New Data for Analyzing Global Value Chains Tom

Transcript:New Data for Analyzing Global Value Chains Tom:
New Data for Analyzing Global Value Chains Tom Howells December 11, 2020 FESAC Overview Motivation International Engagement Single-Country Trade in Value Added (TiVA) Statistics Extensions 12/4/2020 2 Motivation TiVA statistics provide unique insights: How much does the U.S. export? How much do we import from China? Where are the electronics that we consume produced? 12/4/2020 3 Motivation 12/4/2020 4 United States: 29% Japan: 29% Taiwan: 20% Europe/Korea/Other: 19% China: 4% Dedrick, Linden, and Kraemer International Engagement to Support Global Value Chain Statistics OECD-WTO Ongoing support for world TiVA database Engagement with Expert Group on Extended Supply-Use Tables Asia Pacific Economic Cooperation (APEC) Development of APEC regional TiVA statistics Regional capacity building efforts North America Collaboration to develop a North America regional TiVA database Bilateral trade asymmetries 12/4/2020 5 New BEA/NSF Collaboration BEA engaged in a new collaboration with the National Science Foundation (NSF) Goal: Better understanding of the role of science & technology (S&T) industries in domestic and global supply chains Approach: BEA is working with NSF’s National Center for Science and Engineering Statistics (NCSES) to develop U.S. TiVA statistics in a single-country framework and to expand the coverage of S&T industries in BEA’s industry statistics 12/4/2020 6 Multi-country TiVA framework Advantages of the multi-country framework: Traces supply chain through direct and indirect U.S. trade partners Captures exported U.S. value that “returns home” embedded in U.S. imports Eliminates double counting of intermediate inputs that cross borders multiple times Disadvantages of the multi-country framework: High level of international coordination required Timeliness limited by statistical schedules in other countries Level of detail limited by data availability in other countries Changes to U.S. data required to reconcile discrepancies with other countries 12/4/2020 7 Single-Country TiVA Framework Key goal of BEA/NSF collaboration is to explore development of TiVA statistics in a single-country framework: Rely primarily on the U.S. supply-use tables No direct use of a multi-country supply-use framework By limiting reliance on a multi-country framework: Greater timeliness Higher level of detail Greater consistency with official statistics 12/4/2020 8 Value Chain: Gasoline and Other Motor Fuel (Billions of Current Dollars) 12/4/2020 9 U.S. Bureau of Economic Analysis Imports Domestic Production Value Chain: Gasoline and Other Motor Fuel (Billions of Current Dollars) 12/4/2020 10 Direct Imports Government Embedded Imports Goods Wholesale, Retail, Transportation Other Services U.S. Bureau of Economic Analysis Domestic Production Value Chain: Gasoline and Other Motor Fuel (Billions of Current Dollars) 12/4/2020 11 Direct