The Ultimate Guide to Trade Data 2021
What is Trade Data?
Trade data includes all data which refers to either domestic or international trade. This information can be sorted into a host of different datasets, for example by country, region or industry. It can also be refined by direction of flow (ie. imports or exports).
Included in trade datasets is also detailed intelligence about trade agreements, tariffs and the partners (be they nations or companies) involved in the trade agreement.
How is Trade Data collected?
There are many different sources of trade data.
Any trade agreement that is made has to formalized in writing for it to be ratified and from these agreements comes huge amounts of trade data.
The main source of trade data is governmental or international organizations, such as EU monitors or customs agencies, as these parties are primarily involved in major international trade agreements. Furthermore, the bureaucracy involved in governmental trade agreements generates huge amounts of trade data which can be collected and compiled into a report.
Some organizations are compile data from private companies’ reports which can be collected into a more comprehensive report or trade dataset.
Supply chain points are another key source of trade data. Ports are one main example - goods have to pass through these supply chain points, where details are recorded such as what the goods are, their value and the duties and customs paid on them. All of these details can also be used to populate a trade dataset.
What are the attributes of Trade Data?
Typically, a trade dataset will include information about different trade agreements that are in place. It will tell you who the parties involved in the agreement are, as well as the goods that are to be traded between them.
Detailed information about the trade itself will also be included, such as whether this is an import or export transaction, the monetary transactions per industry as well as tariffs and other laws and regulations that the trade is subject to.
Often, there are industry classification codes included in a trade dataset. The NAICS (North American Industry Classification System), or the SIC (Standard Industrial Classification) system. These systems are used to classify business establishments for the purposes of collecting and analzying economic and trade data.
If your chosen dataset focuses on imported and exported commodities, you are more likely to encounter the HTS (Harmonized Tariff System) codes.
What is Trade Data used for?
Any party involved in, or business which is affected by trade, is likely to use trade data. This can range from commercial businsesses, banks, law firms, manufacturers to public policy makers. This is because trade is central to the successful functioning of the economy as no nation can produce everything it could possibly need.
Businesses and manufacturers use trade data to determine which products they need to create more of, where the demand for these products is coming from and how much to price them.
Investors use trade data to find good investment areas whereas banks use this intelligence to find reliable borrowers.
Law firms, public policy makers and governments use trade data to monitor both the local and foreign markets and to evaluate the state of international relations, which often have a strong impact on trade deals and vice versa.
How can a user assess the quality of Trade Data?
Trade data is generally of a high quality because it is often originally sourced from either governments or international agencies who depend on up-to-date and accurate data to function and for their reports.
The main issue with trade datasets is often the size of the data that can be provided. Huge amounts of data are generated when it comes to trade, bearing in mind the details that must be recorded on the traded goods, tariffs and taxes as well as even basic transportation logistics information.
It is therefore important to make sure that you pick a trade dataset that supplies regular updates on the basis you need and that you collect all the relevant and accurate data when it is provided. Make sure to check the data provider’s reviews before buying to ensure that their trade data will meet your business’ needs.
Who are the best Trade Data providers?
Finding the right Trade Data provider for you really depends on your unique use case and data requirements, including budget and geographical coverage. Popular Trade Data providers that you might want to buy Trade Data from are Gmgft, Finage, Zauba, Export Genius, and Market Inside Data.
Where can I buy Trade Data?
Data providers and vendors listed on Datarade sell Trade Data products and samples. Popular Trade Data products and datasets available on our platform are Kaiko Tick-by Tick Trade Data (Global real-time trade data for over 85 exchanges) by Kaiko , Cryptrata Crypto Trade Data | Binance Coin - USD - All Historic Trades, Tick by Tick (BNB / USDT) by Cryptrata, and Gravy Analytics Trade Area Data Globally – analyze where consumers travel from to shop, dine, and visit other places of commercial interest. by Gravy Analytics.
How can I get Trade Data?
You can get Trade Data via a range of delivery methods - the right one for you depends on your use case. For example, historical Trade Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time Trade Data APIs, feeds and streams to download the most up-to-date intelligence.
What are similar data types to Trade Data?
Trade Data is similar to Traffic Data, Aviation Data, Trucking Fleet Data, Freight Data, and Road Data. These data categories are commonly used for Local Economic Forecasting and Trade Data analytics.