Transcript Presentation (ppt) Eurostat

Reconciling merchandise trade statistics and
Balance of Payments: the recommendations
of the Task Force BoP/FTS
Item 13 of the Agenda
Document STD/SES/WPTGS(2008)23
Daniela Comini, Eurostat/BoP
To reflect on possible ways to increase
consistency between FTS and BoP Eurostat
has activated a small Task Force
 TF BoP/FTS provided a set of recommendations
useful for keeping the transition from FTS to BoP
under control
 TF BoP/FTS is a very informal forum for discussing
new issues affecting FTS and BoP (is e. g. currently
analysing the data on goods for processing produced
by EU FTS to see how far they could be used for
compiling “Manufacturing services on physical inputs
owned by others”)
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Steps followed to increase consistency
between FTS and BoP
 1) Clarifying the treatment of borderline
transactions
 2) Monitoring the transition from FTS to BoP
via the regular compilation of Reconciliation
Tables
 3) Defining a set of fundamental adjustments
 4) Providing guidelines for making
fundamental adjustments
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1) Clarifying the treatment of borderline
transactions
 Identifying transactions which could create doubts
in the transition from FTS to BoP;
 Clarifying the coverage of these transactions
according to EU FTS Regulation and BoP Manuals;
 See Annex 1 to STD/SES/WPTGS(2008)23 for
“The List” of all the transactions where an
adjustment can be expected in the transition from
FTS to BoP;
 R1: BoP compilers should carefully
check “The List” before making
adjustments to FTS data
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2) Monitoring the transition from FTS to BoP:
regular compilation of Reconciliation Tables
Results collected with the Reconciliation Tables revealed that:
2a) in many cases the differences between EU FTS and EU BoP
were due to BoP compilers using different FTS data than those
reported to Eurostat/FTS, mainly because BoP compilers were
not using FTS data compiled according to the Community
concept;
R2: BoP data reported to Eurostat have to be
compiled according to the Community
concept: quasi-transit trade has to be
included and partner country has to be
country of consignment for Intra and origin
for Extra
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2) Monitoring the transition from FTS to BoP:
regular compilation of Reconciliation Tables
 Results collected with the Reconciliation Tables revealed that:
 2b) BoP compilers were making adjustments to FTS data
which should not be required if their data sources, FTS data,
would be compiled according to Intrastat and Extrastat
requirements;
 R3: Shortages of FTS data should be
addressed by FTS compilers (e.g. estimations
for transactions under thresholds or late
reporting)
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3) Defining a set of fundamental
adjustments
A) Goods for processing not returning to the reporting
country;
B) Repairs of goods;
C) Goods procured in ports by carriers;
D) Returned goods;
E) Goods entering/leaving custom warehouses;
D) Stocks of goods located abroad;
F) Only for Imports: CIF/FOB adjustment.
R4: BoP compilers should dedicate
particular attention to these adjustments
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4) Providing guidelines for making the
fundamental adjustments
Sources and methods which could be used:
For some adjustments FTS data can provide all or part of the
information necessary for making the corrections: Repairs,
Returned goods, Goods in custom warehouses;
For other adjustments supplementary information must be
collected: Goods for processing not returning to the
reporting country, Stocks of goods located abroad; Goods
procured in ports by carriers; CIF/FOB adjustment
See Document STD/SES/WPTGS(2008)23 page 6-7, and
moreover documents BP/07/37 and BP/08/36
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