International data will soon be getting a new look, giving users more detail on the U.S. economy’s relationship with the rest of the world in the most significant restructuring of the Bureau of Economic Analysis’ international data since 1976. The restructured accounts will provide greater and more complete information about the global financial picture and the United States’ place in it.
So when will you start seeing the changes?
• With the June 4 International Trade in Goods and Services report, the number of services categories available monthly will expand from seven to nine. Also, seasonally adjusted trade in goods and services will now be available for selected countries and areas.
• With the June 18 release of the quarterly International Transactions Accounts, users will get additional detail on trade in goods and services in the current account, while the financial account will be reorganized and expanded to include additional detail by instrument, by sector, and by maturity. For trade in services, the number of sub-categories available quarterly will expand from 10 to 20.
• With the June 30 release of the quarterly International Investment Position, users will get additional detail on the maturity of investment. Data on direct investment positions will be reported on an asset and liability basis, like a balance sheet.
These changes will align U.S. data more closely with updated international guidelines, such as the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). Keeping up with international guidelines makes it easier for users to compare U.S. data with data from our major trade and investment partners. Several industrialized countries have already incorporated these new standards into their international accounts.
More information on the upcoming changes is available here. BEA plans to host a webinar on May 28 starting at 2 p.m. EDT to highlight the biggest changes and answer users’ questions. For more information, click here.