Balance of Goods
The Balance of Goods records financial flows (payments and receipts) related to transactions (imports and exports) transferring the ownership of goods between residents and non-residents. Also, the Balance of Goods records merchanting transactions and the value of goods procured in ports by carriers.
According to the new methodology based on the 6th edition of the IMF Balance of payments Manual, the value of the processing of goods and the value of the repair of goods are reclassified from goods to services account.
The Balance of Goods including all the above transaction categories is compiled by the Bank of Greece based on the statistical information (transactor’s data, value of goods, country of origin and destination, commodity type, and transaction currency) reported by resident monetary financial institutions. Furthermore, for cross-checking purposes, the Bank of Greece obtains directly from the oil refineries data on payments and receipts related respectively to fuel imports and exports. It should be noted that the external trade statistics disseminated by the NSSG are based on customs data, and thus differ from those of the Balance of Payments.
The value of exports is reported in FOB (Free on Board) terms, while that of imports usually in CIF (Cost, Insurance, Freight) terms. The Bank of Greece reassesses the value of imports in FOB terms, on the basis of data reported by credit institutions or, where such data are not available, by applying a fixed 5% cif/fob conversion coefficient, i.e. FOB = CIF*(1-0.05), while proportionately allocating this 5% to transport and insurance services.
Balance of Goods: annual data
Balance of Goods: quarterly data
Trade balance: annual data (BPM5)
Trade balance: quarterly data (BPM5)