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According to new figures from the World Bank, the value of exports from developing countries to other developing countries ("South-South" trade) now exceeds exports from poor countries to rich ones ("South-North" trade).In 2002 developing countries bought only 40% of total developing-country exports; the rest went to rich nations.
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Saudi Arabia, one of the world's top oil exporters, expects domestic consumption to exceed exports by that year purely to feed its internal needs for automotive fuel.
The Korea Customs Service reported that imports exceeded exports by $87 million for the first monthly deficit since January 2000.
Since 2003 oil imports have exceeded exports and in recent years investment income has slumped.
Conversely, if the imports exceed exports, an unfavourable balance of trade, or a trade deficit, exists.
Most Pacific Islands' annual imports (excluding those of New Zealand, Papua New Guinea, and Hawaii) far exceed exports.
Since imports from China already exceed exports to China by a wide margin, the gaping $62 billion trade deficit is likely to widen rather than contract.
"Overall, a weak currency over the long term is more damaging for a country like India, where imports far exceed exports," he said.
Goods imported into Japan exceeded exports as the slumping economies in the United States and the rest of Asia, Japan's two biggest export markets, slowed Japan's export growth while the increasing price of oil bloated the value of imports.
The appetite in those markets for Japanese exports has been a primary driver of economic growth here over the last several quarters, but in the third quarter, imports exceeded exports, a rare occurrence in Japan.
Growth in the first three months of the year was more lackluster than the government had initially estimated as businesses cut deeply into inventories and imports exceeded exports by a larger margin than the government had expected.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com