International trade in goods statistics are presented in the U.S. International Trade in Goods and Services news release, published jointly by the U.S. Bureau of Economic Analysis (BEA) and the U.S. Census Bureau each month, and in International Accounts Detailed Goods Trade Data published by BEA on the same day. The data in these releases are presented on both a Census basis and a balance of payments (BOP) basis by end-use classification code.1
The Census Bureau compiles statistics for goods on a Census basis from information collected by U.S. Customs and Border Protection (CBP) that reflects the movement of goods between foreign countries and the United States. BEA adjusts goods on a Census basis to a BOP basis to align them with the concepts and definitions used for the U.S. international and national economic accounts. These adjustments, which are applied separately to exports and imports, are necessary to supplement coverage of the Census data, to eliminate duplication of transactions, and to value transactions at market prices. For more information on the BOP adjustments, see BEA’s U.S. International Economic Accounts: Concepts and Methods guide.
The end-use classification system for goods is based on the principal use of the goods, rather than on physical characteristics, allowing changes in trade to be compared with changes in production, consumption, and income. The Census-basis nonmonetary gold category (end-use codes 12260 for exports and 14270 for imports) includes nonmonetary gold in unwrought or in semi-manufactured forms and excludes gold in more advanced, manufactured forms.
The BOP-basis nonmonetary gold category includes all gold other than monetary gold and can be in the form of bullion, gold powder, gold bars, noncommemorative gold coins, and gold in other varied stages of manufacture.2 The BOP-basis nonmonetary gold category is compiled by adding the Census-basis nonmonetary gold, gold-related trade from Census-basis end-use codes for numismatic coins (41300 for both exports and imports) and for finished metal shapes (15200 for imports only), and a separate BOP adjustment for gold transactions not captured by CBP between foreign official agencies and private U.S. residents in foreign official reserves of gold.3
For more information on how nonmonetary gold trade is treated in BEA’s measure of Gross Domestic Product, or GDP, please see the FAQ “How are exports and imports of gold treated in BEA’s National Economic Accounts?”.
1 Trade in goods statistics are also published in BEA’s International Transactions Accounts, or ITAs, but are presented on a BOP basis only.
2 Monetary gold is gold owned by monetary authorities and is held as a reserve asset. Gold jewelry is recorded separately in the consumer goods category for jewelry (end-use code 41310 for both exports and imports).
3 Gold that is purchased by foreign official agencies, such as a foreign central bank, from private entities in the United States and is shipped to the Federal Reserve Bank of New York (FRBNY) for storage is recorded as an export. Similarly, gold that is purchased by private entities in the United States from foreign official agencies out of stock held at the FRBNY is recorded as an import.