America's international economic decisions rest to a large degree on the information available to policymakers. Yet the quality of international trade and financial data is in serious doubt. This book reveals how our systems for collecting and analyzing trade data have fallen behind the times—and presents recommendations for new approaches to accuracy and usefulness of these economic data.


The volume traces the burgeoning use of international economic data by public and private analysts at a time when the United States is becoming increasingly integrated into the world economy. It also points out problems of capturing new transactions, comparing data from different sources, limited access to the data, and more. This is the first volume to review all three types of U.S. international data—merchandise trade, international services transactions, and capital flows. Highlights include:




Specific steps for U.S. agencies to take.
Special analyses on improving the accuracy of merchandise trade data, filling data gaps on the fast-growing international services transactions, and understanding structural changes in world capital markets.
Comments, complaints, and suggestions from an original survey of more than 100 key users of trade data.


This practical volume will be invaluable to policymakers, government officials, business executives, economists, statisticians, and researchers.

Table of Contents


Front Matter
Summary of Major Conclusions and Recommendations
Introduction
Part 1: Enhancing the Usability of Data on U.S. International Transactions
1. Supplementing the Balance-of-Payments Framework
2. Extending the Comparability of International and Domestic Economic Data
3. Developing a Flexible Data System for U.S. International Economic Activities
Part 2: Improving Data on Merchandise Trade, International Services Transactions, and Capital Flows
4. Merchandise Trade
5. International Services Transactions
6. International Capital Flows
Appendix A: Sales and Purchases of Goods and Services Between Americans and Foreigners
Appendix B: Canvass of Data Users
Appendix C: A Comparison of U.S. Export Statistics With Those of Major Trading Partners
Appendix D: Variability in Month-to-Month Changes in the Seasonally Adjusted Merchandise Trade Balance
Appendix E: An Alternative Seasonal Adjustment Procedure for Merchandise Trade Data
Appendix F: Options for the Use of Sampling to Collect Merchandise Trade Data
Appendix G: Biographical Sketches of Panel Members and Staff
Acronyms
References and Bibliography
Index