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Merchanting

UNECE/EUROSTAT/OECD GGNA. Agenda item 4 Issue paper 5. Merchanting. Michael Connolly CSO, Ireland Geneva May 2009. Merchanting. How in practice do we identify merchanting operations? Multinationals trading activities in or out? New recommendations - review

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Merchanting

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  1. UNECE/EUROSTAT/OECDGGNA Agenda item 4 Issue paper 5 Merchanting Michael Connolly CSO, Ireland Geneva May 2009

  2. Merchanting • How in practice do we identify merchanting operations? • Multinationals trading activities in or out? • New recommendations - review • Merchanting of services – some observations

  3. Merchanting the purchase of a good by a resident (of the compiling economy) from a non-resident and the subsequent resale of the good to another non-resident; during this process the good does not enter or leave the compiling economy Source IMF BPM5

  4. Merchanting Movement of goods/services CountryB exporter/seller Country C importer/buyer Change in ownership Cash settlement Country A Merchant

  5. Merchanting • How in practice do we identify merchanting operations?

  6. Merchanting -Identification • Identification when a stand alone entity • Ratio analysis using Business Register • Identification when part of a MNC having other activities – Survey questions

  7. Merchanting • Multinationals trading activities in or out?

  8. Merchanting • Merchanting as part of international manufacturing activities by MNCs is within the scope of the statistical treatment proposed for merchanting

  9. Merchanting • New recommendations - review

  10. Merchanting SNA 2008 and BPM 6

  11. Merchanting Proposals BPM6 & SNA 2008 • Acquisition of goods by merchant to be recorded as negative exports of merchant’s economy • Similarly sale of goods by merchant recorded as a positive export • Difference between sales and purchases of merchanted goods is recorded under : “Net exports of goods under merchanting”

  12. MerchantingImpact of New Proposals • Resolves the difficulty with asymmetric recording • Resolves the issues with inventories and holding gains • Valuation principles are consistent • Recording of transactions in BOP still an issue

  13. Merchanting • Merchanting of services – some observations

  14. MerchantingSummary New Proposals • Revised treatment for Merchanting of goods is now adequate • IMF proposal in par. 10.160 of BPM6 recognises the potential significance of merchanting of services • Unfortunately deferred any specific treatment until next revision of the manual

  15. Any questions?

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