Trade Balance Data: Import/Export Statistics from Official Sources

Understanding Trade Data

International trade statistics are essential for economic analysis, but navigating the various sources can be confusing. Here's your guide.

Key Trade Concepts

Trade Balance

Exports minus imports. A deficit means more imports than exports.

Bilateral Trade

Trade between two specific countries (e.g., US-China trade).

Goods vs Services

• Goods: Physical merchandise (cars, electronics, food)
• Services: Intangibles (tourism, financial services, IP)

Most sources focus on goods; services data is harder to find.

Best Data Sources

US Census Bureau

IQ Score: 97 | Monthly | 1992-present

The authoritative source for US trade data.

Key Series:

• Total Trade Balance: BOPGSTB (Goods + Services)
• Goods Balance: BOPGTB
• Services Balance: BOPSTB

Strengths:

• Most timely US trade data
• Detailed commodity breakdowns (HS codes)
• Bilateral trade with all partners

Browse US trade data →

UN Comtrade

IQ Score: 93 | Monthly/Annual | 1962-present

The most comprehensive global trade database.

Coverage:

• 200+ countries
• Bilateral flows
• 6-digit HS commodity codes

Best For:

• Academic research
• Global trade patterns
• Historical analysis

World Trade Organization (WTO)

IQ Score: 92 | Annual/Quarterly

Trade statistics with policy context.

Unique Features:

• Trade in value-added data
• Services trade statistics
• Trade forecast indicators

IMF Direction of Trade Statistics

IQ Score: 91 | Monthly | 1948-present

Bilateral trade flows for IMF members.

Strengths:

• Consistent methodology
• Long time series
• Good for developing countries

Eurostat

IQ Score: 94 | Monthly

EU trade with detailed breakdowns.

Features:

• Intra-EU vs Extra-EU trade
• Partner country detail
• SITC and CN classifications

Navigating HS Codes

What Are HS Codes?

Harmonized System codes classify traded goods:

• 2-digit: Chapter (e.g., 85 = Electrical machinery)
• 4-digit: Heading (e.g., 8517 = Telephones)
• 6-digit: Subheading (e.g., 851712 = Smartphones)

Finding the Right Code

• Search by product name

• Use Census Schedule B lookup

• Cross-reference with HS classification guide

Common Trade Indicators

Trade-to-GDP Ratio

(Exports + Imports) / GDP

Measures trade openness. Higher = more trade-dependent economy.

Terms of Trade

Export prices / Import prices

Rising = favorable; Falling = unfavorable.

Trade Deficit/Surplus

• US: Persistent deficit (~$800B/year)
• China: Consistent surplus
• Germany: Large goods surplus

Data Quality Issues

1. Mirror Statistics

Country A's exports to B should equal B's imports from A. They often don't due to:

• Valuation differences (FOB vs CIF)
• Timing differences
• Re-exports

2. Services Undercount

Services trade is harder to measure than goods. Data quality varies significantly.

3. Country Coverage

Not all countries report to all organizations. Check data availability before starting analysis.

Pro Tips

• Use Census for US data: Most timely, most detailed

• Use UN Comtrade for global: Best coverage and historical depth

• Check both sides: Compare exporter and importer reports

• Mind the lag: Trade data releases 6-8 weeks after the reference period

Explore trade datasets →