Relationship between foreign trade in goods statistics and goods statistics in the Balance of Payments

Abstract

In Spain, the data on exports and imports of goods are recorded both in the foreign trade in goods statistics published by the State Secretariat for Trade and the Spanish Tax Agency (AEAT) and under the goods heading in the balance of payments (BoP) published by the Banco de España. However, although both statistics are based on information declared to the AEAT Customs and Excise Department, there are methodological differences between them. This note explains the nature of such differences and the complementary information and adjustments applied to compile the BoP data. It also explains the method followed to estimate a breakdown by product of the BoP’s goods data, based on the United Nations’ Standard International Trade Classification (SITC Rev.4).