Economic outlook, analysis and forecasts

EO Sources - Notes to statistical annex tables 38-54: External trade and payments

 

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Table 38 Export volumes of goods and services
Table 39 Import volumes of goods and services
Table 40 Export prices of goods and services
Table 41 Import prices of goods and services
Table 42 Competitive positions: relative consumer prices 
Table 43 Competitive positions: relative unit labour costs
Table 44 Export performance for total goods and services
Table 45 Shares in world export and imports
Table 46 Geographical structure of world trade growth
Table 47 Trade balances for goods and services
Table 48 Investment income, net
Table 49 Total transfers, net
Table 50 Current account balances
Table 51 Current account balances as a percentage of GDP
Table 52 Structure of current account balances of major world regions
Table 53 Export market growth in goods and services
Table 54 Import penetration

 

Annex Table 38 - Export volumes of goods and services

Definition: The constant price value of exported goods and services (national accounts definitions)

Sources: OECD National Accounts and national statistics

Last updated: December 2011

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Annex Table 39 - Import volumes of goods and services

Definition: The constant price value of imported goods and services (national accounts definitions)

Sources: OECD National Accounts and national statistics

Last updated: December 2011

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Annex Table 40 - Export prices of goods and services

Definition: Export prices are calculated as average unit values.

Sources: National Accounts

Last updated: December 2011

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Annex Table 41 - Import Prices of goods and services

Definition: Import prices are calculated as average unit values.

Sources: National Accounts

Last updated: December 2011

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Annex Table 42 - Competitive positions: relative consumer prices

Definition: Consumer prices relative to weighted prices in competitor countries.

Notes: See Annex Table 43

Last updated: December 2011

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Annex Table 43 - Competitive positions: relative unit labour costs

Definition: Unit labour costs relative to weighted labour costs in competitor countries.

Notes: The calculation of competitiveness indicators uses a system of weights based on a double-weighting principle, which takes account of the structure of competition in both export and import markets. A discussion of this methodology is given in Durand et al. (1992), Durand et al. (1992) and Brézillon et al (2010).

For each year, the Le Fouler et al (2001) procedure calculates for a given country the relative importance of its competitors in the domestic and foreign, and then weights this according to the relative share of the different markets in the total demand (exports plus domestic demand) directed at this country.

Competitiveness indicators are also calculated by chain-linking percentage changes in relative indices based on consumer prices and manufacturing unit labour costs. Percentage changes in relative indices are computed by comparing the change in the index for the country concerned (expressed in US dollars at market exchange rates) to a weighted average of changes in the indices for the other OECD countries, the seven Dynamic Asian Economies and five major emerging market countries (also expressed in US dollars).

More precisely, the calculation of competitiveness indicators is done in the following way: let  be the index of real effective exchange rate of country i with base period 0,  is the exchange rate against the US dollar in period t (expressed as US dollars per unit of country i's currency) and  represents alternatively country i's consumer prices or unit labour costs in the manufacturing sector. The formula to compute the percentage change in the real effective exchange rate is the following:
 
or equivalently:

            
Sources: OECD calculation

Related links: Effective exchange rates (Annex Table 37) and the Economic Outlook database inventory.

Last updated: December 2011

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Annex Table 44 - Export performance for total goods and services

Definition: Export performance is measured as actual growth in exports relative to the growth of the country’s export market, which represents the potential export growth for a country assuming that its market shares remain unchanged.

Notes: Market growth indicators for each country are calculated as a weighted average of import volume growth in all its markets, with the weighting pattern being derived from the share of its exports going to that market in a chosen base year. See the notes to Annex Table 53 below, Le Fouler et al (2001) and Brézillon et al (2010)

Sources: National Accounts

Related links: Export market growth and performance in goods and services (Annex Table 53), Economic Outlook database inventory

Last updated: December 2011

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Annex Table 45 - Shares in world exports and imports

Definition: Shares in the total value of total exports and imports, customs basis.

Note: Intra regional trade has not been netted out of regional aggregates.

Sources: OECD National Accounts, OECD Economic Outlook database

Related linksEconomic Outlook database inventory

Last updated: December 2011

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Annex Table 46 - Geographical structure of world trade growth

Definition:  Regional aggregates are calculated inclusive of intra-regional trade as the sum of volumes expressed in 2005 dollars.

Sources: OECD Economic Outlook database

Related linksEconomic Outlook database inventory  

Last updated: December 2011

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Annex Table 47 - Trade balances for goods and services

Definition: Difference between the value of total exports and total  imports of goods and services.

Current account balances and component balances for particular regions or country groupings (such as the 'Total OECD' or 'euro area') are always calculated as the sum of individual member country balances.

For the euro area this method produces somewhat different results to those published by the ECB who sum the exports and imports of member countries excluding all trade with other member countries. In principle the two methods should produce the same results, but in practice the results differ because of inconsistencies in the recording of intra-euro area trade amongst member countries. In recent years, the sum of the current account balances of all euro area countries has significantly exceeded the euro area figure published by the ECB, although the trend movement is broadly the same.

Sources: National Accounts

Related links:

Last updated: December 2011

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Annex Table 48 - Investment income, net

Definition: Includes compensation of employees and investment income. Compensation of employees covers wages, salaries,and other benefits, in cash or in kind, and includes those of border, seasonal, and other non residen tworkers (e.g., local staff of embassies).  Investment income covers receipts and payments of income associated, respectively, with residents’ holdings of external financial assets and with residents’ liabilities to nonresidents.

Notes: See notes to annex Table 47

Sources: OECD Balance of payments statistics.

Related links: Balance of Payments fifth manual, Conceptual framework

Last updated: December 2011

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Annex Table 49 - Total transfers, net

Definition: Current transfers consist of all transfers that do not involve (i) transfers of ownership of fixed assets;(ii) transfers of funds linked to, or conditional upon, acquisition or disposal of fixed assets; (iii) forgiveness, without any counterparts being received in return, of liabilities by creditors. All of these are capital transfers. Current transfers include those of general government (e.g., current international cooperation between different governments, payments of current taxes on income and wealth, etc.), and other transfers (e.g., workers’ remittances, premiums—less service charges, and claims on non-life insurance).

Notes: See notes to annex Table 47

Sources: OECD Balance of payments statistics.

Related links: Balance of Payments fifth manual, Conceptual framework

Last updated: December 2011

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Annex Table 50 -  Current account balances

Definition: The current account balance is derived as the sum of the balance of goods, non-factor services, investment income and current transfers (which consist of all transfers that are not transfers of capital). Data for most countries follow the definitions laid out in IMF Balance of Payments Handbook Number 5 which includes as an investment expenditure (and foreign direct investment) the retained earnings of foreign firms.

Notes: See notes to Annex Table 47

Sources: International Monetary Fund, Balance of Payments Handbook no 5.

Related links: Balance of Payments fifth manual, Conceptual framework

Last updated: December 2011

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Annex Table 51 - Current account balances as a percentage of GDP

Definition: Current account balances in local currency divided by nominal GDP. See also notes to Annex Table 50.

Sources: OECD calculation

Last updated: December 2011

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Annex Table 52 - Structure of current account balances of major world regions

Definition: Historical data for the OECD area aggregates of reported balance-of-payments data of each individual country. Given the large number of non-reporting non-OECD countries, trade and current account balances estimated on the basis of these countries own balance-of-payments records may differ from corresponding estimates shown in this table.

Sources: OECD estimates

Related links:

Last updated: December 2011

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Annex table 53 - Export market growth in goods and services

Definition: Indicators of export market growth represent the potential export growth for a country, assuming that its market shares remain unchanged.

Notes: Market growth indicators for each country are calculated as a weighted average of import volume growth in all its markets, with the weighting pattern being derived from the share of its exports going to that market in a chosen base year. Indicators of export performance are calculated for each country by comparing the growth of its export volumes with that of its export market. This shows whether the country's exports grow faster or slower than its market, i.e. if over time it is experiencing market share gains or losses. For further detail see Durand et al. (1992), Le Fouler et al (2001) and Brézillon et al (2010).

Sources: National accounts.

Related links: Export performance for total goods and services (Annex Table 44), Economic Outlook database inventory.

Last updated: December 2011

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Annex Table 54 - Import penetration

Definition: The per cent share of imports of goods and services in total final expenditures.

Sources: OECD estimates.

Related links:

Last updated: December 2011

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