Statistics and facts on International Trade

International trade is the backbone of the global economy Trade macro statistics data is a salient feature of merchandise trade data that focuses on the import & export of goods and services by each county

Global export and import data are collected by either ministry of trade and commerce or the national statistical authority The transaction details are combined and recorded by port and released at various aggregated levels like industry commodity groups Since each country deals with many commodities and services, its volume is huge in size

The commodities in this sector are named under different industry classifications with unique codes This classification has multiple levels of hierarchy Widely used systems are Harmonised Commodity Description and Coding System (HS Code), North American Industry Classification System(NAICS), Standard International Trade Classification (SITC), and Board of Economic Categories (BEC)

There is some political-economic phenomenon bound to this trade industry, such as Free Trade, Tariffs, Import or Export ban, and trade embargo Organizations like the World Trade Organization help the world regulate the trades unfairness and ease the merchandise happening between the countries

To promote the merchandise trade between different level countries which are developing or underdeveloped The valuation of this trade has been indicated by Cost Insurance of Freight (CIF) and Free on Board (FOB) These goods and services values include transaction cost to the border of exporting countries to importing countries