External trade statistics

A figure closely monitored by central banks and often commented on in their reports. It is very important to pay close attention to the explanations given in each case, because some of the underlying series of figures do not match, especially: partly goods, partly only goods. – In addition, statistical recording is often fraught with almost insoluble problems. For example, if – which is by no means an isolated case in view of global market interdependence – a company in Germany – is majority-owned by a foreign company, and – this company manufactures machines under license for the foreign parent company, – uses subcontracted supplies from there and – sells the finished machines – partly for the account of the parent company, – partly for its own account – in Germany or – abroad, then it is very difficult even for experienced experts in balance of payments statistics to properly record these flows in foreign trade statistics (to carry on). – See Export tax, Foreign trade. Group sales, number cruncher, oil price shocks, two-pillar principle. – Cf. the respective items for the euro area in the ECB’s Statistics Pocket Book and in the ECB’s Monthly Bulletin; there, under “Notes,” pay particular attention to the heading “Foreign trade” because of the definitions and classifications; ECB Monthly Bulletin of December 2008, pp. 102 ff (recalculation of indices for industrial import prices and industrial producer export prices in the euro area; overviews), ECB Monthly Bulletin of June 2009, pp. 109 f (Collapse of foreign trade in the euro area as a result of the financial crisis; overviews), Deutsche Bundesbank Monthly Report of August 2009,. pp. 22 f. (Foreign trade in the wake of the global financial crisis; overviews), ECB Monthly Report of February 2010, pp. 66 ff (Developments in the euro area 2007-2009; overviews).

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