International Relations

Definition

Exports of goods and services represent the value of all goods and other market services supplied to the rest of the world. They include the value of goods, freight, insurance, transportation, travel, royalties, license fees, and other services, such as communication, construction, financial, information, commercial, personal, and government services. Income from employment and investment (formerly called factor services) and monetary transfers are excluded.

Sources

World Bank Development Indicators elaborations on World Bank and OECD data

Methodology

Gross domestic product (GDP) on the expenditure side is composed of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories and net acquisitions of valuables) and net exports (exports minus imports) of goods and services. These charges are recorded at purchase prices and include net taxes on products.

Notes

Export and import data are compiled from customs reports and balance of payments data. While payment-side data provides reasonably reliable records of cross-border transactions, they may not strictly adhere to the appropriate valuation and timing definitions used in the balance of payments or match the change of ownership criterion. This issue has become more relevant with the increasing globalization of international trade. Neither customs nor balance of payments data usually captures the illegal transactions that take place in many countries. Goods transported by travelers across borders in legal but undeclared ship trade can further distort trade statistics.

Presence in policy-oriented statistical systems

ENP-South Eurostat Data Browser: International Trade in Goods Area

Link sources

Definition

Annual growth rate of exports of goods and services in constant local currency. Aggregates are based on 2015 constant prices, expressed in US dollars. Exports of goods and services represent the value of all goods and other market services supplied to the rest of the world. They include the value of goods, freight, insurance, transportation, travel, royalties, license fees, and other services, such as communication, construction, financial, informational, business, personal, and government services. Compensation from employment and investment (formerly called factor services) and cash transfers are excluded.

Sources

World Bank Development Indicators elaborations on World Bank and OECD data

Methodology

Gross domestic product (GDP) on the expenditure side is composed of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories and net acquisitions of valuables) and net exports (exports minus imports) of goods and services. These charges are recorded at purchase prices and include net taxes on products.

Notes

Export and import data are compiled from customs reports and balance of payments data. While payment-side data provides reasonably reliable records of cross-border transactions, they may not strictly adhere to the appropriate valuation and timing definitions used in the balance of payments or match the change of ownership criterion. This issue has become more relevant with the increasing globalization of international trade. Neither customs nor balance of payments data usually captures the illegal transactions that take place in many countries. Goods transported by travelers across borders in legal but undeclared ship trade can further distort trade statistics.

Link sources

Definition

Exports of goods and services represent the value of all goods and other market services supplied to the rest of the world. They include the value of goods, freight, insurance, transportation, travel, royalties, license fees, and other services, such as communication, construction, financial, informational, commercial, personal, and government services. Compensation of employees, income from capital (formerly called factor services) and cash transfers are excluded. Data is expressed in current U.S. dollars.

Sources

World Bank Development Indicators elaborations on World Bank and OECD data

Methodology

Gross domestic product (GDP) on the expenditure side is composed of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories and net acquisitions of valuables) and net exports (exports minus imports) of goods and services. These charges are recorded at purchase prices and include net taxes on products.

Notes

Export and import data are compiled from customs reports and balance of payments data. While payment-side data provides reasonably reliable records of cross-border transactions, they may not strictly adhere to the appropriate valuation and timing definitions used in the balance of payments or match the change of ownership criterion. This issue has become more relevant with the increasing globalization of international trade. Neither customs nor balance of payments data usually captures the illegal transactions that take place in many countries. Goods transported by travelers across borders in legal but undeclared ship trade can further distort trade statistics.

Presence in policy-oriented statistical systems

ENP-South Eurostat Data Browser: International Trade in Goods Area

Link sources

Definition

Foods include products from SITC Sections 0 (food and live animals), 1 (beverages and tobacco) and 4 (animal and vegetable oils and fats) and SITC Division 22 (seeds, nuts and oily almonds).

Sources

a) UNComtrade; b) World Bank Development Indicators for Spain and Montenegro

Methodology

Statistics on trade in goods consist of data reported to United Nations Comtrade and estimated data for missing declarants. When not reported, statistics on the total imports and exports of goods of countries (or areas) are mainly derived from the International Financial Statistics (IFS) published monthly by the International Monetary Fund (IMF). They are complemented by statistics from other sources, such as national publications and websites, and by the Questionnaire of the United Nations Monthly Statistical Bulletin.

Notes

Missing data from product statistics are estimated by extrapolating statistics for the two adjacent years or, if this is not possible, by using statistics reported by trading partners, i.e. mirror statistics. These are also used in cases where the reported data needs to be corrected due to partner distribution or confidential data. All estimates are reviewed and adjusted as necessary. The classification of product groups is based on the Standard International Trade Classification (SITC), Revision 3.

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Definition

Foods include products from SITC Sections 0 (food and live animals), 1 (beverages and tobacco) and 4 (animal and vegetable oils and fats) and SITC Division 22 (oilseeds, nuts and kernels).

Sources

a) UNComtrade; b) World Bank Development Indicators for Spain and Montenegro

Methodology

Statistics on trade in goods consist of data reported to United Nations Comtrade and estimated data for missing declarants. When not reported, statistics on the total imports and exports of goods of countries (or areas) are mainly derived from the International Financial Statistics (IFS) published monthly by the International Monetary Fund (IMF). They are complemented by statistics from other sources, such as national publications and websites, and by the Questionnaire of the United Nations Monthly Statistical Bulletin.

Notes

Missing data from product statistics are estimated by extrapolating statistics for the two adjacent years or, if this is not possible, by using statistics reported by trading partners, i.e. mirror statistics. These are also used in cases where the reported data needs to be corrected due to partner distribution or confidential data. All estimates are reviewed and adjusted as necessary. The classification of product groups is based on the Standard International Trade Classification (SITC), Revision 3.

Link sources

Definition

Annual growth rate of imports of goods and services in constant local currency. Aggregates are based on 2015 constant prices, expressed in US dollars.

Sources

World Bank Development Indicators elaborations on World Bank and OECD data

Methodology

Gross domestic product (GDP) on the expenditure side is composed of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories and net acquisitions of valuables) and net exports (exports minus imports) of goods and services. These charges are recorded at purchase prices and include net taxes on products.

Notes

Export and import data are compiled from customs reports and balance of payments data. While payment-side data provides reasonably reliable records of cross-border transactions, they may not strictly adhere to the appropriate valuation and timing definitions used in the balance of payments or match the change of ownership criterion. This issue has become more relevant with the increasing globalization of international trade. Neither customs nor balance of payments data usually captures the illegal transactions that take place in many countries. Goods transported by travelers across borders in legal but undeclared ship trade can further distort trade statistics.

Link sources

Definition

Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of goods, freight, insurance, transportation, travel, royalties, license fees, and other services, such as communication, construction, financial, informational, commercial, personal, and government services. Compensation from employment and investment (formerly called factor services) and cash transfers are excluded.

Sources

World Bank Development Indicators elaborations on World Bank and OECD data

Methodology

Gross domestic product (GDP) on the expenditure side is composed of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories and net acquisitions of valuables) and net exports (exports minus imports) of goods and services. These charges are recorded at purchase prices and include net taxes on products.

Notes

Export and import data are compiled from customs reports and balance of payments data. While payment-side data provides reasonably reliable records of cross-border transactions, they may not strictly adhere to the appropriate valuation and timing definitions used in the balance of payments or match the change of ownership criterion. This issue has become more relevant with the increasing globalization of international trade. Neither customs nor balance of payments data usually captures the illegal transactions that take place in many countries. Goods transported by travelers across borders in legal but undeclared ship trade can further distort trade statistics.

Link sources

Definition

Net investment inflows, calculated as new investments minus divestments in the reporting economy by foreign investors, in order to acquire a durable operating interest (10% or more of the voting shares) in a company. This is the sum of equity capital, reinvestment of profits, other long-term capital, and short-term capital, as shown in the balance of payments.

Sources

a) International Monetary Fund (IMF); b) World Bank Development Indicators for Kosovo, Bosnia and Herzegovina, Montenegro, Syria, Lebanon, Jordan, Palestine, Egypt, Libya, Tunisia, Algeria

Methodology

The data on equity flows are based on balance of payments data reported by the International Monetary Fund (IMF). Equity flows include foreign direct investment (FDI) and portfolio equities. The FDI data is complemented by World Bank staff estimates using data from the United Nations Conference on Trade and Development (UNCTAD) and official national sources.

Notes

The internationally accepted definition of foreign direct investment (taken from the sixth edition of the IMF's Balance of Payments Handbook [2009]) includes the following components: equity investments, including investments associated with actions that give rise to control or influence; investments in indirectly influenced or controlled companies; investments in associated companies; indebtedness (except for selected indebtedness); inverse investments. The Framework for Direct Investment Relationships provides criteria for determining whether cross-border ownership gives rise to a direct investment relationship, based on control and influence. Unlike other types of international investments, FDI is carried out to establish a lasting interest or effective management control over a company in another country. A lasting interest in an investment firm typically involves setting up permanent or long-term warehouses, production facilities, and other organizations abroad. Direct investments can take the form of greenfield investments, in which the investor starts a new business in a foreign country by building new operating structures; joint venture, in which the investor enters into a partnership agreement with a company abroad to set up a new business; or merger and acquisition, in which the investor acquires an existing company abroad. The IMF suggests that investments should account for at least 10% of voting shares to be considered FDI. In practice, many countries set a higher threshold. Many countries do not report reinvested profits, and the definition of long-term loans varies from country to country. FDI data does not provide a complete picture of international investment in an economy. FDI balance of payments data does not include locally raised capital, an important source of investment financing in some developing countries. In addition, FDI data omits non-equity cross-border transactions, such as intra-unit flows of goods and services. The volume of global private financial flows reported by the World Bank generally differs from that reported by other sources due to differences in sources, the classification of economies and the method used to adjust and disaggregate the information reported. In addition, especially with regard to debt financing, differences may also reflect the treatment of some transaction installments and some offshore issuances. Data from 2005 onwards are based on the sixth edition of the IMF's Balance of Payments Handbook (BPM6).

Presence in policy-oriented statistical systems

ENP-South Eurostat Data Browser: Tourism Area

Link sources

Definition

Net foreign investment flows calculated as new investments minus divestments from the reporting economy to the rest of the world, in order to acquire a durable management interest (10% or more of the voting shares) in a company. This is the sum of equity capital, reinvestment of profits, other long-term capital, and short-term capital, as shown in the balance of payments.

Sources

a) International Monetary Fund (IMF); b) World Bank Development Indicators for Kosovo, Bosnia and Herzegovina, Montenegro, Lebanon, Jordan, Palestine, Egypt, Libya, Tunisia, Algeria

Methodology

The data on equity flows are based on balance of payments data reported by the International Monetary Fund (IMF). Equity flows include foreign direct investment (FDI) and portfolio equities. The FDI data is complemented by World Bank staff estimates using data from the United Nations Conference on Trade and Development (UNCTAD) and official national sources.

Notes

The internationally accepted definition of foreign direct investment (taken from the sixth edition of the IMF's Balance of Payments Handbook [2009]) includes the following components: equity investments, including investments associated with actions that give rise to control or influence; investments in indirectly influenced or controlled companies; investments in associated companies; indebtedness (except for selected indebtedness); inverse investments. The Framework for Direct Investment Relationships provides criteria for determining whether cross-border ownership gives rise to a direct investment relationship, based on control and influence. Unlike other types of international investments, FDI is carried out to establish a lasting interest or effective management control over a company in another country. A lasting interest in an investment firm typically involves setting up permanent or long-term warehouses, production facilities, and other organizations abroad. Direct investments can take the form of greenfield investments, in which the investor starts a new business in a foreign country by building new operating structures; joint venture, in which the investor enters into a partnership agreement with a company abroad to set up a new business; or merger and acquisition, in which the investor acquires an existing company abroad. The IMF suggests that investments should account for at least 10% of voting shares to be considered FDI. In practice, many countries set a higher threshold. Many countries do not report reinvested profits, and the definition of long-term loans varies from country to country. FDI data does not provide a complete picture of international investment in an economy. FDI balance of payments data does not include locally raised capital, an important source of investment financing in some developing countries. In addition, FDI data omits non-equity cross-border transactions, such as intra-unit flows of goods and services. The volume of global private financial flows reported by the World Bank generally differs from that reported by other sources due to differences in sources, the classification of economies and the method used to adjust and disaggregate the information reported. In addition, especially with regard to debt financing, differences may also reflect the treatment of some transaction installments and some offshore issuances. Data from 2005 onwards are based on the sixth edition of the IMF's Balance of Payments Handbook (BPM6).

Presence in policy-oriented statistical systems

ENP-South Eurostat Data Browser: "Economics and Finance" Area

Link sources