Trade asymmetries: Research outputs from a model-based approach to reconciling asymmetries in UK trade in services data

Marilyn Thomas and Luke Weston ()

No ESCOE-TR-09, Economic Statistics Centre of Excellence (ESCoE) Technical Reports from Economic Statistics Centre of Excellence (ESCoE)

Abstract: This paper presents an approach to reconciling asymmetries in UK trade in services data based on methodology used by the OECD-WTO to produce a series of export and import 'symmetry indices' (a measure of the relative size of a country's asymmetries across a range of trading partners), and indicative ranges of reconciled values for UK total trade in services exports and imports with partner countries between 2014 and 2018. We present results for seven of the UK's trading partners in line with ONS asymmetries articles. UK export asymmetries are relatively small in a global context. Therefore, the indicative ranges of reconciled UK total trade in services exports to many of the UK’s trading partners are relatively close to official UK trade estimates. Where some of the UK's trading partners also have relatively small export asymmetries, indicative ranges of UK total trade in services exports are relatively close to the mid-point between the two country's estimates. UK import asymmetries are larger than UK export asymmetries. This means that the indicative ranges of UK total trade in services imports from many of the UK's trading partners tend towards the partner country's estimates.

Keywords: asymmetries; services; trade (search for similar items in EconPapers)
JEL-codes: C00 F10 F14 (search for similar items in EconPapers)
Date: 2021-02
New Economics Papers: this item is included in nep-dem and nep-int
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