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Low inflation meant that the nominal value of receipts was less than projected; cheap money hit the tax on interest, and the strong peso cut into the value of import taxes.
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Manufactures, especially machinery and transport equipment, and chemical products account for much of the value of imports; food products and fuels are also important.
A second major change involves the value of imported oil.
The value of imports far surpasses that of exports, resulting in large trade deficits.
And the collapse in global commodity prices eroded the value of imports.
The value of imports and exports between the two countries runs to a colossal £1bn a week.
In 1911, four brothers, including Joseph, admitted guilt in underestimating the value of imported works to avoid customs duties.
Throughout most of the 1990s, China's current account surplus — the value of exports minus the value of imports — equaled less than 2percentt of its gross domestic product.
Imports and exports fell in April but the 2.7% decline in the value of imports outstripped the 1.3% drop in exports.
Much of the improvement in the trade balance was owing to a fall in the value of imported oil.
A weakening dollar boosted exports, but America's insatiable appetite for foreign goods ensured that the value of imports grew.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com