There are sometimes errors in the official trade statistics. These can occur for simple reasons like:
• choosing the wrong classification when entering the data; • the entry has gone in as a Tonne when in fact it is measured in Kilograms or visa versa; • the entry has gone in as a non US dollar value when the system is expecting a US dollar value; and so on.
Although only a small percentage of observations are usually incorrect on an individual product basis these errors can have a major distorting impact on any analysis and lead to incorrect conclusions.
TradeData has much experience in detecting and correcting for such errors and this forms one of our key areas of activity for clients. If errors in trade statistics are a problem please discuss with TradeData – Contact TradeData.
