What are Australia's main import and export commodities?
According to the Economic Complexity Index (ECI), Australia exports $234 billion in goods, making it the 20th largest exporting economy in the world. As a desert continent, Australia relies heavily on the coastal economy as a source of income to maintain its population.
Australia is also regarded by ECI as the world's 22nd largest importer, with total annual imports of $199 billion. However, this figure is the result of a steady decline in imports over the past five years. In terms of wealth per capita, Australia is the second richest country after Switzerland.
What does Australia export?
Australia's main export is iron ore, followed by coal, gold and oil, the other most valuable exports. These exports alone amounted to $48.2 billion, $47 billion, $29.1 billion and $20.3 billion, respectively. Of course, the country also ships other notable items, including food, wine, and cars.
What does Australia import?
In 2018, Australia imported about $227.3 billion worth of goods from around the world. The country's imports account for only 1.3 percent of total global imports, estimated at around $17.788 trillion. Oil and crude oil and cars appear to be Australia's main imports.
Australia's largest importsalone were valued at about $187.5 billion, equivalent to 82.5% of its total imports. Other notable growth in Australia's imports include furniture, bedding, lighting, signage, prefabricated buildings, plastics and plastic products.
Australia is known for its uninterrupted annual economic growth, growing steadily at around 3% per year. Its strong economy is largely due to deep trade ties with the Asian region and its largest iron ore export, accounting for more than 30% of the world's iron ore supply.
Whether by air or sea, Canada is one of the major trade destinations. Stretching from the Atlantic to the Pacific, this North American country has three territories and ten provinces. It even turned northward towards the Arctic Ocean.
Not only is Canada famous for its maple syrup, but it also covers two-fifths of the North American continent. As it borders several waterfronts, it has some of the most efficient and modern ports in the world.
1. Port of Vancouver
The port is overseen by the Vancouver Fraser Port Authority and is the largest port in the country. In North America, it ranks third in tonnage capacity. As a major port for facilitating trade between the country and other world economies due to its strategic positioning between different maritime trade routes and river fishing lanes. It is served by an intricate network of interstate highways and railroads.
The port handles the country's total cargo volume of more than 76 million tons, roughly equivalent to more than $43 billion in imports and exports from global trading partners. The port has 25 container, bulk and bulk terminals that directly provide employment to more than 30,000 individuals working in maritime cargo, shipbuilding and repair, the cruise industry and other non-maritime businesses. Theocean freight sector is the port's largest revenue generator and employer, followed by the cruise industry.
Vancouver is the base port for the Vancouver-Alaska cruise ship. In 2019, the port hosted more than 1 million cruise passengers on 288 cruise ships, a 22% increase in passenger traffic compared to the previous year. The city's net income per cruise ship is approximately $3 million.
2. Port of Montreal
Located on the St. Lawrence River fairway, the port has had a huge impact on the economies of Quebec and Montreal. This is because it is located on the shortest direct trade route between North America, the Mediterranean region and Europe.
The use of some of the latest technologies ensures the efficiency of the port. They're just starting to use AI-powered intelligence to predict the best times for drivers to pick up or drop off. In addition, they have secured funding to build a fifth container terminal, giving the port a larger capacity than the current annual capacity of at least 1.45 million TEUs. With the new terminal, the port is expected to be able to handle 2.1 million TEUs. The port handles more than 35 million tons of cargo annually.
3. Prince Rupert
Prince Rupert was built as an alternative to the Port of Vancouver, and it has a huge impact on the global market. It efficiently operates export products such as wheat and barley through its food production terminal, Prince Rupert grain. The terminal is one of the most modern grain facilities in Canada, handling more than 7 million tons of grain per year. It also has a storage capacity of over 200,000 tons. It serves the North African, American and Middle Eastern markets.
The Westview terminal handles the port's timber exports, which go to European markets, while the Ridley Coal Terminal exports metallurgical coal for steelmaking in Asian economies. This is the port of call when exporting most of Canada's natural resources. It is connected to mines, forests and fields within Canada, and the port is able to handle bulk cargo from inland Alberta, Manitoba and Saskatchewan, effectively preventing cargocongestion at another port and unnecessary export delays.
4. Port of Halifax
Connected to 150 economies around the world, the port is the epitome of efficiency, and its self-imposed deadlines help it move cargo quickly, while still maintaining a high level of professionalism. The port plans to be able to handle two large ships simultaneously when the container berths will be fully expanded by March 2020. Container traffic on Canada's east coast, where the port is located, tripled, meaning the port had to expand to accommodate traffic and take advantage of the influx.
The port is strategically located at the gateway for the movement of goods in and out of North America. Perhaps its greatest advantage is that it is an ice-free port and a deep-water port with few tides, so it can operate comfortably year-round. It is one of the four largest container ports in Canada capable of handling large volumes of cargo. It has facilities for oil, grain, gas, general cargo and shipbuilding and repair shops. In addition to handling general cargo, ro/ro and bulk cargo, it also welcomes cruise ships. It has become the world's leading port of call for cruise ships.
5. Port St. John
Located in the east of the country, this port is the largest port in the region. It handles bulk, breakbulk, liquid cargo, dry cargo and containers. The port can handle around 28 million tons of cargo, and connections to 500 other ports around the world make it a major facilitator of commerce in the country.
The Port of St. John's has excellent connections to Canada's inland markets by road and rail, as well as a popular cruise terminal. They also have terminals that cater to crude oil, scrap metal recycling, molasses and other commodities and products.
According to the Observatory of Economic Complexity (OEC), Argentina has the 45th largest exporting economy in the world. In 2018, Argentina became the 29th largest importer of consumer goods to the United States, exporting goods worth $61.6 billion to the world. Considering that Argentina's economy in the late 90s was very unstable due to the country's rising debt and inflation, it's safe to say they did well.
Main export
The South American country is one of the world's leading producers of crops - accounting for 54 percent of its exports - making crops Argentina's main export. These crops include wheat, soybeans, corn, barley, rice, flaxseed, sugarcane, cotton, citrus fruits and grapes. Argentina is actually the fifth largest wheat producer and exporter in the world.
At least 31 percent of their total exports include manufactured goods. This will include cars, auto parts, steel, aluminum and chemicals. The country produces about 818,000 barrels of crude oil per day, and in Santa Cruz alone, an estimated 552 million tons of coal exist in mineral form.
In 2018, Argentina imported about $65.4 billion worth of goods from around the world. Overall, about a third of imports come from neighboring Latin American countries, including the Caribbean. Considering their population of 44.7 million, their total import volume equates to an annual product demand of $1,500.
Below is a list of Argentina's most important imports and values:
Automobiles ($13.2 billion - 19.8% of its total imports)
Machinery ($9.9 billion - 14.9% of total imports)
Electrical equipment ($8.6 billion - 12.9% of its total imports)
Fossil fuels/petroleum ($5.5 billion - 8.2% of its total imports)
Plastics ($2.4 billion - 3.6% of its total imports)
Pharmaceuticals ($2.4 billion - 3.6% of its total imports)
Organic chemicals ($2.3 billion - 3.5% of its total imports)
Medical equipment ($1.8 billion - 2.7% of total imports)
Other chemical products ($1.4 billion - 2.3% of its total imports)
Steel ($1.3 billion - 1.9% of total imports)
Argentina also importsfrom Bolivia, Thailand, Japan, India, Italy, Spain, and France, accounting for 1.9%, 1.9%, 1.6%, 1.2%, 2.5%, 2.2% and 2% of the source of imports, respectively. Argentina is the world's 42nd largest importer, and as a major player in the global trade economy, the country continues to impress in terms of its size and geographic location in terms of export volumes.
The United Kingdom consists of England, Wales, Scotland and Northern Ireland. It is an island nation with several influential cities in different fields such as sports, culture and finance. The UK also has some of the most influential ports in the world.
Britain's five main ports
1. Felixstowe Port
Located in Suffolk, the port is also the busiest port handling 48% of the country's container trade. It happens to be the eighth busiest port in Europe, handling 3.8 million TEUs of container traffic. The port is located on the southeast coast of the United Kingdom and has access to major ports on and around the northwest coast of continental Europe.
The Port of Felixstowe is the UK's first purpose-built container handling port, serving the world's largest container ships. Due to its water depth, it can comfortably accommodate large ships, especially in the 8th and 9th berths dedicated to large container ships. The port also has three rail lines promoting intermodalrail freight, making it the largest rail transport facility in the UK. Strengthening the rail link to the port will allow 47 freighttrains to pass through the port every day.
2. Port of Southampton
The Port of Southampton is a popular passenger port, but it also handles a lot of cargo. Located on the south coast of the country, it is centrally located in the region and is directly connected to the rail and road system. This means that passenger movement through the port is efficient, as is the movement of goods in and out of the port. Excellent road and rail transport is critical, as the port receives approximately 1.7 million passengers annually from cruise lines such as Royal Caribbean, Saga Cruises and Fred. Olsen Cruise line and local Cunard Line and P&O Cruises.
The port handles vehicular freight volumes of up to 820,000 vehicles per year. It is equipped with 80 hectares of facilities dedicated to vehicle storage and five multi-storey car parks dedicated to car parks to handle the storage of these vehicles. The port is home to the UK's second largest container terminal, handling more than 1.5 million TEUs a year. It clears 23 containers a day to and from major cargo producing regions such as the Midlands, Scotland, the East Coast and the country's north-west.
3. Port of London
Partly on the Thames and the North Sea, this port is the gateway to the UK's financial capital. At some point this was the largest port in the world, but now it is the second largest in the UK. In 2018, trade through the port reached 51.2 million tonnes, the highest level the port reached a decade ago. By 2035, the port expects cargoflow on its river routes to increase to 80 million tons.
The Port of London claims to have some of the best rail, road and sea connections to the rest of the UK. All cargo facilities found within this port are privately owned and operated. They handle everything from containers to dangerous goods and food, people and machinery.
4. Port Immingham
The common name for this port is Immingham Wharf, and it is one of the main ports on the east coast. Back in 2012, it became one of the UK's largest ports. It remains the UK's largest port by tonnage capacity, handling 55 million tonnes of the country's cargo each year. The port plays a vital role in facilitating the IK supply chain, ensuring sustainable power generation in the country. This is because the port will be connected to the rest of the country by the Humber River, which is largely considered to be the mouth of the UK's energy estuary.
The Port of Immingham handles 10 million tonnes of coal and 20 million tonnes of oil, cementing the port's position as access to the country's energy. Their ro-ro service serves the Scandinavian, Nordic and Baltic markets as the port is less than 24 hours away from these markets.
5. Port of Liverpool
This port is the most central port in the UK. This makes it versatile in handling all types of cargo, including agricultural bulk, container, automotive, dry bulk, forest products, energy products, metals, ro-ro, liquid bulk and project cargo.
The port has a large $400 million shipping terminal that welcomes large ships. But the port itself is also a tourist attraction. It is home to some of the country's timeless classic buildings, known as Liverpool's three charms. Arranged along the waterfront, they stand in the splendor of Edwardian Baroque architecture.
Chile's economy is considered one of the most stable in South America. It also has the highest gross domestic product (GDP) per capita in all of Latin America. According to the Economic Complexity Index (ECI), Chile's economy is the 61st most complex in the world. It also happens to be the 42nd largest economy in the world.
Now let's look at Chile's importsand exports separately.
Machinery accounted for nearly a quarter of total imports, thus reaching $15.2 billion. Under this sector, the most imported goods include computers, video monitors, broadcasting equipment, accounting for 1.8%, 1.2% and 2%, respectively.
Apart from machinery, the most imported commodities are minerals and means of transport. In fact, the three major categories of products imported by Chile are crude oil ($5.43 billion, accounting for 7.9%), refined oil ($5.33 billion, accounting for 7.7%) and automobiles ($3.8 billion, accounting for 5.5%).
Chile's top three import partners are China, the United States and Brazil. China accounted for 21% with $14.8 billion, the United States accounted for 20% with $14.0 billion, and finally, Brazil accounted for 7.7% with $5.31 billion. Crude oil is Chile's largest import item, supplied by Brazil (43%), Ecuador (36%) and Angola (6.4%).
Refined petroleum is Chile's second largest import.
About 90%, mainly supplied by the United States. After the United States, the next two largest suppliers of refined oil are Japan (4.5%) and the Netherlands (1.4%).
Automobiles are Chile's third-largest imported commodity, accounting for 5.5% of total imports. The top three countries supplying cars to Chile are South Korea (26%), Japan (22%) and the United States (10%).
Main export
Metals are Chile's largest export category
reached $23.2 billion, nearly a third of all exports. In this category, the three products with the largest export volume include refined copper, raw copper and copper wire, which accounted for 23%, 3.8% and 0.7% respectively.
The two largest categories of exports are minerals and vegetables
$20.5 billion and $7.43 billion, respectively. Copper ore is the second largest export commodity. It belongs to the minerals category and accounts for 21% of all Chilean exports.
Chile's top three export partners
They are China ($18.9 billion, or 25%), the United States ($9.3 billion, or 12%), and Japan ($7.81 billion, or 10%). Together, these three countries imported 47 percent of Chile's exports. %.
Chile happens to be the largest importer of refined copper, followed by the United States. On the other hand, copper ore is imported from Japan and China. In addition to copper ore and refined copper, raw copper ($1.23 billion) and kraft chemical wood pulp ($1.17 billion) are two other commodities that Chile imports.
The United States is China's second largest importer, responsible for importing fish fillets ($1.38 billion) and grapes ($694 million). Non-fillet frozen fish ($615 million) and fillets ($452 million) were the second and third largest exports to Japan.
Add up
While Chile's top sources of importsare China ($15.4 billion), the United States ($11.5 billion), Brazil ($5.32 billion), Argentina ($2.77 billion) and Germany ($2.63 billion), the top export destinations include China ($19.2 billion), the United States ($10.3 billion), Japan ($6.38 billion), South Korea ($4.06 billion) and Brazil ($3.44 billion).
Items that fall into its importcategory are automobiles, refined oil, crude oil, broadcast equipment and delivery trucks. In terms of export items, according to the 1992 revised HS (Harmonized System) classification, there are refined copper, copper ore, fish fillets, kraft chemical wood pulp and blister copper.
Chile is located at the southernmost tip of South America and winds its way up the west coast of the continent. Economically, Chile is located on the Pacific Ocean and is a hotspot for international trade. It also helps that Chile is the world's No. 1 copper exporter - demand for copper is at an all-time high.
Introduction of the five largest ports in Chile
1. Port of Valparaiso
The city of Valparaiso is a cultural and architectural treasure, featuring incredibly steep hills, beautifully decorated houses and streets filled with one-of-a-kind artworks. In fact, the city is considered Chile's "Cultural Capital" and its historic district was declared a UNESCO World Heritage Site in 2003.
Pass through the maze of cobblestone alleys and you'll find the port of Valparaiso. The port is located just 140 kilometers from Santiago, on the central coast of Chile. Valparaiso is one of the busiest ports in Chile, as it is an important cultural center and a major trade center. It is also the largest container port in the country. It doesn't hurt to have majestic mountains overlooking the coast, either.
2. Port of San Antonio
As one of the largest ports in Chile, San Antonio is ranked as the 13th busiest port in South America. The city itself has a Mediterranean climate and endless green hills. Being so close to the Chilean capital, San Antonio also has beautiful and modern high-rises that overlook the Pacific Ocean without getting too close. (If you can imagine Miami but with hills, you'll get a good idea of what the city looks like).
Located in one of Chile's central seaports, this port is very close to the capital and is known as a major seafood trading area.
3. Puerto Punta Arenas
The city of Punta Arenas is located in the center of Patagonia. With its snow-capped mountain landscape, modern architecture and old-school urban vibe, the city has been a timeless destination for explorers from all over the world.
Located on the edge of the Strait of Magellan, the southernmost city in Chile, it is arguably the most visited of all seaports in Chile. The second of only two free ports in Chile, it offers everything from museums to restaurants to cruise ships and has seen a recent increase in petrochemical trade.
4. Port of Iquique
Pronounced e-key-kay, this Chilean seaport is the only other free port in the country. Located on the north coast, it is one of Chile's oldest ports, thanks to the country's victory over Peru in the 1883 Pacific War.
Although it is a smaller port compared to other ports, its economic significance has always been a long-term trading center. The city of Iquique is known for its white-sand coastline, water sports and tax-free status - attracting thousands of tourists every year.
Since 2014, Iquique International Terminal (ITI) has been planning plans to expand the port's terminal to make room for larger trade ships. The plan is to turn the small seaport into a hub, a direct bridge to Asian markets and rivaling Chile's largest port. Currently, the expansion concession is being extended until 2030. Once the project is finalized, the port of Iquique will become an influential trade hub.
5. Arica Port
The Port of Arica is also located on the country's northern coast, bordering Peru. In the south, the city of Arica meets the Atacama Desert. Arica is rich in archaeological and ancient history, while offering a beautiful and sunny landscape full of modern activities.
With ancient battlefields, dunes, national parks, colonial buildings and churches, Arica is known as Chile's largest agricultural seaport. While other ports are notorious for their seafood, Arica is known for exporting citrus fruits and locally produced olives from farms in the Azapa and Rio Lluta valleys.
New Zealand has established long-term import and export relationships with many countries around the world. However, her main trading partners are China, which accounts for 20% of its exports, Australia 18%, the EU 12%, the US 11% and Japan 6%. The country's economy is built on very developed free market trade and is the 53rd largest economy in the world.
Although her trade and economic interests are closely tied to Australia's due to the closer economic relationship agreement signed between the two countries in 1983, New Zealand's GDP is considered huge because of its population and land area. This means New Zealanders enjoy higher incomes and a better quality of life for the most part.
New Zealand's high GDP major imports and exports include:
New Zealand no longer assembles passenger cars because tariff protections have been lifted and it has become cheaper to import already assembled cars. In the mid-1980s, car assembly was a huge industry in the country, with an annual assembly rate of nearly 100,000 vehicles. But when the country began to restructure the economy, the restrictions were lifted and people could import used cars from Japan.
The import of cars at the time made it possible to own a decent car despite the financial pressure on the economy. But even after stabilization, such imports continued to prosper in large numbers. Ford, Mazda, Honda and Toyota are some of the brands that still dominate the New Zealand new car market, but they don't sell as much. Even the new cars are sourced from markets such as Japan, Australia, Thailand, the US and the UK, shipped from overseas and distributed by New Zealand-based freight companies.
Crude
New Zealand is a huge consumer of crude oil and since its self-sufficiency in oil production is only 17% of what they need, they have to import 97% of the goods. Oil is a major part of New Zealand's economic operation, and although the country has some oil reserves, its production has been declining for years. They import oil from Malaysia, Australia, South Korea and Papua New Guinea, Saudi Arabia, Iraq, Nigeria, Russia and Indonesia.
Once crude is imported, New Zealand can refine and process it to meet most of the country's domestic needs.
Refined oil products
All petroleum products account for the largest proportion of New Zealand's imports, including refined petroleum products. The country imports refined oil from Japan, Australia, the United States, Germany and China. New Zealand's Marsden Point Crude Oil Refinery gets 70% of its refined oil from crude oil imported into the country. 30% of the deficit is imported, and some of their major refined oil imports include aviation lubricants and gasoline.
Mechanical equipment
New Zealand's machinery and machinery imports rose 9.7% in 2019. The main suppliers of these devices in the country are the US, EU and Australia. While Japan will traditionally supply a significant portion of these imports this year, the market's share has declined.
New Zealand's major machinery and equipment importsinclude vehicles, mechanical equipment, nuclear reactors, boilers, electrical equipment, and aircraft and spare parts. In fact, vehicle and machinery imports make up the two highest importbills in New Zealand.
Main export
Beef
New Zealand's beef and lamb export earnings hit a record $4 billion in 2019. Chinese demand for these products has put New Zealand in high demand for one of its key exports. Demand for New Zealand meat has persisted for decades due to best practices implemented in cattle rearing.
They are kept in a clean environment, veterinary visits are regularly scheduled, and the industry has welfare regulations that apply to these animals. The New Zealand Meat Industry Association ensures farmers adhere to these specifications to guarantee the best meat on the market. New Zealand's red meat industry was created by 14,000 commercial cattle, sheep and deer farms working with major companies to produce red meat.
Aluminum
Annually, New Zealand exports $23 million in aluminium to the US alone. Although the country is not yet among the world's aluminum exporters, its aluminum exports are worth more than $500 million annually globally.
The main destination for New Zealand aluminium is Japan, which accounts for 60% of export shipments each year. Now that New Zealand has been given the go-ahead to develop technology that will make New Zealand a world leader in low carbon aluminium, these exports face a bright future.
Wool
Wool has always been a traditional New Zealand export. In 1989, wool exports of New Zealand wool were worth $1.8 billion, up from $70 million in the early 1980s. Despite declining sales in the 1990s, the export of New Zealand wool has been reborn as technological and scientific advances have made it a sustainable industry again. The country has exported more than 100,000 tonnes of wool so far in 2019.
There are only a handful of countries in the world that can claim to be the world's major oil producers. Mexico is one of them. Mexico has long been a trading partner of the world's developed economies such as the United States, Spain and New Zealand.
In fact, Mexico is the 9th largest exporting economy in the world. Having said that, this is their main export and import.
Main export
Oil
One of the main destinations for Mexican oil is the United States, which accounts for 48% of the country's oil production. The United States imported more than 210 million barrels of crude oil from Mexico. Other countries that supply Mexico with oil include Canada, China, Japan, New Zealand, Australia and Germany. Mexico currently earns $18 billion a year from crude exports alone, and given the country's large oil reserves, it's a revenue avenue that isn't expected to decline anytime soon.
Mexican oil accounts for more than 30 percent of government revenue, and it continues to attract and drive public and private sector investment in the country.
Car
Mexican auto exports grew, with the sector accounting for 11% of Mexico's total exports. Auto parts and accessories also make up a large portion of the export equation, with 7% of these products leaving the country for foreign markets. The numbers fluctuate over a few months, but that's to be expected as countries grapple with a recession and trade war.
Brands with manufacturing plants in Mexico include General Motors, Nissan, FCA Mexico, Volkswagen, Kia, Mazda, Toyota, Audi, Honda. Vehicle exports were low in the first few months of 2019, but quickly reached an all-time high in March 2019.
Mexico is the fifth largest exporter and manufacturer of specialized and heavy-duty vehicles and vehicle components, especially components used in the agricultural and construction industries. The United States and Canada receive the largest number of light vehicle exports from Mexico.
Minerals
Mexico is the world's seventh largest copper exporter and ninth largest gold exporter. Mexico has been in the mining and minerals business for centuries, during which time it has traded minerals with neighboring countries such as the United States.
The mining industry in Mexico is a major player in government revenue generation because the country has excellent geological potential for mining. Countries such as Canada, Germany, the United States, Japan and Spain have made significant mining investments in the country, making it an export destination for Mexican minerals.
Mexico is a major consumer of corn on the global market. The product's largest trading partner is the United States, which exported more than 44 million tons of corn to Mexico in 2019. Other countries supplying corn to Mexico include Argentina, which supplied Mexico with 150,000 tons of corn to supplement its exports from the U.S.
Motor
In 2017, Mexico imported $150 billion worth of electrical machinery and equipment from the rest of the world. Currently, motor importsaccount for 40% of the country's total annual imports. As its biggest import, the country has to find a different source for it, and India has quickly become one of its regular suppliers of $210 million worth of equipment.
The growth of electric machinery is mainly supported by mining and automobile manufacturing.
Refined oil
Mexico is increasingly reliant on refined products from the U.S. and other countries, even though they export crude to the same countries. Mexican refiners, accustomed to processing light crude oil, cannot meet demand and therefore rely on foreign countries to refine petroleum products.
The Mexican economy relies heavily on oil to keep its industries and manufacturing plants running, so they must keep oil products flowing through exports.
Medical equipment
80% of Mexico's medical supplies and equipment are imported into the country. The country has spent $5.7 billion procuring medical supplies for the health sector. The Mexican health sector is divided into three segments: medical services, pharmaceuticals/biopharmaceuticals, and medical devices.
In Mexico, all medical devices and equipment can be imported duty-free as long as the NAFTA Certificate of Origin is presented. With the growth of medical tourism in Mexico, the number of patients has soared, and so has the demand for high-quality medical equipment and equipment.
Medical tourism is one of the main reasons why medical devices are one of the main importsof the Mexican economy.
Peru's economy is classified by the World Bank as an upper middle class economy. It is also the 39th largest economy in the world. Thanks to the economic reforms that took place in the 2000s, Peru has become one of the fastest growing economies in the world.
Exit
Peru's largest export partners are China (34%), the United States (11%), Switzerland (7%), South Korea (6%) and India (6%). Canada and Chile are also important export partners of Peru. Since Peru is a resource-rich country, it is related to both economic stability and social and environmental instability. With the government providing ready resources and multinational operations within Peru, the problem is unlikely to go away anytime soon.
In 2017, Peru imported US$38 billion worth of goods, making it the 54th largest importer in the world. The main commodities Peru importsinclude petroleum/petroleum products, chemicals, plastics, machinery, wheat, corn, soy products, vehicles, televisions, front-end loaders, telecommunications equipment and telephones, paper, cotton and pharmaceuticals.
Many of Peru's imports come from China and the United States. Some other import partners include Argentina, Chile, Colombia, Ecuador, Mexico, Brazil and Japan.
U.S. Peru Trade Bond
In 2006, Peru and the United States signed the U.S.-Peru Trade Promotion Agreement (PTPA). While the agreement was ratified in June 2006, the revised protocol entered into force in June 2007. In December 2007, the Agreement Implementation Law became law and was officially implemented in February 2009.
In 2017, Peru’s trade in goods and services with the United States reached $20.1 billion. Exported goods were US$11.3 billion and imports were US$8.8 billion. In 2018, the U.S. and Peru recorded a trade surplus of $1.8 billion in goods. In 2017, the U.S. and Peru had a trade surplus of $1.2 billion in services.
The GDP of Peru in 2018 was approximately US$ 225.2 billion. U.S. foreign direct investment (FDI) in Peru in 2017 was $6.4 billion in stock terms. This direct investment is dominated by mining, manufacturing and non-bank holding companies.
This can be very frustrating when your shipment is late. Estimated shipping times should be as precise as possible so that the relevant part knows when delivery is expected and when to schedule pickup. However, things can go wrong and, unfortunately, shipping delays can occur.
The client may end up pushing you to meet the deadline, and you are ultimately responsible for the delay. Even in some cases they may have damaged, faulty or incorrect parts.
To help, we've compiled a checklist of five common reasons your shipment may be delayed.
1. Timetable and Transportation
Most cities have traffic. Between construction works, accidents, detours and roadblocks, people often experience transportation delays due to traffic. To improve this, courier drivers can use route optimization software.
Route optimization software tracks the fastest route, updating it in real time to avoid delays and disruptions.
2. Customs issues
For international shipments, as a freight carrier facing customs, all required documents must be prepared and filled to prevent any issues. Without proper documentation, delays are likely to occur. For example, required documents may have been submitted incorrectly or may be missing.
Also, if the authorities decide to inspect your shipment, the problem can quickly escalate into further problems.
Merchants should have a backup plan in the event of a shipment being held by customs. This may include partnering with a reliable courier service to ensure the security and accuracy of documents.
3. Lack of clarity
A simple but common problem that causes shipping delays is lack of clarity, such as poor handwriting. Using pen and paper in the courier industry is prone to mistakes and accidents.
Shippinglabels also play a vital role in delays. If the labels are of poor quality, they can cause problems when couriers read or scan them, and items can get lost.
4. Insufficient technology
Outdated software or outdated hardware creates huge problems for courier companies. This is because legacy software limits opportunities to integrate new technologies and blocks access to features that can reduce shipping delays.
To better track your shipments, it's a smart idea for merchants to invest in the latest hardware and cloud-based software. This provides a more holistic approach across the supply chain, enabling couriers, 3PLs, logisticsand transportbusinesses to stay connected and use real-time data.
5. Lack of equipment
Continuing on to the point, equipment shortages are another big problem that shippers often overlook. Moving goods from warehouses can be challenging and certainly not smooth sailing. This is especially true if you need multimodal transport, including road and rail.
There may also be cases where the container cannot be used. There may be insufficient supplies, or they may only be available in certain areas of town. Of course, such a situation may also lead to delays in delivery.
