SDMX Data Structure Definition for BPM6 and EBOPS Working Party on International Trade in Goods and Trade in Services Statistics Paris, France November 7–9, 2011

Overview Background Data Structure Definition Governance Options for Using the BPM6 DSD Provisional List of Codes for BOP Items and the EBOPS Classification

Background SDMX (Statistical Data and Metadata eXchange) is a standard to foster increased efficiency in the electronic exchange of data and metadata among international organizations and from the national data-producing agencies SDMX is sponsored by the BIS, ECB, Eurostat, IMF, OECD, World Bank, and United Nations Purpose of establishing SDMX for the BPM6-based statistics: to have one standard format that can be used by all organizations exchanging the data Countries report data once to a web service (or the web service extracts data from country websites), and then international organizations extract the data from the web service

Data Structure Definition – DSD (1/3) Since early 2010, IMF, ECB, and Eurostat have closely collaborated on preparing a DSD for BPM6- based data reporting in SDMX format “Dimensions” of the DSD are based on the core BOP and IIP methodological concepts, allowing exchanging time series using a common approach Finalization of the DSD for pilot-testing is planned prior to the STA dissemination of BPM6-based data in August 2012

Data Structure Definition – DSD (2/3) The proposed DSD will support datasets like CPIS, CDIS, and data sets of interest for other international or regional organizations The DSD will also include components for the Extended Balance of Payments Services (EBOPS) classification, as requested by the Task Force on Statistics of International Trade in Services (TFSITS) A separate DSD will be developed by the WGIIS for detailed direct investment statistics

Data Structure Definition – DSD (3/3) Close collaboration with TFSITS—review by the TFSITS of draft components included in the DSD with the view of adding all the components needed to satisfy the reporting needs of EBOPS Such components and associated codes will be included in the draft DSD that will be circulated for external review

Governance Updates to the BPM6 DSD would be proposed to two organizations: IMF Committee on Balance of Payments Statistics (as the expert group responsible for answering technical questions about BPM6 and relationships within external sector statistics), and SDMX Sponsors (which is responsible for overseeing all DSDs) via the SDMX Secretariat

Options for Using the BPM6 DSD Option 1—Develop a single Data Structure Definition that would carry multiple dimensions—the complete list of fourteen dimensions provided in Table 1 of the paper—in addition to a few attributes (e.g. “confidentiality of observation”), which are required to completely describe a time series. Under this scenario, many time series would show a “not applicable” code for some dimensions Option 2—Develop a single Data Structure Definition but with a reduced number of dimensions compared with the list proposed in Table 1. This option would imply linking some concepts (e.g., BOP item, functional category, and financial instrument classification) into a single dimension. This option would impose limitations on the number of time series that could be reported with the BPM6 DSD Option 3—Develop many Data Structure Definitions, each with a reduced number of dimensions, so that all dimensions in the DSDs are relevant for all the time series being exchanged. For each DSD, there would be a few common core dimensions, and a few dimensions that vary across DSDs

Provisional List of Codes for BOP Items and the EBOPS Classification During 2011, the ECB, Eurostat, and the IMF worked closely with members of the TFSITS to accommodate the EBOPS data exchange requirements within the balance of payments items classification SDMX framework allows the possibility to work with flexible hierarchical code lists, e.g. hierarchies that allow a child-item to have one or many parent-items This technical feature allows meeting what could first appear as conflicting data exchange requirements for the BPM6 Standard Components and the EBOPS Classification Table 2 of the paper illustrates a tentative list of codes for BOP items in which the EBOPS-specific codes are highlighted