Regulation (EU) No 549/2013 of the European Parliament and of the CouncilShow full title

THE ACCOUNTS FOR THE REST OF THE WORLD SECTOR AND THEIR RELATIONSHIP WITH THE INTERNATIONAL ACCOUNTS OF THE BALANCE OF PAYMENTS U.K.

The external account of goods and services U.K.

18.23 The goods and services account consists only of imports and exports of goods and services because they are the only transactions in goods and services with a cross-border dimension. Goods and services are recorded when there is a change of economic ownership from a unit in one economy to a unit in another country. Although there is usually a physical movement of goods when there is a change of ownership, this is not necessarily the case. In the case of merchanting, goods may change ownership and not change location until they are resold to a third party. U.K.

Tables 18.2 and 18.3 show how primary and secondary income is recorded in the ESA and the BPM6.

Table 18.2 — External account of goods and services (ESA V.1)
Uses			Resources
P.6	Exports of goods and services	540	P.7	Imports of goods and services	499
P.61	Exports of goods	462	P.71	Imports of goods	392
P.62	Exports of services	78	P.72	Imports of services	107
B.11	External balance of goods and services	-41

Table 18.3 — Goods and services account of the BPM6
Current accounts	Credits	Debits	Balance
Goods and services account
Goods	462	392	70
Services	78	107	-29
Goods and services	540	499	41

18.24 Goods that change locations from one economy to another but do not change economic ownership do not appear in imports and exports. Thus, goods sent abroad for processing, or returned after processing, do not appear as imports and exports of goods; only the fee agreed for processing appears as a service. U.K.

18.25 The balance of payments gives emphasis to the distinction between goods and services. That distinction reflects policy interests, in that there are separate international treaties covering goods and services. It also reflects data issues, in that data on goods are usually obtained from customs sources, while data on services are usually obtained from payment records or surveys. U.K.

18.26 International merchandise trade statistics are the main source of data for goods. International standards are given in International Merchandise Trade Statistics: Concepts and Definitions (1) Rev. 2 (IMTS) of the UN. The BPM6 identifies some possible sources of difference between the value of goods recorded in merchandise trade statistics and in the balance of payments. It also recommends a standard reconciliation table to assist users in understanding such differences. One major source of difference is that the standards for IMTS use a CIF-type (cost, insurance and freight) valuation for imports, while the balance of payments use a uniform FOB (the value at the customs frontier of the exporting economy, that is, free on board) valuation for both exports and imports. It is, therefore, necessary to exclude freight and insurance costs incurred between the customs frontier of the exporter and the customs frontier of the importer. Given variations between the FOB-type valuation and actual contractual arrangements, some freight and insurance costs need to be rerouted. U.K.

The valuation principles are the same in the ESA and the balance of payments. FOB valuation is, therefore, to be followed for recording exports and imports of goods (see paragraph 18.32).

18.27 The change of ownership basis used for the balance of payments means that goods entries will have a time of reporting consistent with the corresponding financial flows. In the BPM6, there are no longer exceptions to the change of ownership principle. In contrast, IMTS follow the timing of customs processing. While this timing is often an acceptable approximation, adjustments may be needed in some cases, such as goods sent on consignment. In the case of goods sent abroad for processing with no change of ownership, the values of goods movements are included in IMTS, but changes in ownership are the primary presentation in the balance of payments, and, therefore, the balance of payments will only show the fees related to 'manufacturing services on physical inputs owned by others'; however, the values of goods movements are recommended as supplementary items to understand the nature of such processing arrangements. Further details of the recording of processing arrangements are given later in this chapter. Other adjustments to IMTS may be needed to bring estimates into line with the change of economic ownership of goods, either generally or because of the particular coverage of each country. Possible examples include merchanting, non-monetary gold, goods entering or leaving the territory illegally, and goods procured in ports by carriers. U.K.

18.28 Re-exports are foreign goods (goods produced in other economies and previously imported with a change of economic ownership) that are exported with no substantial transformation from the state in which they were previously imported. Given that re-exported goods are not produced in the economy concerned, they have less connection to the economy than other exports. Economies that are major trans-shipment points and locations of wholesalers often have large values of re-exports. Re-exports increase the figures for both imports and exports and when re-exporting is significant, the proportions of imports and exports to economic aggregates are increased also. It is, therefore, useful to show re-exports separately. Goods that have been imported and are waiting to be re-exported are recorded in inventories of the resident economic owner. U.K.

Transit trade is where goods cross a country on their way to their final destination, and, for the country crossed, are generally excluded from foreign trade statistics, balance of payments statistics and the national accounts.

Quasi transit trade are goods imported into a country, cleared through Customs for free circulation within the EU, and then dispatched to a third country in the EU. The entity used for Customs clearance is usually not an institutional unit as defined in Chapter 2, and so does not acquire ownership of the goods. In this case, the import is shown in the national accounts as a direct import to the final destination, as in the case of simple transit trade. The appropriate value is that recorded as the goods enter the final destination country.

18.29 Goods are presented at an aggregate level in the balance of payments. More detailed commodity breakdowns can be obtained from IMTS data. U.K.

18.30 In the balance of payments, detail is produced for the following 12 standard components of services: U.K.

(a)

manufacturing services in relation to physical inputs owned by others;

(b)

maintenance and repair services n.i.e.;

(c)

transport;

(d)

travel;

(e)

construction;

(f)

insurance and pension services;

(g)

financial services;

(h)

charges for the use of intellectual property n.i.e.;

(i)

telecommunications, computer and information services;

(j)

other business services;

(k)

personal, cultural and recreational services; and

(l)

government goods and services n.i.e.

18.31 Three of the balance of payments' standard components above are transactor-based items, that is, they relate to the acquirer or provider, rather than the product itself. The items fall into the categories of travel, construction and government goods and services n.i.e. U.K.

(a)

Travel covers all goods or services, acquired by non-residents during visits, whether for own use or to give away. Travel includes goods, local transport, accommodation, meals and other services.

(b)

Construction covers the total value of the product delivered by the contractor, including any materials sourced locally and, therefore, not recorded in imports and exports of goods.

(c)

Government goods and services n.i.e. cover a range of items that cannot be allocated to more specific headings.

Besides those three transactor-based items, the remaining components are product-based, built from the more detailed classes of CPA Rev. 2. Additional standards for services trade are shown in the Manual on Statistics of International Trade in Services (2) (MSITS), which is harmonised with the international accounts.

Valuation U.K.

18.32 Valuation principles are the same in the ESA and the international accounts. In both cases, market values are used, with nominal values used for some positions in instruments where market prices are not observable. In the international accounts, the valuation of exports and imports of goods is a special case where a uniform valuation point is used, namely the value at the customs frontier of the exporting economy, that is, the FOB-type valuation (free on board). This treatment brings about consistent valuation between exporter and importer and provides for a consistent basis for measurement in circumstances where the parties may have a wide range of different contractual arrangements, from 'ex-works' at one extreme (where the importer is responsible for arranging all transport and insurance) to 'delivered duty paid' at the other (where the exporter is responsible for arranging all transport, insurance and any import duties). U.K.

Goods for processing U.K.

18.33 Between the ESA 95 and the ESA 2010, there has been a fundamental change in the treatment of goods sent abroad for processing without change of ownership. In the ESA 95, such goods were shown as exports on being sent abroad, and then recorded as imports on return from abroad, at a higher value as a result of the processing. This was known as the gross recording method, and effectively imputes a change of ownership so that international trade figures represent an estimate of the value of the goods being traded. The 2008 SNA, the BPM6 and the ESA 2010 do not impute a change of ownership, but rather show only one entry — an import of the processing service. This would be an export of the service for the country in which the processing takes place. This recording is more consistent with the institutional records and associated financial transactions. It does, however, cause an inconsistency with the international merchandise trade statistics (IMTS). The IMTS continue to show the gross value of the exports for process and returning imported processed goods. U.K.

18.34 In order to avoid such an inconsistency in the national accounts, the value of the exported goods can be recorded alongside that of the imported goods as supplementary items, the values being those recorded in the IMTS. This will enable the net processing service to be derived as the value of the processed goods exported less the value of the unprocessed goods which are imported. It is this service which is recorded in the national accounts. So for the country having the goods processed abroad, the exports will be scored alongside the imported processed goods, as supplementary items in the external goods and services account. This will reconcile the IMTS entries with the net import services figure reflecting the processing costs. U.K.

18.35 An example related to the treatment of goods for processing in the supply and use tables will demonstrate the change. Consider the case where a food manufacturing firm harvests and processes vegetables, then outsources the actual canning of the vegetables to a wholly owned subsidiary abroad, and then takes them back canned and sells the canned food on. U.K.

18.36 In Table 18.4 for the ESA 95, the imports and exports figures should match the entries in the international merchandise trade statistics (IMTS). The exports of goods to the canning subsidiary abroad are 50, and then the canned vegetables are returned as imports of 90. U.K.

Table 18.4 — The ESA 95 treatment of goods for processing as international trade
	Purchases	Final demand		Total
Sales	Food manufacturing	Household expenditure	Exports
Food		90	50	140
Canned food imports	90			90
Value added	50		GDP (E) =	50
Total output	140

Table 18.5 — The ESA 2010 treatment of goods for processing as international trade
	Purchases	Final demand		Total
Sales	Food manufacturing	Household expenditure	Exports
Food		90	0	90
Canning services imports	40			40
Value added	50		GDP (E) =	50
Total output	90

18.37 Table 18.5 shows the ESA 2010 treatment of goods for processing on a net basis: only the trade in services is shown and there will be no match with the movement in goods recorded in the IMTS. The net position, of exports less imports, will be shown in the balance of payments international accounts and the corresponding rest of the world sector accounts. The BPM6 recommends that where it is known that imports and exports in the IMTS reflect a situation where there is no change in ownership, then the two are recorded side by side in the balance of payments figures, so that the services element can be immediately calculated. So, for the food manufacturing industry, the vegetables sent abroad for canning would be shown as an export of 50, and the reimported canned vegetables would be shown as an import of 90. Those figures can be set beside each other in the international accounts statistics as supplementary items, with the exports recorded as negative imports, so enabling a net import of canning services of 40 to be derived. U.K.

The recording of this example in the BPM6 is shown in Table 18.6.

Table 18.6 — Recording of processing in the BPM6
Current accounts	Credits	Debits	Balance
Goods and services account			-40
Services (standard components)
'Manufacturing services on physical inputs owned by others'		40	-40
Supplementary items
Goods for processing abroad	50	90	-40

Merchanting U.K.

Goods under merchanting U.K.

18.38 Merchanting is defined as the purchase of goods by a resident (of the compiling economy) from a non-resident combined with the subsequent resale of the same goods to another non-resident without the goods being present in the compiling economy. Merchanting occurs for transactions involving goods where physical possession of the goods by the owner is unnecessary for the process to occur. These and the following clarifications related to merchanting follow the corresponding paragraphs in the BPM6 (paragraphs 10.41-10.48). U.K.

18.39 Merchanting arrangements are used for wholesaling and retailing. They may also be used in commodity dealing and for the management and financing of global manufacturing processes. For example, an enterprise may contract the assembly of a good among one or more contractors, such that the goods are acquired by this enterprise and resold without passing through the territory of the owner. If the physical form of the goods is changed during the period the goods are owned, as a result of manufacturing services performed by other entities, then the goods transactions are recorded under general merchandise rather than merchanting. In other cases where the form of the goods does not change, the goods are included under merchanting, with the selling price reflecting minor processing costs as well as wholesale margins. In cases where the merchant is the organiser of a global manufacturing process, the selling price may also cover elements such as providing planning, management, patents and other know-how, marketing, and financing. Particularly for high-technology goods, these non-physical contributions may be large in relation to the value of materials and assembly. U.K.

18.40 Goods under merchanting are recorded in the accounts of the owner in the same way as any other goods it owns. However, the goods are detailed specifically in the international accounts statistics of the economy of the merchant because they are of interest in their own right and because they are not covered by the customs system of that economy. U.K.

The treatment of merchanting is that:

(a)

the acquisition of goods by merchants is shown under goods as a negative export of the economy of the merchant;

(b)

the sale of goods is shown under goods sold under merchanting as a positive export of the economy of the merchant;

(c)

the difference between sales over purchases of goods for merchanting is shown as the item 'net exports of goods under merchanting'. This item includes merchants' margins, holding gains and losses, and changes in inventories of goods under merchanting. As a result of losses or increases in inventories, net exports of goods under merchanting may be negative in some cases; and

(d)

Merchanting entries are valued at transaction prices as agreed by the parties, not FOB.

18.41 Merchanting items appear only as exports in the accounts of the economy of the territory of the merchant. In the counterpart exporting and importing economies, export sales to merchants and import purchases from merchants are included under general merchandise. U.K.

18.42 Wholesaling, retailing, commodity dealing, and management of manufacturing may also be carried out under arrangements where the goods are present in the economy of the owner, in which case they are recorded as general merchandise, rather than as merchanting. In cases where the goods do not pass through the economy of the owner, but the physical form of the goods changes, because they are processed in another economy, international transactions are recorded under general merchandise, rather than merchanting (the processing fee is recorded as a manufacturing service paid for by the owner). U.K.

18.43 When a merchant resells goods to a resident of the same economy as the merchant, this does not meet the definition of merchanting. Accordingly, the purchase of goods is shown as imports of general merchandise to the economy in that case. If the entity that purchased from a merchant in the same economy subsequently resells the goods to a resident of another economy, whether or not the goods enter the economy of the merchant, the sales of goods are recorded in exports of general merchandise from the economy of the merchant. While such a case is very similar to merchanting, it does not meet the definition given in paragraph 18.38. In addition, it is impractical for the first merchant to record the purchases as merchanting because that merchant may not know whether or not the second merchant will bring the goods into the economy. U.K.

Imports and exports of FISIM U.K.

18.44 Actual interest on loans paid and received includes an income element and a charge for a service. Credit institutions operate by offering rates of interest to their depositors that are lower than the rates that they charge to their borrowers. The resulting interest margins are used by the financial corporations to defray their expenses and to provide an operating surplus. Interest margins are an alternative to charging customers explicitly for financial services. The ESA prescribes the imputation of a service charge for FISIM. The concept of FISIM and the guidelines for estimating the values of FISIM are given in Chapter 14. U.K.

18.45 The financial institutions that implicitly charge FISIM are not necessarily resident, nor need the clients of such institutions be resident. Imports and exports, therefore, of this type of financial service are possible. Guidelines for compiling FISIM imports and exports are in paragraph 14.10. U.K.

The external account of primary and secondary income U.K.

Tables 18.7 and 18.8 show an example of recording of primary and secondary income in the ESA and the BPM6.

Table 18.7 —

External account of primary and secondary incomes (ESA V.II)

Uses			Resources
			B.11	External balance of goods and services	-41
D.1	Compensation of employees	6	D.1	Compensation of employees	2
D.2	Taxes on production and imports	0	D.2	Taxes on production and imports	0
D.3	Subsidies	0	D.3	Subsidies	0
D.4	Property income	63	D.4	Property income	38
D.5	Current taxes on income, wealth	1	D.5	Current taxes on income, wealth	0
D.6	Social contributions and benefits	0	D.6	Social contributions and benefits	0
D.7	Other current transfers	16	D.7	Other current transfers	55
D.8	Adjustment for the change in pension entitlements	0	D.8	Adjustment for the change in pension entitlements	0
B.12	Current external balance	-32

Table 18.8 —

The primary income account and secondary income account of the BPM6

	ESA code	Credits	Debits	Balance
From goods and services				41
Primary income account
Compensation of employees	D.1	6	2
Interest	D.4	13	21
Distributed income of corporations		36	17
Reinvested earnings		14	0
Taxes on production and imports	D.2	0	0
Subsidies	D.3	0	0
Primary income		69	40	29
Goods, services and primary income		609	539	70
Secondary income account
Taxes on income, wealth	D.5	1	0
Net non-life insurance premiums	D.6, D.7, D.8	2	11
Non-life insurance claims		12	3
Current international transfers		1	31
Miscellaneous current transfers		1	10
Secondary income		17	55	-38
Current account balance				32

The primary income account U.K.

18.46 In the balance of payments, the entries in the primary income account include compensation of employees and property income, exactly as in the allocation of primary income account in the ESA. Payments of taxes on production by residents and receipts of subsidies by residents from the domestic government are recorded in the generation of income account, an account that does not form part of the balance of payments. Any payments of taxes on production payable by a resident to another government as well as any subsidy receivable by a resident from another government are recorded in the primary income account of the balance of payments. The matching entries for the domestic government are shown in the allocation of primary income account and for foreign governments in the rest of the world column of that account and in the primary income account of the balance of payments. U.K.

18.47 Rent may arise in cross-border situations, but rarely, since all land is deemed to be owned by residents, including if necessary, by creating a notional resident unit. If such notional resident units are owned by non-residents then any income earned by those units is classified as direct investment income and not as rent. An example where rent is recorded in the international accounts is short-term fishing rights in territorial waters provided to foreign fishing fleets. It is common in the international accounts to use the term investment income meaning property income excluding rent. Investment income reflects income arising from the ownership of financial assets, and the disaggregation of investment income matches that of financial assets and liabilities so that rates of return can be calculated. U.K.

Direct investment income U.K.

18.48 The role of direct investment is particularly important and reflected in both the flows and positions in the international accounts. In the case of a direct investment, it is assumed that a proportion of the enterprise's retained earnings is distributed to the direct investor as a form of investment income. The proportion corresponds to the direct investor's holding in the enterprise. U.K.

18.49 Retained earnings are equal to the net operating surplus of the enterprise plus all property income earned less all property income payable (before calculating reinvested earnings) plus current transfers receivable less current transfers payable and less the item for the adjustment for the change in pension entitlements. Reinvested earnings accrued from any immediate subsidiaries are included in the property income receivable by the direct investment enterprise. U.K.

18.50 Reinvested earnings may be negative, for example where the enterprise makes a loss or where dividends are distributed from holding gains, or in a quarter when an annual dividend is paid. Just as positive reinvested earnings are treated as being an injection of equity into the direct investment enterprise by the direct investor, negative reinvested earnings is treated as a withdrawal of equity. U.K.

For a direct investment enterprise that is 100 per cent owned by a non-resident, reinvested earnings are equal to retained earnings and the balance of primary incomes of the enterprise is exactly zero.

The secondary income (current transfers) account of the BPM6 U.K.

18.51 The secondary income account shows current transfers between residents and non-residents. The range of entries of current transfers corresponds exactly to those in the secondary distribution of income account. Several of those entries are particularly important in the international accounts, especially current international cooperation and remittances sent to their home countries by individuals working abroad. U.K.

18.52 Cross-border personal transfers are household-to-household transfers and are of interest because they are an important source of international funding for some countries that provide large numbers of long-term workers abroad. Personal transfers include remittances by long-term workers, that is, those who change their economy of residence. U.K.

18.53 Other workers, such as border and seasonal workers, do not change their economy of residence from the home economy. Instead of transfers, the international transactions of such workers include compensation of employees, taxes and travel costs. In the balance of payments, a supplementary presentation of personal remittances brings together personal transfers with those related items. Personal remittances include personal transfers, compensation of employees less taxes and travel, and capital transfers between households. U.K.

18.54 Insurance flows, especially flows relating to reinsurance, can be important internationally. The transactions between the direct insurer and the reinsurer are recorded as an entirely separate set of transactions and no consolidation takes place between the transactions of the direct insurer as issuer of policies to its clients, on the one hand, and the holder of a policy with the reinsurer on the other. U.K.

The external capital account U.K.

18.55 The elements of the capital account subject to international transactions are more restricted than those covered in the domestic sectors. The entries in the capital account only cover acquisitions and disposals of non-produced non-financial assets and capital transfers. There are no transactions recorded as capital formation of produced assets because the ultimate use of exports and imports of goods is not known at the time of recording. Neither are land acquisitions and disposals included. U.K.

18.56 Net lending or net borrowing is the balancing item for the sum of the current and capital accounts and for the financial account. It covers all instruments used for providing or acquiring funding, not just lending and borrowing. Conceptually, the BPM6 net lending or net borrowing has the same value as the corresponding national accounts item for the total economy, and the same as the national accounts item for the rest of the world but with the sign reversed. Tables 18.9, 18.10 and 18.11 show the recording of the current and capital account elements and the resulting balance both in the ESA and the BPM6. U.K.

Table 18.9 — Change in net worth due to current external balance and capital transfers (ESAV.III.1.1)a
a For the rest of the world, this refers to changes in net worth due to current external balance and capital transfers.
Change in assets			Change in liabilities and net worth
			B.12	Current external balance	-32
			D.9	Capital transfers, receivable	4
			D.9	Capital transfers, payable	-1
B.101	Changes in net worth due to current external balance and capital transfers	-29

Table 18.10 — Acquisition of non-financial assets account (ESA V.III.1.2)
Changes in assets			Changes in liabilities and net worth
			B.101	Changes in net worth due to current external balance and capital transfers	-29
NP	Acquisitions less disposals of non-produced assets	0
B.9	Net lending(+)/net borrowing(–)	-29

Table 18.11 — Capital account of the BPM6
	Credits	Debits	Balance
Current account balance			32
Capital account
Acquisitions/disposals of non-produced assets	0
Capital transfers	1	4
Capital account balance			-3
Net lending (+)/borrowing (–)			29

The external financial account and international investment position (IIP) U.K.

18.57 The financial account of the balance of payments and the IIP are of particular importance because they provide an understanding of international financing as well as of international liquidity and vulnerability. Compared to the classification of financial instruments used in the ESA, in balance of payments the classification of the financial instruments is based on functional categories (see paragraph 18.21), with additional data on instruments and institutional sectors. Tables 18.12 and 18.13 show the financial account in the ESA and in the BPM6 respectively. U.K.

Table 18.12 — Financial account (ESA V.III.2)
Changes in assets			Changes in liabilities and net worth
F	Net acquisition of financial assets	37	F	Net incurrence of liabilities	66
F.1	Monetary gold and SDRs	1	F.1	Monetary gold and SDRs	0
F.2	Currency and deposits	11	F.2	Currency and deposits	-2
F.3	Debt securities	9	F.3	Debt securities	20
F.4	Loans	4	F.4	Loans	45
F.5	Equity and investment fund shares	2	F.5	Equity and investment fund shares	14
F.6	Insurance, pension and standardised guarantee schemes	0	F.6	Insurance, pension and standardised guarantee schemes	0
F.7	Financial derivatives and employee stock options	0	F.7	Financial derivatives and employee stock options	3
F.8	Other accounts receivable/payable	10	F.8	Other accounts receivable/payable	-14
			B.9	Net lending (+)/net borrowing (–)	-29

Table 18.13 — Financial account of the BPM6
Net lending (+)/borrowing (–) (current and capital accounts)			29
Financial account (by functional category)	Change in assets	Change in liabilities	Balance
Direct investment	-4	8
Portfolio investment	17	7
Financial derivatives etc.	3	0
Other investment	42	22
Reserve assets	8	—
Total change in assets/liabilities	66	37
Net lending (+)/net borrowing (–) (financial account)			29
Net errors and omissions			0

18.58 The functional categories of the BPM6 convey information about the motivation and relationship between the parties, which are of particular interest to international economic analysis. Data by functional category are further subdivided by instrument and institutional sector, which makes it possible to link them to the corresponding ESA and monetary and financial statistics items. The institutional sector classification in the BPM6 is the same as in the ESA, although it is usually abbreviated (to five sectors in the standard components). In addition, a supplementary subsector is used for monetary authorities, which is a functional subsector linked to reserve assets. It covers the central bank and any parts of general government or financial corporations other than the central bank that hold reserve assets, so it is relevant for countries where some or all reserves are held outside the central bank. U.K.

18.59 The main links between the financial instrument categories of the national accounts and the functional categories of the international accounts are shown in Table 18.14. The functional categories are used both on the asset side and the liabilities side of the financial account of the BPM6. Relatively uncommon links are not shown. U.K.

Table 18.14 — Links between the functional categories of the BPM6 and the financial instrument categories of the ESA
	International account functional categories
ESA instruments	Direct investment	Portfolio investment	Financial derivatives	Other investment	Reserve assets
Monetary gold					X
Special Drawing Rights (SDRs)				X	X
Currency and deposits
Currency				X	X
Interbank positions				X	X
Other transferable deposits	X			X	X
Other deposits	X			X	X
Debt securities	X	X			X
Loans	X			X	X
Equity and investment fund shares
Equity:
Listed shares	X	X			X
Unlisted shares	X	X			X
Other equity	X			X
Investment fund shares/units:
Money market fund shares/units	X	X			X
Non-MMF investment fund shares/units	X	X		X	X
Insurance, pensions, and standardised guarantee schemes
Non-life insurance technical reserves	X			X
Life insurance and annuity entitlements	X			X
Pension entitlements				X
Claims of pension funds on pension managers	X			X
Entitlements to non-pension benefits				X
Provisions for calls under standardised guarantees	X			X
Financial derivatives and employee stock options
Financial derivatives			X		X
Employee stock options			X
Other accounts receivable/payable
Trade credits and advances	X			X
Other accounts receivable/payable, excluding trade credits and advances	X			X

(1)

United Nations, International Merchandise Trade Statistics: Concepts and Definitions, 1998, ISBN 92-1-161410-4 (available on http://unstats.un.org).

(2)

United Nations, Eurostat, OECD, IMF, WTO et al., Manual on Statistics of International Trade in Services, 2011, (available on: http://unstats.un.org).