Who Keeps The Track Of Import Export Data In Different Countries?

The barter system is an old-age practise just as old as human history. However, this has transformed with a new tag seen worldwide as ‘International trading.’ Global trade is carried out in the form of the exchange of goods and services between countries. 

The foreign goods and services bought by the citizens, businesses, and the governments of a home country from another country are known as Imports. In contrast, exports are goods that a home country sells to another country.   

 For huge economies to function efficiently, it is of utmost importance to keep track of the import export data by country. This data helps a business to understand market trends and make decisions accordingly.

What Is Import And Export Data?

Import export data consists of information on the products entering or leaving a country like:

1. Names and addresses of imports and exporters

2. Shipment quantities and schedules

3. HS Code 

4. Payable tariffs

5. Bills of lading

6. Consignee names

Who Keeps Track Of Global Trade Data?

There are several private organizations and government agencies that give you access to information related to global trade.

1. Online Platforms 

Import export data banks prove to be a boon for traders and people in business in keeping track of trade data. In addition, reliable platforms like Treadmo provide highly accurate trade databases consisting of: 

• Detailed shipment descriptions

• Trade flow rankings

• Product trends

• Best global importers and exporters

2. U. S. Government Trade database

 There are multiple US government agencies that have an accessible trade database like:

1. WITS 

If a company wishes to find a comprehensive portal for Import export data by country, it can refer to the WITS portal designed by the World Bank. The World Bank has collaborated with the United Nations Conference on Trade and Development(UNCTAD), World Trade Organisation (WTO), UNSD, the United Nations Statistical Division to develop a WITS software, World Integrated Trade Solution. 

2. UNSD

The UNSD contains import export data by country and detailed commodity information. It includes information of over 170 countries and statistics of the UN since 1962.

3. UNCTAD

The UNCTAD contains details of more than 150 countries on tariffs and non-tariff measures with detailed descriptions of products and HS codes.  

4. WTO

The WTO’s Integrated Database contains import export data mentioned by-products and is the most favoured nation for the import or export. It also consists of Initial Negotiating Rights and WTO-bound tariffs. 

5. Other U.S. Government Agencies 

Agencies like USITC’s Data web, Census of USA Trades, and international transaction accounts of Bureau of Economic Analysis also work as import export data provider.

3. Government Trade Database

The Department of Commerce of most countries provides all the trade statistics. It includes: 

• Latest trade figures

• Foreign trade performance analysis

• Export-import data bank

The trade statistics are available commodity-wise, country-wise, territory-wise, port-wise, and state and district-wise. 

How Is Global Trade Data Useful? 

Global trade data or import-export data is made available by an import export data provider and is used by various peoples like-

1. Traders make business plans, search for budding markets and conduct market research.  

2. International trading people in business evaluate shipping records of potential buyers and suppliers with the help of this import export data.

3. Importers and exports to reduce chances of risks and fines.  

4. Firms to understand growth percentages of their goods and their trading businesses.  

5. Companies to track their competitor’s export figures and business strategies.

6. Huge industries to analyze inventory status and international pricing of raw materials.

Why Is Tracking Import Export Data Important For Every Nation?

Trade between different countries is an important part of economic growth as it influences its GDP, level of inflation, and exchange rates. Import and export help a businessman multiply their revenues, build amazing market insights, diversify trade and discover new traders over the globe. 

It also helps identify investment opportunities in various regions worldwide and observe multiple corporations and businesses’ marketing and other activities. Analyzing import-export data helps industries make greater investments, maximize profits, and increase production, leading to the growth of the business and the economy.