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International Efforts to Improve Services Trade Data

International Efforts to Improve Services Trade Data. International Trade Administration Conference on Measuring and Enhancing Services Trade Data and Information. Robert E. Yuskavage Bureau of Economic Analysis September 14, 2010. Overview. International guidelines for services

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International Efforts to Improve Services Trade Data

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  1. International Efforts to Improve Services Trade Data International Trade Administration Conference on Measuring and Enhancing Services Trade Data and Information Robert E. Yuskavage Bureau of Economic Analysis September 14, 2010

  2. Overview • International guidelines for services • U.S. statistics versus other countries • Highlights of new guidelines • Plans for implementation

  3. International Standards: BPM5 • IMF Balance of Payments Manual Fifth Edition released in 1993 (BPM5) • “Standard components” included 11 broad categories for both exports and imports • IMF requests that countries provide this level of detail for the IMF’s own publications • BPM5 identified further breakouts, mostly in transportation and other business services, for a total of about 30 categories

  4. BPM5 Principal Categories Transportation Travel Communications Services Construction Services Insurance Services Financial Services Computer and information services Royalties & license fees Other business services Personal, cultural, and recreational services Government services not included elsewhere

  5. International Standards: TFSITS • Interagency Task Force on Statistics of International Trade in Services (TFSITS) • Established in mid ’90s partly in response to needs of trade negotiators and policymakers • TFSITS developed Extended Balance of Payments Classification System (EBOPS) released in 2002 • EBOPS takes a broader and more detailed view of international services than BPM5 • Additional detail suggested in areas of travel, transportation, insurance, and business services with potentially as many as 95 categories

  6. U.S. Versus Other Countries • U.S. provides more services categories (44) annually than most OECD countries • Only Australia and the UK provide more • Additional detail primarily in travel, financial services, insurance, telecom, and other business services • U.S. provides partner country detail for 40 countries and 35 categories annually • Most countries provide much less country detail for a given level of service detail

  7. U.S. Versus Other Countries • Denmark and Netherlands provide a bit more detail quarterly than the U.S. • Neither country provides monthly data • Netherlands provides no country detail • Only Japan and Korea provide monthly detail with a shorter lag than the U.S. • Additional annual detail provided with a 10 month lag compares favorably with other countries

  8. New International Standards • BPM6 released by the IMF in late 2008/early 2009 • First update of standards since 1993 • New standards designed to be consistent with 2008 System of National Accounts • Includes several major changes in definitions and classifications • Changes in presentation largely related to new definitions and classifications

  9. Major Changes for Services • Goods for processing • Merchanting • R&D services • Implicit financial services (FISIM)

  10. BPM6 Principal Categories Manufacturing services on physical inputs owned by others Maintenance and repair services n.i.e. Transport Travel Construction Insurance and pension services Financial services Telecommunications, computer, and information services Charges for the use of intellectual property n.i.e. Other business services Personal, cultural, and recreational services Government goods and services n.i.e.

  11. International Services Task Force • Developed an updated manual consistent with BPM6 that will be released soon • Includes a revision of the 2002 EBOPS as well as a chapter on GATS modes of supply • Clarifies treatment of foreign affiliate statistics for both inward and outward • Updated EBOPS provides greater detail in areas related to use of intellectual property and other business services

  12. Implementation Plans • IMF survey found that most countries were planning to implement BPM6 over the next several years • Concerns were expressed about feasibility for some of the new services • IMF plans to provide new presentations in its publications for data year 2012 • Technical assistance and compilation guidance will be provided

  13. BEA’s Strategy • Published an article in the May 2010 Survey of Current Business describing initial plans • Decided on a multi-year phased approach • Major IT reengineering effort is underway • Maintain time-series consistency but not at the cost of progress on important changes • Coordinate with national, industry, and regional accounts • Considering expanding services detail for both quarterly and annual releases

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