UNECEEUROSTATOECD GGNA Agenda item 4 Issue paper 5

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UNECE/EUROSTAT/OECD GGNA Agenda item 4 Issue paper 5 Merchanting Michael Connolly CSO, Ireland Geneva

UNECE/EUROSTAT/OECD GGNA Agenda item 4 Issue paper 5 Merchanting Michael Connolly CSO, Ireland Geneva May 2009

Merchanting l How in practice do we identify merchanting operations? l Multinationals trading activities

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

Merchanting the purchase of a good by a resident (of the compiling economy) from

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 BPM 5

Merchanting Movement of goods/services Country. B Country C exporter/seller importer/buyer Change in ownership Country

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

Merchanting l How in practice do we identify merchanting operations?

Merchanting l How in practice do we identify merchanting operations?

Merchanting -Identification l Ratio when a stand alone entity analysis using Business Register l

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

Merchanting l Multinationals trading activities in or out?

Merchanting l Multinationals trading activities in or out?

Merchanting l Merchanting as part of international manufacturing activities by MNCs is within the

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

Merchanting l New recommendations - review

Merchanting l New recommendations - review

Merchanting SNA 2008 and BPM 6

Merchanting SNA 2008 and BPM 6

Merchanting Proposals BPM 6 & SNA 2008 Acquisition of goods by merchant to be

Merchanting Proposals BPM 6 & SNA 2008 Acquisition of goods by merchant to be recorded as negative exports of merchant’s economy l Similarly sale of goods by merchant recorded as a positive export l Difference between sales and purchases of merchanted goods is recorded under : “Net exports of goods under merchanting” l

Merchanting Impact of New Proposals Resolves the difficulty with asymmetric recording l Resolves the

Merchanting Impact of New Proposals Resolves the difficulty with asymmetric recording l Resolves the issues with inventories and holding gains l Valuation principles are consistent l Recording of transactions in BOP still an issue l

Merchanting l Merchanting of services – some observations

Merchanting l Merchanting of services – some observations

Merchanting Summary New Proposals Revised treatment for Merchanting of goods is now adequate l

Merchanting Summary New Proposals Revised treatment for Merchanting of goods is now adequate l IMF proposal in par. 10. 160 of BPM 6 recognises the potential significance of merchanting of services l Unfortunately deferred any specific treatment until next revision of the manual l

Any questions?

Any questions?

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Agenda item 8 Issue paper 10 Special PurposeAgenda item 8 Issue paper 10 Special Purpose
Agenda item 7 Issue paper 13 Estimates ofAgenda item 7 Issue paper 13 Estimates of
Agenda item 3 Issue paper 4 GOODS FORAgenda item 3 Issue paper 4 GOODS FOR
Agenda item 6 Issue paper 9 International TransactionsAgenda item 6 Issue paper 9 International Transactions
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