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Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.

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

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Reference Metadata in Single Integrated Metadata Structure (SIMS)

Compiling agency: Eurostat, the statistical office of the European Union

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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 electrical energy and natural gas. ‘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.
5 October 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 areas  ‘extra-EU’ for the EU Member States and Northern Ireland and ‘world’ for the EFTA and enlargement countries.

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 (voluntarily since 2021), 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. The following invoicing currencies or groups of currencies are considered for data transmission to Eurostat:

Common currencies to be reported whatever the data source used:

  • Euro (‘EUR’)
  • National currency of the reporting country
  • UK pound sterling (‘GBP’)
  • US dollar (‘USD’)
  • National currencies of non-euro area Member States (‘XU3’)
  • Other not specified currencies (‘_X’)
  • Unknown currency (‘_U’)
  • Total ‘_T’

Additional invoicing currency breakdown if the 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’)

Other optionally collected currencies (mandatory only if it is a national currency):

  • Bulgarian lev (‘BGN’)
  • Czech koruna (‘CZK’)
  • Danish krone (‘DKK’)
  • Croatian kuna (‘HRK’)
  • Hungarian forint (‘HUF’)
  • Polish zloty (‘PLN’)
  • Romanian leu (‘RON’)
  • Swedish krona (‘SEK’)
  • Albanian lek (‘ALL’)
  • Bosnia-Herzegovinian convertible mark (‘BAM’)
  • Iceland krona (‘ISK’)
  • Macedonian denar (‘MKD’)
  • Serbian Dinar (‘RSD’)

Note on ‘unknown’ currency: Trade for which the currency is unknown should be distributed over the individual currencies or groups of currencies proportionally to their relative share except if it is known that such a distribution would skew the data in a too significant extent. In such a case, the code UNK ‘Unknown’ could exceptionally be used.

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 (voluntarily since 2021).

The statistical unit is any natural and legal person lodging a customs declaration in the reporting country on the condition that the customs procedure is of statistical relevance.

The statistical population comprise all the legal or natural persons who lodged a customs declaration with the National Customs Authority.

TIC data are available for the European Union and the euro area as aggregates as well as for all the EU Member States individually. They are also available for the following non-EU countries:

  • All EFTA countries except Liechtenstein for which a derogation applies: Iceland, Norway and Switzerland;
  • United Kingdom (until 2018 reference year);
  • Northern Ireland (since 2022 reference year); and
  • Enlargement countries (candidate countries and potential candidates): Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia and Turkey.

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. However, in practice the reference period is generally 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.

The accuracy is tackled at national and European levels, by eliminating as much as possible the non-sampling errors. It should be noted that the accuracy of TIC data depends mainly on the accuracy of customs declarations.

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 for EU Member States and Northern Ireland, or in world imports and exports for EFTA and enlargement countries.

At European level, the share of each invoicing currency in the imports and exports of the reporting country is calculated on the basis of the transmitted trade values. Additionally, Eurostat derives TIC data for the EU and the euro area as reporting entities by aggregating the trade values reported by the Member States.

TIC data are derived from the combination of two types of information:

  • Trade in goods transactions collected via customs declarations; and
  • Invoicing currencies collected via either customs declarations or a dedicated survey if the information is not covered by customs declarations (possible only for exports).

TIC data are updated every year in April/May with a new reference year. However it should be noted that only TIC data relating to even years (e.g. 2020, 2022) are to be mandatorily provided to Eurostat. The geographical coverage might thus be incomplete for reference periods corresponding to odd years (e.g. 2021).

Revisions of historical data may occur at any time but remain exceptional.

See concepts 14.1.1 and 14.1.2.

From a methodological point of view, the comparability across countries is ensured by the implementation of the concepts and definitions set up by the EU legislation and by the application of the complementary guidelines provided by the European business statistics compilers' manual for international trade in goods.

Changes due to definitions, classifications, coverage or methods will have an impact on the continuity of the time series. The most significant change came with the recent Regulation (EU) 2019/2152 on European business statistics.