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[gzoker]

What do you buy from the caravans?
I don't need anything from them, and it bugs me. I only buy their logs, and that four bars of steel from the dwarven caravan.
They show up, head for the depot, got ambushed on their way, and litter up the whole area.
I think I'm doing something wrong. I mean what's the point of trading, when you have everything in far more superior quality.

[Retales]

Generally I buy all available logs, metal bars and most barrels and drinks. Also often, especially later in the game, I buy all the steel and iron armor, weapons and anvils to be smelted and reforged by own armor-/weaponsmiths.

Really, it's just another source for raw materials (and drinks). Sometimes I have my military use bought armor and weapons, but the goal is to make those in good quality myself.

[KtosoX]

Balancing issues are bugging me too. The only thing you need to survive is safety and supplies. Everything else is trinkets and bling. Other than raw resources, the traders are pretty much useless.

[Panopticon]

I usually buy logs and booze, even if I don't need it, along with whatever bars they bring in case of mandates. From the Elves I buy their plans and exotic non-grazers like giant tigers or eagles, from humans I buy interesting exotic weapons to give my military a nice selection to choose from.

Also periodically I'll pick up a few bins of leather or cloth, to satisfy mandates, moods, and to make bags since I don't like farming silk out of the caverns. Thread, splints and crutches for the hospital as well, every caravan carries some and they are so cheap I don't feel the need to make them.

[Koremu]

Really only useful for purchasing minerals which don't appear on your embark. Although I'll occasionally buy some exotic booze if I have a dwarf who has a preference for it.

[Bouchart]

I buy some types of food, caged animals, non-block stone, metal bars and wood.  Later on I'll buy most metal things they sell to melt them down.

Since I liked to keep my Imported Wealth as low as possible I don't like to buy anything that can't be converted into something else.

[pushy]

My usual trade list consists of all the cut gems and raw glass (good to have on hand in case of moods etc.), animals, booze, milk, cloth, leather, food and thread.

If I'm playing on a map without access to any then I'll buy all the available sand as well and if I'm bothered about doing aboveground farming then I'll buy seeds as well.

Later on I'll buy all the steel goods for melting down.

In return, the caravan gets to leave with a crapload of cloth ropes, leather leggings and possibly some glass serrated discs or golden salve.

When the dwarf outpost liaison comes, I typically just request milk (and sand if needed) and that's about it.

[Sularus]

If you turn down your mineral frequency the traders become very important as your only source for other smithing materials. other than that they are good for causing sieges to arrive after you steal all of their goods and offer the elves wooden artifacts.

[rawrcakes]

Considering how much of a pain it is to find iron, bronze or other decent equipment metals pre-candy, I'm pretty dependant on caravans for most my weapons and armor. I usually grab everything of iron, bronze, bismuth bronze and steel, plus some gypsum plaster just in case. Then there's the leather, silk and wool as well as glass for moods, plus as many fun trap components and cheese as I can get a hold of.

[Broseph Stalin]

I order some fancy metals booze and pretty much every type of gem. I don't really need any of those things but I like building treasure hoards.

[Yaotzin]

I usually just order platinum/aluminum ore/bars/blocks, and the 60 value gems (diamonds, star stuff), for fancy bling. Other than that anything not on the map, like some gypsum, missing metals etc.

Earlier on I'll buy up their food/cheese/animals to butcher, but I stop that once I have syrup+leaves production, or lots of meat or whatever I'm doing that embark.

[Loud Whispers]

If you aren't eagerly waiting for any caravan, even Elf ones, your fortress isn't grim enough

[Tahlin]

All raw materials are useful if you are on a location where they ain't present
Exotic tamed animals from elves are good, especially since(atleast I think) dungeon master is bugged and can't tame exotics.
Extra food and drinks are also useful, in case someone forgets to make it.
Gems and valuable minerals like aluminium is great to buy, also especially if they ain't present in your area.
Most mood items, Like leather.
Cloth if webs aren't available in your area.
Weapons if it's difficult for you to find anything to make them of.

EDIT: The point that I have gotten from caravans are not to buy things that you really really need at the moment(Most often). But instead, things you might need or can find a little usefulness from. You're not using the stone earrings anyways.

[Matoro]

I usually buy logs and some exotic foodstuffs and drinks. Also cloth and leather when I need them. Metal if my embark have no good weapon metals. During endgame (200+ population) with stable fortress I don't need anything from caravans, so I kill them and start wars.

Oh, sometimes I dump giant amounts of crap from sieges to caravans.

[acetech09]

Pretty much all of above for me as well. Although my forts get self-sufficient, I don't bother with local production of cloth and aboveground farming. I buy all of a caravan's food, metals, livestock, gems, and a bin of cloth and thread.

And then I offer about ten thousand db's worth of masterwork gold mugs to the civ.