Import Statistics Can Provide Great Insight Into Your Market

Import Statistics

Import Statistics Can Provide Great Insight Into Your Market

 

Import Statistics are collected through a number of sources. They are often published through government census agencies which allows for the analysis of competition and reviewing international market trends.

Most of the useful data is recovered comes from customs departments. The receiving countries census data is also a good source of information. In the general trade system, all the goods that are imported into a country are recorded and accounted for as imports of that country.

However there are also ‘special trade systems’ that do not require the recording of goods into the country. The goods end up in warehouses until they are distributed into the country’s circulation. As a result it can be difficult to obtain accurate data for certain products. The import statistics data is a combination of both government and non-government shipments of products entering the receiving country boarders.

Sources of Import Statistics

Another source of import statistics data are surveys. Since there are some products that move freely between certain countries without customs controls, surveys are taken as an attempt to get a more accurate overview of import statistics data. The problem with surveys is that they use a self-reporting strategy to attain the information. It is therefore difficult to determine if the information is accurate. Also, these figures do not include smuggled or illegal goods and services. The only way these goods could be included in import statistical data is if dummy goods were being recorded and still it would not form an accurate record.

Because of a need for more accurate import statistics data, there have been recent changes in data collection strategies. Now governments also use the foreign trade statistics when developing import figures. This trade data can be used for a number of other things including assessing import duties, to restricting illegal products being imported into a country.

Non-governmental agencies use trade data as a tool to assess and analyze the foreign trade market. With import statistics information, companies can measure the competitive nature of a market and the businesses in that market. It is also necessary information when producing a business plan and in the application of finance from venture capital partners. It also can give accurate analysis of future business trends. All statistical data will tell a story.

Facts about Import Statistics

A good source of import statistics was developed in the mid 1990’s with the beginning of the Automated Export System (AES). AES is a method of recording or filing export and import trade transactions electronically. This system is now available in all ports in the United States and provides a very accurate record of import statistics.

Since its development, the quality of import statistics has improved dramatically, giving a more accurate method of obtaining statistical information. It also allows information to be entered immediately into the database which then enables traders to view up to the minute information. This is extremely important when businesses are trying to analyze statistical details in an attempt to gear toward an ever-changing international market.

Sources of data for import statistics are often arranged by detailed lists of products and are available in statistics collections. These sources of information include UNSTAT, FAOSTAT, OECD, Eurostat and other international and national statistics institutions.

If you enjoyed reading about Import Statistics Can Provide Great Insight Into Your Market then see our next article Export Procedures

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