External trade. In the ECB’s statistics, exports and imports in trade outside the euro area. They are shown as values and as volume and average indices. – Caution

the external trade statistics reported in this way are not identical with those reported in the national accounts.
exports and imports. This is because the latter covers both cross-border transactions within the euro area and trade outside the euro area. Moreover, no distinction is made between goods and services. – It should also be noted that comparability with the goods trade item in the balance of payments statistics is difficult. One difference between the two figures is that imports in foreign trade statistics include services provided by insurers and transporters. In the balance of payments statistics, imports of goods are recorded without these two services. – See external balance, group sales, number cruncher, two-pillar principle. – Cf. ECB Monthly Bulletin of August 2010, pp. 101 et seq. (very detailed on euro area foreign trade; many overviews; references), ECB Monthly Bulletin of March 2011, pp. 23 et seq. (euro area is the world’s largest importer; overviews), ECB Monthly Bulletin of June 2013, pp. 79 ff. (euro area exports since 1999; overviews), Deutsche Bundesbank Monthly Report of October 2014, p. 29 ff. (German economy in the international division of labor; overviews; detailed value added analysis; references).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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