![]() ![]() Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world. Relative prices also largely reflect these agents' choices. In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates. Official exchange rates and exchange rate arrangements are established by governments. The exchange rate is the price of one currency in terms of another. International Monetary Fund, International Financial Statistics.įinancial Sector: Exchange rates & prices It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. For more detailed information on the IFS exchange rate calculation please see the attached document.Official exchange rate (LCU per US$, period average) The average annual exchange rates are obtained separately for imports and for exports by taking into account the monthly value of imports (or exports) and the monthly average of the official daily exchange rates. Is this the result of the exchange rate being calculated by weighting the monthly exchange rate with the monthly volume of trade? A: We use the US dollar series of the IFS, which is based on the monthly average of the official daily exchange rates. If so, I notice that the exchange rates of EUR to USD is different for example Netherlands and Austria in 2003. When extracting trade data over a long period of time (in my case export figures over 10 years), is the exchange fixed or year-on-year? If fixed, where can I find the exchange rate used? However, as I understand it from the explanatory notes the exchange rates are year-on-year based on the rates stated for each country each year. Q: I need to double check about exchange rates so I interpret the statistics correctly. The rate can be found under Explanatory Notes for each country in the Comtrade database. We do this separately for imports and exports. ![]() Q: How are exchange rates applied to convert to US dollars in Comtrade data and where can I find this exchange rates? A: We use an average annual exchange rate which is calculated by weighting the monthly exchange rate with the monthly volume of trade. You can find the exchange rate applied if you look in the 'Explanatory Notes' link in Comtrade for that particular country. After validating the data we apply the exchange rate and upload to our Comtrade database. The values when sent by reporters are sometimes in dollars but mostly in national currency. Is that the case or are they in constant values? Are the values given in current dollar values by reporters or are they coverted into dollars by yourselves - if so at what exchange rate? A: Trade values are in current dollar values. Calculation of dollar value in trade statistics - Current value or constant dollar value Q: I am using the data from Comtrade data base and I am assuming that the trade values given are in current dollar values.
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