International Merchandise Trade Statistics (IMTS) Valuation Recommendations
IMTS provides key recommendations for valuing goods in international trade, emphasizing the adoption of the WTO Agreement on Customs Valuation. The use of FOB and CIF valuation methods, along with specific guidelines for special categories of goods, ensures a standardized basis for valuation that is crucial for national accounts, balance of payments statistics, market price monitoring, and trade negotiations.
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IMTS 2010 and 202X: Valuation Markie Muryawan United Nations Statistics Division 1
IMTS 2010 key recommendations Record a statistical value for all goods whether sold, exchanged or provided without payment. Adopt the WTO Agreement on Customs Valuation as the basis for valuation of international merchandise trade for statistical purposes. Use free on board (FOB-type) valuation for exports (border of the exporting county) and cost, insurance and freight (CIF-type) valuation for imports (border of the importing country); countries are encouraged to compile FOB-type value of imported goods as supplementary information. Countries which compile only CIF-type values of imports are encouraged to compile separate data for freight and insurance. 2
IMTS 2010 key recommendations Follow additional recommendations on valuation of special categories of goods. Use exchange rate that is duly published by the competent national authorities of the country which is in effect at the time of importation or exportation. If an exchange rate is not available for the time of exportation or importation, use the average rate for the shortest period applicable. Where multiple official exchange rates are in effect, use the actual rate applicable to specific transactions (para.4.21) 3
Valuation: fob & cif FOB (free on board) CIF (cost, insurance and freight) Provide a uniform basis for goods valuation, therefore useful for national accounts and balance of payments statistics Useful for monitoring prices of goods in domestic market Useful for input-output analysis Useful for reconciliation studies, trade negotiations 4
Valuation: special categories Banknotes, securities, coins not in circulation:be valued at the transaction value of the printed paper or stamped metal rather than at their face value Media be valued at their full transaction value and not at the value of unrecorded media (exclusion: customized software) Electricity, gas, oil and water be valued net of any delivery charges not included according to FOB- or CIF type valuation. Goods under financial lease that cross borders be valued on the basis of the prices of similar goods crossing borders as the result of sale. Goods for processing with or without change of ownership be valued at their full value Returned goods, if identifiable, be valued as at the initial transaction. Goods bundled with services be valued on the goods and the value of any services associated with them should be excluded 5
IMTS 2010 Revision IMTS 202X As part of BPM6 revision research topic, it was originally planned to use Invoice Value as a valuation basis (instead of FOB) to be coherence with SNA valuation It was rejected and deferred to BPM7 revision taking into account availability of data IMTS to collect invoice value declared to Customs? Do Customs collect such data? If yes, have they shared with Statistical Office already? As part of BPM6 revision research topic, the valuation of goods under long-term contract was listed It was dropped from the research topic IMTS revision picked it up, and clarification will be provided The main question whether the long-term contract is adjusted by Customs And whether the long-term contract is considered market value
IMTS 2010 Revision IMTS 202X Valuation of gold/silver coins of legal tender recorded under 7118.90, which is normally excluded in IMTS; however, the face value is much less than intrinsic value In fact, this code can be split into circulating and non-circulating coins of legal tender What is the current practice in your country?
