Posts Tagged 'Trade'

BEA’s API Expands Access to International Services Trade Data

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More good news for developers and other “power users” of BEA data: The most detailed data on U.S. international trade in services published by the Bureau of Economic Analysis are now accessible through our application programming interface, or API. This includes detailed annual statistics on U.S. trade in services by type of service for 90 countries and areas, including new estimates of trade related to information and communications technology. Previously, only the more aggregated trade in services statistics released as part of the U.S. international transactions accounts were available through BEA’s API.

The new API dataset is named “IntlServTrade.” The statistics in this dataset correspond to data on trade in services presented in tables 1.1 through 3.3 of the International Services data available through BEA’s interactive data application. Data presented in International Services tables 4.1 through 5.4 on services supplied through affiliates of multinational enterprises are not included in this API dataset. Appendix M, under the DataSet Reference section in the API User Guide, provides a short description and example API calls for this new dataset.

BEA’s API provides developers and analysts a mechanism to search, display, analyze, retrieve, or view BEA statistics. For example, researchers can use BEA’s International Services data along with services trade data from other countries to make international comparisons of trade in services. Or developers may design a new tool to visualize BEA’s economic data. The API includes methods for retrieving subsets of BEA statistical data and their meta-data using HTTPS requests. It delivers data in two industry-standard formats: XML (Extensible Markup Language) and JSON (JavaScript Object Notation).

To use the API, you need to register first. Full documentation is available in the API User Guide.

BEA’s API is just one way BEA is supporting open data. Visit BEA’s Open Data site for a complete listing of BEA’s datasets in a machine readable JSON format, along with access to downloadable datasets and other data tools.

New Study Provides Profile of U.S. Firms that Export and Import Services

Chart of trading partnersData from the Bureau of Economic Analysis (BEA) show that the United States has historically maintained a trade surplus in private services.  So what types of firms are involved in this kind of trade abroad?  Thanks to a new BEA study we have a better understanding of the kinds of American companies that export and import services.

Here are some of the key findings:

• Firms in industries typically associated with the production or sales of manufactured goods are significant services traders, accounting for more than 25 percent of exports and imports covered by the study.  Trade in services by manufacturers largely consists of transactions related to the use or creation of intellectual property, the provision of headquarters’ management and support services, or the allocation of expenses.

• Multinational companies, especially U.S. parent companies, are important services traders, accounting for more than 80 percent of trade in services with both affiliated (their own foreign branches) and unaffiliated parties.  U.S. parents tend to have larger transactions, trade with more countries, and trade more service types as compared to U.S. affiliates of foreign parents and non-multinationals.Chart of services types traded

• Business, professional, and technical services, especially research and development, testing services, and management and consulting services, accounted for more than one third of trade by both U.S. parents and U.S. affiliates.

• Many small firms engage in services trade, but large firms dominate the value of trade.

• The trade in services of multinational companies is dominated by transactions with their affiliated parties.  This is especially true for business, professional, and technical services, and royalties and license fees.  Financial services trade, such as brokerage and advisory and management services, is primarily with unaffiliated parties.  Those findings are based on a new data set that combines data from surveys on cross-border trade in services with data on the operations of multinational companies.

In 2008, trade in services included in the study—financial services; insurance; royalties and license fees; telecommunications; and business, professional, and technical services (excluding medical services)—totaled $302.3 billion in exports and $195.6 billion in imports, resulting in a surplus on trade of $106.7 billion.  These services accounted for more than half of total private services exports and imports, and nearly three-quarters of the $148.3 billion U.S. surplus on private services trade in 2008. To learn more about the characteristics of U.S. exporters and importers of services, read the full article.

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