Written by: John H. Thompson
Today, the U.S. Census Bureau released the first-ever Advance Report: U.S. International Trade in Goods. The Department of Commerce is “America’s Data Agency,” and this report is part of our ongoing efforts to release U.S. trade data to the public as quickly as possible. The Advance Report of U.S. trade data will be published up to a week before the full FT-900: U.S. International Trade in Goods and Services that is jointly issued by the Census Bureau and the Bureau of Economic Analysis (BEA).
Many American businesses, policymakers and other data users rely on the Census Bureau’s international trade statistics to make data-driven decisions. These data are crucial to understanding the U.S. economy with respect to our trading partners and the impact of events around the globe. Now, data users will have earlier access to our statistics with this high-level “snapshot.”
Even better, the Advance Report of U.S. trade data allows the federal statistical community to produce more reliable initial estimates of quarterly Gross Domestic Product (GDP). BEA will use the Advance Report of U.S. trade data when preparing its advance estimate of quarterly GDP, which measures the value of goods and services produced in the U.S. economy and is one of the most comprehensive and most closely watched economic statistic. Getting this initial estimate accurate, with small subsequent revisions, is critical to the Federal Reserve, businesses and policymakers around the world. The new Advance Report of U.S. trade data should reduce the size of revisions to this major economic indicator.
The Advance Report of U.S. trade data is just the latest example of the Census Bureau’s commitment to releasing the timeliest, accurate, and trusted information about our nation’s people and economy. We are constantly looking for ways to improve your access to our statistics. I’m pleased that this collaboration with BEA will support the needs of taxpayers and our data customers for better, faster measures of the U.S. economy.
Click here to access our first Advance Report. You can also click here to access BEA’s first GDP report incorporating data from the Advance Report, which is their advance estimate of second-quarter GDP.