US and Canada have successfully been sharing Foreign Trade Data since January of 1990 after three years of challenges.
The benefits:
- Increased Reliability of Export Data
The Data Exchange significantly reduced the amount of non-reported exports on each side of the border.
- Reduced Burden of Exporters of Both Countries
For 2012, U.S. exports to Canada totaled $291.8 billion and Canadian exports to the United States totaled $329.9 billion – that is a lot of information to file!
- Changes to Operations in Statistical and Customs’ Agencies
Statistical agencies had to establish new procedures to use import data to serve as export data, including converting values using exchange rates. Another change involved managing information for enforcement and administrative purposes.
Though there have been subsequent challenges, both governments have worked through and resolved them.
To read the entire article: Sharing Foreign Trade Data
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