I found WTO’s website to be interesting. The purpose of organization is to confirm trades between countries are in compliance with agreed contracts.
I also found the role WTO plays on subsidies interesting. WTO’s role on Subsidy’s and Countervailing Measures oversees the use of subsidies, and the organization regulates the actions countries can take to counter the effects of subsidies. Based on WTO’s agreements, the organization has the capability of withdrawing or removing what is causing adverse effects. An example is the fisheries subsidies where WTO and the Hong Kong Ministerial Conference in 2005 agreed upon the prohibition of certain forms of fisheries subsidies which create over capacity and over fishing.
Here are some interesting facts regarding the U.S.
51% of the top ten merchandise traders account for over half the world’s total merchandise trade in 2011.
U.S. is number one for leading economy of merchandise trade for 2011 at $2700 billion.
Exports=$1,480 billion
Imports=$2,266 billion
China is 2nd and Germany is the 3rd
For Commercial Services Trade for 2011 is the U.S. totaling $976 billion with a surplus of $186 billion.
Germany is second at $542 billion with a deficit of $36 billion.
UK is third at $444 billion surplus of $103 billion.
While surfing the International trade and market access data, I thought it would be interesting to looking into the import and export ranking of my husband and I native countries.
Italy for 2011 ranked #8 for world trade for both import and export
Exporting Agricultural products, Fuels and mining products, Manufactures to countries such as European Union (27), United States, Switzerland, China, Turkey.
Importing Agricultural products, Fuels and mining products, Manufactures to countries such as European Union (27), China, Russian Federation, United States, Switzerland.
Portugal for 2011 ranked 54 for world trade imports and 39 for exports
Exporting Agricultural products, Fuels and mining products to European Union (27), Angola, United States, Brazil, and Mexico.
Importing Agricultural products, Fuels and mining products to European Union (27), Nigeria, China, Brazil, and Angola.