Regulations (SIIR) to Standards Programme. Moreover, Hallak (2006) shows that the propensity of rich countries to import relatively more from countries that produce high-. 2019-10-29 Vietnamese farm goods: Export turnover to South Korea remains low 2019-10-29 KwaZulu-Natal: Amazing agricultural recovery 2019-10-29 Spanish fruit and veg exports up to August grew by 9. Exports, Imports and the other GDP components (1946-2007) Net export data from 136 countries: a long term time series. similar countries export and import the same or similar products to produce and export goods based on the underlying. Non-compliance could result in the seller of the movable goods being liable for output tax at the standard rate. Countries, economies and regions Select a country, economy or region to find embassies, country briefs, economic fact sheets, trade agreements, aid programs, information on sanctions and more. Calculate Instant Price Quote on ECONOMY LCL Freight Shipping from USA Overseas. A wide range of penalties are faced by those who break these laws. There is no minimum threshold for imports into Kenya; therefore duty and taxes are payable regardless of the value. theanswerbank. The statistic shows a ranking of the top 20 import countries worldwide in 2017. Why rare-earth mining in the West is a bust The U. Exports of a country can be distinguished as exports of domestic goods and exports of foreign goods. Why should people in China want to export goods abroad by first shipping them to Hong Kong and then shipping them on unchanged as re-exports to their final destination. Some goods such as raw meat, meat products and other goods subject to veterinary checks cannot be stored in a customs warehouse. Interestingly, the study revealed cointegration between exports and imports for 9 of the 27 selected OIC member countries (Bangladesh, Cameroon, Chad, Guyana, Indonesia, Mali, Morocco, Niger and Senegal) compared to only 4 countries as demonstrated by Tang and Mohammad (2005). It is obvious that China can make a difference in the world today and tomorrow. In a newspaper column, professor Frank Wolack referred to "the economic forces that leads to most childrens toys being developed in the US and mass produced in China and other developing countries. Dale Rahmlow, of Rahmlow Farms in Mishicot, Wis. 16262 Issued in August 2010 NBER Program(s):The International Trade and Investment Program. Imports, exports, trade balances for 181 countries - a time-series - Absolute values, shares in world market, rankings Origins and destinations in world trade - Trade flows over time. This paper will explore some of the reasons why some import prices change so little relative to a change in the value of the dollar. Even assuming an import was created entirely in another country, the retail price paid does not go directly to the country that produced the good. Why does a trade deficit weaken the currency? October 1999 To answer this question recall that the trade deficit means that the United States is buying more goods and services than it sells abroad (imports exceed exports). For the purposes of this analysis, it will be assumed that Ireland aims to maximise its net exports, rather than its real income, quality of life, or any other measure. That being said, once you have the bill of lading you can have your tax credited by the vendor. It is used to clear customs in 84 countries and territories without paying duties and import taxes on merchandise that will be re-exported within 12 months*. Export of more than 4000 items are eligible to get benefit under MEIS. To begin importing goods into Canada, you will need to obtain an import/export number in addition to your regular business number. The net number includes a variety of exported and imported goods and services, such as cars, consumer goods, films and so on. Import procedure - Bill of Entry: 2. To avoid delays in releasing your goods at the border, open your program account before you import or export goods. If a country exports more. Because of this negative offset for imports of goods and services, the sum of the other five items, excluding imports, will always total more than 100 percent of GDP. European Union: How the EU's Value Added Tax (VAT) Impacts U. This paper will explore some of the reasons why some import prices change so little relative to a change in the value of the dollar. If dollar fluctuations make it more profitable to sell in Europe or Canada, a manufacturer may increase exports over domestic marketing. 41 trillion US dollars. import prices increased 0. This is the distortion that a VAT (a consumption tax) eliminates, by allowing that tax to be backed out of exports since the final consumer pays the tax and not exports. This can occur when the importer fails to comply with customs requirements. behavior is known as protectionism. The official U. 21 hours ago · The agreement he signed with Prime Minister Shinzo Abe left aside the question of 25% taxes on imports of cars and auto parts. , hairspray, spray paint, lighters, nail polish and perfume). To address this problem, the BXA released new rules for exports, allowing the export of encryption products to 15 members of the EU and 8 additional trading partners. One of the major reason is that the goods produced locally might be of higher grade and/or quality. Reasons for import-export statistical discrepancies include re-exports, time lags, misallocations, distinct trade reporting systems, different quantity measurements and country confidentiality rules. The United States was the world's third-largest exporter, after China and the European Union. An import tariff is a tax placed by governments on commodities that are shipped into a country from a foreign country. What You Need to Know About Import & Export Compliance. Lower CostsThe prices of goods and services are constantly changing. Parallel imports (sometimes referred to as gray market goods) refer to branded goods that are imported into a market and sold there without the consent of the owner of the trademark in that market. 8 billion in 2009). There would be several reasons that a country decides to import product that is being produced locally. Information on rules for products, access to foreign markets for EU businesses and how to export to the EU Import and export | European Union Skip to main content. This indicates that. Petroleum includes crude oil, hydrocarbon gas liquids, refined petroleum products such as gasoline and diesel fuel, and biofuels including ethanol and biodiesel. php tutorial, php, phpexcel, class, phpexcel tutorial, mysql, php mysql, php mysql tutorial, mysql database, microsoft excel, excel mysql, import excel, data, database, insert, query, import excel file data in mysql, upload ecxel file in mysql, code to import excel data. Tariffs and Quotas. Customs authorities then destroy or dispose of such imports in accordance with the law. There are many types of trade barriers. A sanctions permit is only available for the direct or indirect supply, sale or transfer to the DPRK of 'specified export sanctioned goods' on the grounds set out in regulations 14B(2)-(5) of the Charter of the United Nations (Sanctions — Democratic People's Republic of Korea) Regulations 2008. An export tariff is a tax placed on a good that is exported from a country. Imports are an increasing function of income, M = M(Y). European Union: How the EU's Value Added Tax (VAT) Impacts U. agricultural trade produced a trade surplus in 2018 of $10. Japan, for example, favors its rice farmers though high import duties, and the U. If the country does not at the same time reduce its inflows of capital, the increase in one export must be matched by a reduction in other exports or by an increase in imports because of the. Excise duty is charged on products like alcoholic beverages and tobacco. Import/Export Country or Territory Regulations Use this tool to find country or territory-specific facts and regulations that may affect your international shipment. EXIM is an independent, self-sustaining Executive Branch agency with a mission of supporting American jobs by facilitating the export of U. Even if you do not need an import license, you must fill out CBP entry forms within 15 calendar days of the date that your shipment arrives at a U. Right now, only Canada and Mexico are exempt. Even the final purchasers may not be consumers: In general, investment goods and exports have higher imported content than consumption goods do. Countries with increases in their share of steel exports to the U. Other countries Singapore exports to are the United States, India, Japan and in Europe Singapore exports its products mostly in Germany, Belgium, the United Kingdom, and the Netherlands. But sometimes we miss things on the ground that would help us understand a bit better that place we’re in. As with exports to third countries, traders can reclaim VAT once they prove goods have left the UK. A commercial invoice is required. Virgin Islands, without regard to whether or not a commercial. The common reason for importing goods is to meet demand on goods, which cannot be produced domestically at an affordable price or at all. The import of certain goods into Ethiopia is restricted for safety, security, environmental, health and other reasons, i. In 2016, goods exports to the RoI were valued at £2. In the same year, Canada exported goods worth $332 billion to the United States, a country that imports about 75 percent of Canadian merchandise every year. , hairspray, spray paint, lighters, nail polish and perfume). This indicates that. In practice, when a country uses import quotas it rarely sells import licences. Thus, if Mexico can export no more than 2,000 pairs of shoes (giving up 2,000 pairs of shoes) in exchange for imports of at least 2,500 refrigerators (a gain of 2,500 refrigerators), it will be able to consume more of both goods than before trade. Trading rules and regulations vary from country to country and import legislation can be both complicated and confusing. 8 billion in 2009). Top 10 Import Countries. Here are some of the tax rates of countries around the world who have implemented GST or VAT. In reality, it's not that simple. Other taxes and customs fees. Seven out of the top individual destination countries. The latter predicts only inter-industry specialisation and trade". Mercantilism. Exports - 2016EU: Value Added Tax (VAT) This report provides an overview of the EU's Value Added Tax (VAT) rules and how these rules impact U. market share, the political situation if relevant, the top reasons why U. 1 trillion in imports of both goods and services. Your previous year's imports/exports did not exceed the threshold, but during the course of the current year they do so, you will then have to start reporting from the month in which the threshold was exceeded. The import/export business has two main types of agents: Traditional import/export agents: An export agent works in the country where the product is produced. The most widely-used measure of economic output is the Gross Domestic Product (abbreviated GDP). For customs purposes, the transfer price has a direct impact on the determination of customs value. 6 billion in February of 2017, boosted by a 66. This was the result of the addition of approximately $2. Also, transportation and insurance costs are sometimes added to import totals. The most common type of trade barrier is the protective tariff, a tax on imported goods. To go further, check out our service Import Controls and Export Controls. Is there help for new exporters?. the United States exports 452 products with revealed comparative advantage (meaning that its share of global exports is larger than what would be expected from the size of its export economy and from the size of a product’s. 1 percent increase in non-traditional products, including fish. Goods and Services Tax (GST): What It Is and How It Works Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. in both the country of export and the country of import. Countries use. 41 trillion US dollars. A high level of imports indicates robust. How do you jump on board and begin importing or exporting?. Japan, for example, favors its rice farmers though high import duties, and the U. The primary reason why goods happen to get stuck at Brazilian Customs tends to be a lack of communication between the exporter and the importer. Bureau of Labor Statistics reported today, following a 0. It is recommended that traders supply a detailed commercial invoice. theanswerbank. ? If we import goods from the other country and export the same good to another country, what it is called?. merchandise exports came from IP-intensive industries in 2012. These depend on whether you are dealing with a customer or supplier in another European Union (EU) country, or with the rest of the world. In 2017, the U. Feb 28, 2018 · A look at the nation's top 10 imports and top 10 exports reveals something seemingly odd: Six of the 10 are the same things. Germany's exports in 2015 were worth 1,410 billion dollars against the 1,130 billion dollars' worth of imports. How to import in Peru. Merchandise Exports from India Scheme (MEIS). American production of 2Wages for workers with similar characteristics will be the same in different industries within a country if the la-bor market is competitive and workers can freely. One is the export process at the loading port or airport, and the other is the import process at the destination port or airport. import and export statistics reflect government and non-government shipments of merchandise between foreign countries and the U. Botswana is the world's largest producer of quality gem diamonds which account for about 70% of exports by value. 4 percent in 1987. UNDERSTANDING REGULATIONS. When filing U. Ireland’s main trading partner is the United Kingdom accounting for 34% of the country’s total imports. Imports are any resources, goods, or services that producers in one country sell to buyers in another country. Turkey is one of the few countries that span two continents: Europe and Asia. When you export goods out of the EU to third countries, you can usually zero-rate the goods for VAT purposes. The motivation for a country to import goods and services from other countries is perhaps less obvious than its motivation for selling exports (making a profit on goods not consumed by the domestic market). Applications for import permits for these items must be submitted to the Export Controls Division. 6 percentage points), Mexico (up 2. Imports are goods or services bought from foreign. Lorena, Clearly certain countries need to import certain goods as they cannot provide them domestically. The Philippine economy has remained resilient amidst global headwinds and a slower-than-expected global recovery. The latter predicts only inter-industry specialisation and trade". Both import and export are essential for the development of any country as no nation is self-sufficient. 086 making it the 59th most complex country. Article 23 prohibits “customs duties on imports and exports and of all charges having equivalent effect. port of entry. Is there help for new exporters?. The difference between import and export is that import means buying goods or services from a different country to the home country while export means selling goods or services of the home country to another country in the world. Customs Broker on site. Export management Countries / Territories International trade in goods - Exports 2001-2018. You must tell HMRC about goods that you bring into the UK, and pay any VAT and duty that is due. What is a trade deficit? Well, it all has to do with imports and exports and, well, trade. This gave Germany a trade surplus of 280 billion dollar. Also shown is each import country's percentage of total Chinese exports. Canada has a range of goods over which it imposes import controls. Bureau of Labor Statistics reported today, following a 0. A country cannot simply export one good and import the rest, i. T2L Definition: The T2L document is a customs document used in the European Union as a proof of the Inter-European community character of the export / import. The term import tax or import duty is the amount that a countries authorities charge to import or export certain goods into or out of the country. The share of agri-imports to total merchandise imports in 2005-06 was 4. data count these products as imports from the country of origin. The Trade Helpdesk for exporting to the EU provides comprehensive information for trade partner countries on how to access the EU market and benefit from preferential trade agreements. That is, these countries imported the most Chinese shipments by dollar value during 2018. Export and import is big business, but it isn't just for big businesses. Countries that import more also tend to export more, and, on average, the two will be a wash on GDP, in the long run. Countries export what it has in plenty or whatever fetches more value in export market. This indicates that. exports that create them. Demand for highly valued commodities such as oil, electrical equipment, and vehicles cause major developed and developing countries alike to import trillions of US dollars worth of goods. Calculate INSTANT PRICE QUOTE on shipping Household Goods from the USA. Native format is intended for high-speed data transfer of data between SQL Server tables. Do I need to meet any requirements before I can import goods into the US? First things first: Unless you’re importing sensitive goods such as plants, animal or dairy products, medications, trademarked or copyrighted material and so on, you don’t need a license. Exports of goods and services (% of GDP) - China from The World Bank: Data Exports of goods and services (constant LCU) Exports as a capacity to import. Germany Third on the list of the world's top exporters is the central European nation of Germany , which is also home to one of the world's largest economies. 144 Chapter 6 IMPORTING, EXPORTING, AND TRADE RELATIONS ©Getty Images/PhotoDisc. Many tariffs still exist, however, even among the most free-market countries. Shipments containing alcoholic beverages and/or tobacco products. If you import goods into Canada or export goods to other countries, you need to register for an import-export program account. International relations. Cambodia hopes to expand market for rice via upcoming China Int'l Import Expo over the same period last year, he said, adding that the export to China accounted for 39. exporters of goods and services to the EU. For the most part, imported goods do not require an Import License and are subject. B imports low grade chicken from C, but also produces it's own high grade chicken to export to country A. I have no ideal why the U. To avoid delays in releasing your goods at the border, open your program account before. Ireland’s main trading partner is the United Kingdom accounting for 34% of the country’s total imports. Imports in Ireland. Net Exports = Exports – Imports. Right now, only Canada and Mexico are exempt. government pursues a strong dollar. Import:Countries import goods,because they are harder,more expensive or impossible to make inside their country. Demand for highly valued commodities such as oil, electrical equipment, and vehicles cause major developed and developing countries alike to import trillions of US dollars worth of goods. In a country with a trade balance, these rates are about equal, with nations exporting excess items for sale, and importing the goods that it needs. What CITES documents are required? Import The import of Appendix-I specimens requires both import and export permits. How you do this may depend on whether the goods or services are received from an EU country or not. It also provides information on the total value of imports and exports as well as the current major trading partners. A two-way investment relationship is also developing. Note that in a world of two goods, the HC does not have a CA in good 2. That's why it is included in GDP (as GDP means the total market value of all final goods and services produced in a country within a given period). Moreover, Hallak (2006) shows that the propensity of rich countries to import relatively more from countries that produce high-. One of the major reason is that the goods produced locally might be of higher grade and/or quality. Imports and exports in Denmark are performed according to the country and EU laws. The exporter, importer and the country the shipment is loaded from and delivered to have to belong to the EU member countries in order for this document to be issued. There are five. export fruit during domestic harvest – import during the rest of the year. crude oil explain why the U. Just what drove the expansion of the British Empire into one of the largest in history? Kenneth Morgan weighs up whether it was the desire for greater trade or the thirst for conquest. 11 hours ago · Rwandan companies from the agricultural and handcrafts sectors will attend Chinese International Import Expo (CIIE) as the country seeks to boost exports on the global market. Two countries produce the same goods for the same costs 18. Before sharing sensitive information online, make sure you're on a. To ensure that used and second hand goods do not erode the manufacturing SACU industry and the job opportunities in this industry. To go further, check out our service Import Controls and Export Controls. business and our approach to sustainability. , India exports textile goods, Gems and jewellery, engineering goods, leather. Chances are you will discover your lifestyle business and start an import export business. 24% and imports of goods and services as percentage of GDP is 17. 76 making it the 7th most complex country. The Ricardo and Heckscher-Ohlin theories tend to predict clear patterns of specialization in trade. The Customs Warehousing Procedure allows that the temporary storage of imported non-Community goods will not be subjected to import duties, VAT and excise duties as well as to commercial measures. exporters of goods and services to the EU. for these shirt imports with chip exports. What is a trade deficit? Well, it all has to do with imports and exports and, well, trade. But sometimes we miss things on the ground that would help us understand a bit better that place we're in. Malaysian Tax History. Trump is imposing a 25% tariff on steel imports and a 10% tariff on aluminum imports. That's why it is included in GDP (as GDP means the total market value of all final goods and services produced in a country within a given period). China ranked first in exports with an export value of about 2. The import export business simply involves buying and selling of both foreign and domestic goods for a profit. Military goods and firearms are controlled by paragraphs 70-73 and 91, and Chemical Weapons Convention items are controlled by paragraph 74 of the ICL. Fuels excluded, the EU imports more from LDCs than the US, Canada, Japan and China put together. Access to cheaper imported goods is one of the primary benefit a country gains from importing, which in turn boosts its economy. the United States exports 452 products with revealed comparative advantage (meaning that its share of global exports is larger than what would be expected from the size of its export economy and from the size of a product’s. Canada and Mexico, however, count these re-exported goods as imports from the actual country of origin. Each country has its own laws and regulations for the import and export of goods into and out of a country, which its customs authority enforces. It is evident that every form of government or administration, for the words are of the same import, must contain a supreme power over the whole state, and this supreme power must necessarily be in the hands of one person, or a few, or many; and when either of these apply their power for the common good, such states are well governed; but when. As his political peril increases, Trump’s legislative prospects are disappearing. Using The Website Found Below, Complete The Exercises Listed Below. Egyptian export performance is supported by an aggressive three-year plan to promote exports of goods and services. Agricultural products like sugar, tea, rice, spices, tobacco, coffee, etc. This paper will explore some of the reasons why some import prices change so little relative to a change in the value of the dollar. • Duties and tariffs are both forms of taxes that are imposed on the import and export of goods to and from foreign countries. Merchandise Exports from India Scheme (MEIS). In the administration of the relevant provisions of the ITA Act, by Import and Export Control a distinction is drawn between the importation of new goods and used goods, second-hand goods and waste and scrap. Exports, Imports and Trade balance; Monthly trade data; Trade Indicators; Turkey Tariff Schedule; Product Exports and Imports. , India imports Crude oil, machinery, fertilizers etc. exports next to no oil. If a country imports products that are also locally produced, then that means importing such products makes profit. The fact-checkers, whose work is more and more important for those who prefer facts over lies, police the line between fact and falsehood on a day-to-day basis, and do a great job. Today, my small contribution is to pass along a very good overview that reflects on one of Trump’s favorite overarching falsehoods. Namely: Trump describes an America in which everything was going down the tubes under  Obama, which is why we needed Trump to make America great again. And he claims that this project has come to fruition, with America setting records for prosperity under his leadership and guidance. “Obama bad; Trump good” is pretty much his analysis in all areas and measurement of U.S. activity, especially economically. Even if this were true, it would reflect poorly on Trump’s character, but it has the added problem of being false, a big lie made up of many small ones. Personally, I don’t assume that all economic measurements directly reflect the leadership of whoever occupies the Oval Office, nor am I smart enough to figure out what causes what in the economy. But the idea that presidents get the credit or the blame for the economy during their tenure is a political fact of life. Trump, in his adorable, immodest mendacity, not only claims credit for everything good that happens in the economy, but tells people, literally and specifically, that they have to vote for him even if they hate him, because without his guidance, their 401(k) accounts “will go down the tubes.” That would be offensive even if it were true, but it is utterly false. The stock market has been on a 10-year run of steady gains that began in 2009, the year Barack Obama was inaugurated. But why would anyone care about that? It’s only an unarguable, stubborn fact. Still, speaking of facts, there are so many measurements and indicators of how the economy is doing, that those not committed to an honest investigation can find evidence for whatever they want to believe. Trump and his most committed followers want to believe that everything was terrible under Barack Obama and great under Trump. That’s baloney. Anyone who believes that believes something false. And a series of charts and graphs published Monday in the Washington Post and explained by Economics Correspondent Heather Long provides the data that tells the tale. The details are complicated. Click through to the link above and you’ll learn much. But the overview is pretty simply this: The U.S. economy had a major meltdown in the last year of the George W. Bush presidency. Again, I’m not smart enough to know how much of this was Bush’s “fault.” But he had been in office for six years when the trouble started. So, if it’s ever reasonable to hold a president accountable for the performance of the economy, the timeline is bad for Bush. GDP growth went negative. Job growth fell sharply and then went negative. Median household income shrank. The Dow Jones Industrial Average dropped by more than 5,000 points! U.S. manufacturing output plunged, as did average home values, as did average hourly wages, as did measures of consumer confidence and most other indicators of economic health. (Backup for that is contained in the Post piece I linked to above.) Barack Obama inherited that mess of falling numbers, which continued during his first year in office, 2009, as he put in place policies designed to turn it around. By 2010, Obama’s second year, pretty much all of the negative numbers had turned positive. By the time Obama was up for reelection in 2012, all of them were headed in the right direction, which is certainly among the reasons voters gave him a second term by a solid (not landslide) margin. Basically, all of those good numbers continued throughout the second Obama term. The U.S. GDP, probably the single best measure of how the economy is doing, grew by 2.9 percent in 2015, which was Obama’s seventh year in office and was the best GDP growth number since before the crash of the late Bush years. GDP growth slowed to 1.6 percent in 2016, which may have been among the indicators that supported Trump’s campaign-year argument that everything was going to hell and only he could fix it. During the first year of Trump, GDP growth grew to 2.4 percent, which is decent but not great and anyway, a reasonable person would acknowledge that — to the degree that economic performance is to the credit or blame of the president — the performance in the first year of a new president is a mixture of the old and new policies. In Trump’s second year, 2018, the GDP grew 2.9 percent, equaling Obama’s best year, and so far in 2019, the growth rate has fallen to 2.1 percent, a mediocre number and a decline for which Trump presumably accepts no responsibility and blames either Nancy Pelosi, Ilhan Omar or, if he can swing it, Barack Obama. I suppose it’s natural for a president to want to take credit for everything good that happens on his (or someday her) watch, but not the blame for anything bad. Trump is more blatant about this than most. If we judge by his bad but remarkably steady approval ratings (today, according to the average maintained by 538.com, it’s 41.9 approval/ 53.7 disapproval) the pretty-good economy is not winning him new supporters, nor is his constant exaggeration of his accomplishments costing him many old ones). I already offered it above, but the full Washington Post workup of these numbers, and commentary/explanation by economics correspondent Heather Long, are here. On a related matter, if you care about what used to be called fiscal conservatism, which is the belief that federal debt and deficit matter, here’s a New York Times analysis, based on Congressional Budget Office data, suggesting that the annual budget deficit (that’s the amount the government borrows every year reflecting that amount by which federal spending exceeds revenues) which fell steadily during the Obama years, from a peak of $1.4 trillion at the beginning of the Obama administration, to $585 billion in 2016 (Obama’s last year in office), will be back up to $960 billion this fiscal year, and back over $1 trillion in 2020. (Here’s the New York Times piece detailing those numbers.) Trump is currently floating various tax cuts for the rich and the poor that will presumably worsen those projections, if passed. As the Times piece reported: