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International trade in goods - trade by invoicing currency (TIC) (ext_tic)

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National Reference Metadata in Single Integrated Metadata Structure (SIMS)

Compiling agency: Statistical Service of Cyprus

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International trade in goods statistics (ITGS) published by Eurostat measure the value and quantity of goods traded between the EU Member States (intra-EU trade) and goods traded by the EU Member States with non-EU countries (extra-EU trade). ‘Goods’ means all movable property including electricity. ‘European’ means that the statistics are compiled on the basis of the concepts and definitions set out in EU legislation.

Trade by invoicing currency (TIC) data are part of the information available for extra-EU trade. The invoicing currency is the currency in which the commercial invoice is drawn up. Data by invoicing currency can be used for instance to explore the use of the euro in the EU’s international trade, to compare it with the role of the United States dollar (USD) or to analyse the role of the euro in the euro area and in the EU. These statistics are very useful to central banks, including the European Central Bank, for comparing the euro with other major international currencies. These data are also used by financial market segments or foreign investors.

Statistical dimensions available for TIC data:

  • reporting country;
  • partner country;
  • reference period;
  • trade flows;
  • product; and
  • currency.

29 August 2023

Reporting country – Except for some specific goods like vessels and aircraft, ITGS follow the physical movements of the goods. A country should record an import when goods enter its statistical territory and an export when goods leave that territory except if those goods are in simple transit.

Partner country – At detailed level, this is the last known country of destination for exports and the country of origin for imports. However individual partner countries are not kept in the dissemination of data by invoicing currency. They are replaced by the partner area  ‘extra-EU’.

Product – Goods are primarily classified by commodity code as set out in the EU Combined Nomenclature. TIC data are compiled on the basis of a correspondence table enabling the transposition of detailed data collected according to the Combined Nomenclature into the Standard International Trade Classification (SITC). TIC data are available by three product groups: Raw materials without oil (SITC sections 0-4, excluding division 33), Oil (SITC division 33) and Manufactured products (SITC sections 5-8).

Additionally, since 2022 reference period, TIC data are available also by 10 individual SITC sections

Currency – The invoicing currency is the currency in which the commercial invoice is drawn up. Its definition is provided by the customs legislation. Only the following currencies or groups of invoicing currencies are considered for data transmission to Eurostat:

Common currencies reported whatever the data source used:
— Euro (‘EUR’)
— UK pound sterling (‘GBP’)
— US dollar (‘USD’)
— National currencies of non-euro area Member States (‘XU3’)
— Other not specified currencies (‘_X’) – As TIC data must cover total extra-EU exports and imports of goods (or total exports and imports for EFTA and enlargement countries), trade in other currencies than the ones specifically identified are reported under the group ‘Other not specified currencies’ (‘_X’).
— Unknown currency (‘_U’)
— Total ‘_T’ including all currencies is to be provided
 Additional invoicing currency breakdown reported for which data source is the customs declaration:
— Brazilian real (‘BRL’)
— Canadian dollar (‘CAD’)
— Swiss franc (‘CHF’)
— Chinese yuan renminbi (‘CNY’)
— Indian rupee (‘INR’)
— Japanese yen (‘JPY’)
— South Korean won (‘KRW’)
— Mexican peso (‘MXN’)
— Norwegian krone (‘NOK’)
— Russian rouble (‘RUB’)
— Singapore dollar (‘SGD’)
— Turkish lira (‘TRY’)

The set of collected currencies has been evolving over time. Initially, only 5 currencies were collected (EUR, USD, _X, XU3 and _T). Since 2020 reference year, _U currency was added. The full set mentioned above has been collected only since 2022 reference year. 

The statistical unit is any natural and legal person lodging a customs declaration in Cyprus on the condition that the customs procedure is of statistical relevance. Additionally, all natural or legal persons who carry out transactions which fall under special movement goods which are reported through other sources than the custom declaration.

The statistical population comprise all the legal or natural persons who lodged a customs declaration with the National Customs Authority of Cyprus. Additionally, all natural or legal persons who carry out transactions which fall under special movement goods which are reported through other sources than the custom declaration.

Cyprus

Theoretically, the reference period for the information on international trade in goods transactions should be the calendar month of export or import of the goods. This rule is applied for specific special movements goods.  However, in practice the reference period is the calendar month during which the customs declaration is accepted by the National Customs Authority.

The reference years for which TIC data are disseminated result from the aggregation of monthly figures from January to December.

Customs Authority, carries out several checks of customs declarations. Further to this, the accuracy of the data is checked by Statistical Service of Cyprus as well. Therefore, the accuracy of the TIC data is considered as high.

For data transmission to Eurostat – Trade values (in national currency units) by invoicing currency. The value of traded goods is calculated at the national frontier, on a FOB (free on board) basis for exports and a CIF (cost, insurance, freight) basis for imports. Hence, only incidental expenses (freight, insurance) are included and they are incurred for:

  • exports in the part of the journey located on the territory of the country where the goods are exported from;
  • imports in the part of the journey located outside the territory of the country where the goods are imported to.

 For data dissemination on Eurostat website – Share of each invoicing currency in extra-EU imports and exports.

At national level:

Extra EU trade data for imports and exports of the reference year in question are compiled by SITC aggregate category and invoice currency grouping according to the relevant groupings required by Extra EU trade statistics regulations as following:  
(a) trade flow;
(b) statistical value;
(c) invoicing currency breakdown as following:

— Euro (‘EUR’)
— UK pound sterling (‘GBP’)
— US dollar (‘USD’)
— National currencies of non-euro area Member States (‘XU3’)
— Other not specified currencies (‘_X’) – As TIC data must cover total extra-EU exports and imports of goods (or total exports and imports for EFTA and enlargement countries), trade in other currencies than the ones specifically identified are reported under the group ‘Other not specified currencies’ (‘_X’).
— Unknown currency (‘_U’)
— Total ‘_T’ including all currencies is to be provided
 Additional invoicing currency breakdown reported for which data source is the customs declaration:
— Brazilian real (‘BRL’)
— Canadian dollar (‘CAD’)
— Swiss franc (‘CHF’)
— Chinese yuan renminbi (‘CNY’)
— Indian rupee (‘INR’)
— Japanese yen (‘JPY’)
— South Korean won (‘KRW’)
— Mexican peso (‘MXN’)
— Norwegian krone (‘NOK’)
— Russian rouble (‘RUB’)
— Singapore dollar (‘SGD’)
— Turkish lira (‘TRY’)


(d) TIC data are available by three product groups: Raw materials without oil (SITC sections 0-4, excluding division 33), Oil (SITC division 33) and Manufactured products (SITC sections 5-8).

Additionally, since 2022 reference period, TIC data are available also by 10 individual SITC sections and division 33:

  • · total trade: code ‘_T’; (Total trade covers SITC sections 0 to 9.)
  • · food and live animals: code ‘SITC0’;
  • · beverages and tobacco: code ‘SITC1’;
  • · crude materials, inedible, except fuels: code ‘SITC2’;
  • · mineral fuels, lubricants and related materials: code ‘SITC3’;
  • · animal and vegetable oils, fats and waxes: code ‘SITC4’;
  • · chemicals and related products, n.e.s.: code ‘SITC5’;
  • · manufactured goods classified chiefly by material: code ‘SITC6’;
  • · machinery and transport equipment: code ‘SITC7’;
  • · miscellaneous manufactured articles: code ‘SITC8’;
  • · commodities and transactions not classified elsewhere in the SITC: code ‘SITC9’; and
  • · oil according to SITC division 33: code ‘SITC33’.
  • · Division 33 is reported separately under SITC33, and is also included in SITC3


The invoice currency for each custom declaration on import and export and invoice currency for transactions which are recorded via other administrative sources for trade with third countries in order to produce the TIC statistics.

 At European level:

The share of each invoicing currency in the imports and exports of Cyprus is calculated on the basis of the transmitted trade values.

TIC data are derived from the combination of two types of information collected via customs declarations:

  • Trade in goods transactions; and
  • The invoicing currency associated to these transactions.

TIC data are only disseminated by Eurostat. See item 9 ‘Frequency of dissemination’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

See concepts 14.1.1 and 14.1.2.

See item 15.1 ‘Comparability - geographical' of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

From the year 2014 additional data sources were used in order to record imports and exports of vessels according to the economic ownership principle.