GDP is calculated using expenditure method including consumer goods, investments, government spending, and exports
CIF is an international shipping agreement for sea/waterway shipments. Seller covers costs, insurance, and freight until goods reach destination port. Risk transfers to buyer when goods are loaded on vessel
US exported $2.019 trillion worth of products globally in 2023. Total exports decreased by -2.1% from 2022. Exports represent 7.5% of US GDP in PPP dollars
Pacific Islands comprise Melanesia, Micronesia, and Polynesia. Region covers 317,739 square miles excluding Australia and Japanese islands. New Zealand and New Guinea make up approximately nine-tenths of the area
Import means bringing goods/services into a country from abroad. Export means selling domestically produced goods/services to foreign markets. Both processes are fundamental to international trade
Imports are foreign goods and services purchased by country residents. Exports are domestic goods sold to foreign customers. GDP includes both imports and exports, calculated as (X-M). Positive net exports indicate trade surplus, negative indicate deficit