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To provide a better picture of the trends in international trade, the news release on merchandise trade (based on customs-based data) has been enriched with a section which shows growth in OECD trade in goods and services values based on the concepts of the balance of payments. For more information on measurement of international trade see OECD "Statistics Brief" No. 1 October 2001.
16/07/2004 - G7 Merchandise Trade Volumes Continue Growth in First Quarter 2004
"Quick Print"
A. Merchandise Trade Volume Data (customs-based data)
Total merchandise export volumes of G7 countries were up by a seasonally adjusted 2.0% in the first quarter of 2004 compared with the previous quarter, while import volumes increased by 1.3%. Compared with the first quarter of 2003, G7 trade volumes strongly grew by 6.9% for exports and 7.5% for imports.
Compared with the fourth quarter of 2003, Germany's merchandise trade volumes were up by 6.8% for exports, but imports fell 0.6%. On a year-to-year basis, merchandise trade volume growth was highest of G7 with 11.8% for exports, but only slightly below G7 average for imports.
In the United States, merchandise trade volume export growth slowed down to 2.3% in the first quarter compared with previous quarter, as well as import volumes with 2.9%. Compared with the first quarter of 2003, merchandise export volumes increased by not less than 9.1%, while imports were highest in G7 with 10.4%.
The volume growth of Japanese merchandise imports was highest of the G7 with 3.4% in the first quarter, compared with the previous quarter, while export volumes grew considerably by 3.4%. On a year-to-year basis, Japan's import volume growth in the first quarter was - similar to the U.S. - high with 8.3%, and export growth was - similar to Germany - high again with 11.3%.
Merchandise Trade Volumes (tables and graphs)
B. Trade in Goods and Services Values (balance of payments data)
In OECD countries as a whole quarterly trade in goods and services growth, in current US dollars, remained strong in Q1 2004. Quarter on quarter growth rates in OECD exports weakened very slightly to 6.1% and, when compared to the first quarter of 2003, exports grew by 18.3%. OECD imports growth rates were similar to, but slightly less rapid than for, exports.
Trade in goods and services values (tables and graphs)
Methodological Notes
A. Merchandise Trade Volumes (customs-based data)
All merchandise data contained in this press release are based on the OECD's Monthly Statistics of International Trade (MSIT) database. Merchandise trade covers trade in goods, excluding services.
Trade data for area aggregates OECD and G7 include intra-area flows. However, trade data for the area aggregate EU-15 Extra EU is provided by EUROSTAT and exclude intra-area flows. EUROSTAT community statistics cover the European Union as a whole and include methodological differences that make precise comparison with OECD statistics impossible.
Seasonally adjusted data are calculated by the Secretariat using the X-12-Arima method. Aggregated annual and quarterly growth rates in value terms are derived from series at current prices and in current US dollars. Aggregated annual and quarterly growth rates in volume terms are derived from series in constant 2000 US dollars.
OECD's Monthly Statistics of International Trade (MSIT) cover aggregate indicators, trade price and volume indices and trade broken down by the Standard International Trade Classification (SITC) sections and by partner country. In addition to monthly and quarterly trade, OECD manages a comprehensive annual trade database by commodity and by partner country, called ITCS (International Trade by Commodity Statistics).
B. Trade in goods and services values (balance of payments data)
In principle balance of payments trade data covers transactions involving goods and services between residents and non-residents for a specific time period in the reporting economy. Merchandise trade data are based mainly on customs declarations concerning physical movements of goods across international frontiers for as specific time-period.
OECD balance of payments data are compiled from national data which is published in the OECD Main Economic Indicators database. OECD estimates are made for some missing values in the latest quarter.
Seasonal adjustment for trade in goods and services series in the balance of payments is provided by countries in the majority of cases, and is calculated by OECD for the remainder.
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Necessary adjustments of merchandise trade data for the balance of payments
Whereas data collection on international merchandise trade is mainly based on customs declarations, the balance of payments statement for trade in goods systematically summarises goods transactions for a specific time period, for the most part involving changes of ownership between residents and non-residents. It covers general merchandise (which includes moveable goods), the movement of goods for processing (when no change of ownership occurs), the value of repairs on goods (not the value of goods undergoing repair), and goods procured in ports by non-resident carriers (1).
Customs data need to be supplemented with additional information to help produce the data required for national accounts and balance of payments purposes. The additional information includes:
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Certain goods (for example goods for repair) are excluded from the detailed official trade statistics. These goods need to be recorded separately so that adjustments can be made.
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A separate collection of data on freight and insurance for merchandise trade statistics imports are recorded c.i.f. (cost, insurance and freight), whereas in balance of payments they are valued f.o.b (free on board).
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Timing differences according to balance of payments methodology, the change of ownership is the principle determining coverage and timing, whereas in merchandise trade statistics the timing principle is based on the movement of the goods.
The OECD study 2001 referred to above showed that 1999 OECD merchandise trade imports were some 2% higher overall than the balance of payments imports of goods, with differences ranging from 1% to over 5%. For exports the difference for exports was much less at around 0.2%.
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1. For more information on measurement of international trade see: "OECD Statistics Brief N. 1, October 2001".
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Background information on overall size of OECD trade flows
In 2003 the total exports of goods and services of the 30 OECD member countries amounted to over $6.5 trillion US dollars, while imports exceeded $6.7 trillion USD. Goods accounted for 78% of exports of goods and services and 80% of imports.
OECD trade in goods and services values (tables and graphs)
Data status of this release: as at 12th July 2004
Information about detailed OECD statistics on trade in goods and trade in services can be found at: http://www.oecd.org/std/its.
Contacts: STD.Tradestats@OECD.org and STD.Servstat@oecd.org
The next release for quarterly trade data will be published in October 2004.
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Monthly Statistics of International Trade
International Trade by Commodity Statistics
