Trading is a key contribution in our economy that involves importing and exporting among countries in the economy, with China being one of the most involved countries. There are multiple decisions that go into trading between countries, whether it is whom you choose to trade with or what you wish to trade. Although China is known as a major trading partner with multiple countries, its biggest contribution to trading deals with its exports. According to GlobalEdge, the leading country that China exports to the most is the United States. The United States has a drastic lead of revenue from exports over the next leading country, Hong Kong, with $34,017,016,534 more to be exact (GlobalEdge). Other major exporting partners of China include Japan, …show more content…
The other major importing countries with China are Japan, The United States, China itself, Germany, Australia, Malaysia, Brazil, Saudi Arabia, and South Africa. In order to import goods into China, all of these countries and any other country must follow these requirements: authorization from the various governmental bodies; sufficient foreign exchange; and an import license (in some cases) (Trade Law). The “various governmental bodies” required in order to obtain authorization of importing are the supervising organization, the state planning commission, the economic commission, the Ministry of Foreign Trade and Economic Cooperation, and Foreign Trade Companies (Trade Law). The items that are being imported to China consist of electrical machinery, being the most imported item, oil and mineral fuels, industrial machinery, ores, precision instruments, motor vehicles and parts, items nesoi, plastics, organic chemicals, and copper. The items that are being exported from China consist of electrical machinery, being the most exported item, industrial machinery, furniture, apparel: knit, apparel: non-knit, precision instruments, plastics, motor vehicles and parts, precious stones and metals, and iron and steel articles …show more content…
In recent years, “China has gradually liberalized its foreign trading system and has continued to reduce administrative barriers to trade (HKTDC).” In previous decades, only certain types of businesses could trade with China. But now, all types of enterprises, even small businesses and privately owned enterprises, can trade with China. Since smaller businesses may not be able to afford certain trading regulations that are related to China, the tax tariffs on most imports from China have decreased, especially on daily consumer products. “The import tariff on suits and furskin apparels is lowered from 14-23% to 7-10%; import tariff on short boots and sports shoes goes down from 22-24% to 12%; import tariff on paper diapers will drop from 7.5% to 2%; while that on skincare products from 5% to 2% (HKTDC).” There are also multiple countries that have a Free Trade Agreement with China, including ASEAN, Pakistan, Chile, New Zealand, Singapore, Peru, Costa Rica, Iceland, Switzerland, Korea and Australia (HKTDC), and there are multiple countries that are in the process of acquiring a Free Trade Agreement, including Gulf Cooperation Council (GCC) countries, Norway, Japan-Korea, Sri Lanka, Regional Comprehensive Economic Partnership (RCEP) and ASEAN FTA upgrade negotiation
Trade is the most common form of transferring ownership of a product. The concepts are very simple, I give you something (a good or service) and you give me something (a good or service) in return, everyone is happy. However, trade is not limited to two individuals. There are trades that happen outside national borders and we refer to that as international trading. Before a country does international trading, they do research to understand the opportunity costs and marginal costs of their production versus another countries production. Doing this we can increase profit, decrease costs and improve overall trade efficiency. Currently, there are negotiations going on between 11 countries about making a trade agreement called the Trans-Pacific
Because the manors supplied their own source of materials that were needed for community the society became self sufficient. Essential needs such as food, cloth, fuel, lumber, and other goods were produced from the land or animals. Consequently the few outside purchases made were things that weren’t grown on in that region such as salt and iron. Document 3 states, “International trade was carried on only to serve the demands of the wealthy, and it was largely in the hands of aliens [different peoples]—Greeks, Jews, Moslems. Local society made almost no use of money.’’ This shows that there was little need for international trade, those of the few who participated were meeting the demands of the wealthy. Also the trade heavily relied on people
Trade, of course, is only part of a larger network of relationships between our two countries. This network evolves in response to many complex influences, and exporters need to consider how our two countries' ever-expanding, ever-changing relationships will affect their activities. To take just a few examples:
Secondly, the existence of merchant may maintain the stability in border areas (South-East). And the oversea trade is also an extremely part of the tribute system that can display China’s powerfulness. Lastly，the author calls for lax of business environment and tax policy with the expectation of trade
...olombia but the US as well since most of the coca produced in Colombia is exported to Mexico or the United States.
Academic Consortium on International Trade (2000) Letter to Presidents of Universities and Colleges. Available at: http://www.spp.umich.edu/rsie/acit/ [Accessed 1 April 2014]
In 2008, the Global Financial Crisis broke out; both the American economy and the economy in the West suffered a hard blow. However, a big economy system in the East emerged unexpectedly. China is now able to challenge the America’s decades-long dominant position in economic area. Started during the middle of 1990s, China’s manufacturing industry developed rapidly that billions of exports were floating out, and China was given the title of “the world’s factory”(BBC). By the end of 2010, China with a GDP of $5.8 trillion, surpassed Japan’s GDP of $5.48 trillion, became the world’s second largest economy system (BBC).
In 1978, China was positioned 32nd on the planet in export volume, yet it had multiplied its reality exchange and got thirteenth biggest exporter in 1989. Between 1978 and 1990, the normal yearly rate of exchange extension was over 15 percent,[11] and a high rate of development proceeded for the one decade from now. In 1978 its exported on the in the world of the overall industry was insignificant, in 1998 regardless it had short of what 2%, however by 2010, it had a world piece of the overall industry of 10.4% as stated by the World Trade Organization (WTO), with stock fare offers of more than $1.5 trillion, the most astounding in the world.
Many of other goods were traded, or sold but I think these were the most important for China, especially in Gansu. Silk was what started the "Silk Road" and it became one of the most wanted item. Horses were really helpful when people needed to transport to somewhere or when they were escaping or attacking people. Horses were really important when people needed to get through the Taklamakan desert. Silver was another important trade because without silver China would have not developed their economic system, and they won't be able to trade with other countries or learn from others.
There are many factors that contribute to countries trading. For example, Mexico has great and ripe avocados which Canada doesn’t have a lot of, and Canada has a lot of trees and wood, so why wouldn’t it make sense to trade for something you don’t have and giving something you have lot of. The relationship between Mexico and Canada has continued to grow since the establishment of diplomatic relations in 1944, Canada and Mexico are each other's third biggest and best trading partner, In 2012, Canada’s exports to Mexico were $5.4 billion, with imports nearly $26.7 billion. Mexico imported almost $27 billion. And in 2014 Canada and Mexico two-way trade amounted to over $34.3 billion, Mexico is also very important for Canada because Mexico is the
When America's cotton is sent to China, it is made into T-shirts in the sweatshops of China by laborers working 12-hour days and being paid subsistence wages. When the finished T-shirts re-enter the U.S., they are protected by the government through subsidies, tariffs, taxes, and protectionist policies that ensure that these foreign products will not provide too much competition to American-made shirts. Government regulations control how many T-shirt can be imported from various countrie...
The massive increase in the Chinese trading relations was fueled by the United States in the year 1979 through the normal trade relations between the two countries. In addition, the Chinese non-concession to the World Trade Organization (WTO) in the year 2001 also facilitated its trading activities with different countries including the United States (Kaplan, 57). However, trading relations with the Chinese have been uneasy resulting from the massive trade imbalances in the recent past, which grows exponentially. The protectionist policies of the United States especially in Washington and Beijing have been putting pressure on the Chinese to revalue their currency as well as protecting it from counterfeits, which may be of adverse effects to the trading relations. This paper gives a comprehensive discussion on the foreign trade relations with china. It further gives an elaborate discussion on the impacts of foreign tr...
The U.S. trade deficit has risen more or less steadily since 1992. In the second quarter of 2004, the trade deficit relative to GDP surpassed the 5 percent mark for the first time. Many economists already considered trade deficits above 4 percent of GDP dangerously high. The fear is that continued growth in this external imbalance of the U.S. economy will ultimately spook overseas investors. http://www.americanprogress.org/issues/2004/09/b193700.html
International Trade Law Case Study Introduction International trade transaction is essential for the sale of goods with the addition of an international element. In practice, the seller and buyer are in different countries where the goods must travel from the seller’s country to the buyer’s country by various means of transports. In international sale of goods, they usually transit the goods by sea because of the international transactions. Therefore, contracts for the carriage of those goods must be procured between the seller or buyer and common carrier depending on different types of sale of contracts. Moreover, in most of incidences, the agreed goods are usually insured at a reasonable amount in case of being loss or damaged during the transit.
China’s economical strength comes from its international trades as the economy has grown to a rate of 10.3% in 2010. It has become the world’s largest exporter in the global economy. In the area of trade, three major strengths of China are 1) it is the single most important challenge for the European Union (EU) trade policy, 2) China is the second trade partner behind the U.S., and 3) it is the EU’s biggest source of imports by far with the dramatic increase in the EU-China trades over the recent years. The EU exports of goods to China were 113.1 billion Euros and in imports was 281.9 billion Euros in 2010. The service exports were 18 billion Euros and in imports were 13 billion Euros in 2009. China has also established trades with Australia. Recently, the two countries have been cooperating and assisting each other in industries such as agriculture, energy and minerals as they continue their free trade agreements (Jia Qinglin).