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Standard international trade classification

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Julius S.
Jun 09, 2020
What does standard international trade classification mean?

2 answers

Jasmine G.
Jun 11, 2020
Standard International Trade Classification is a classification of goods used to classify the exports and imports of a country to enable comparing different countries and years. The classification system is maintained by the United Nations. The SITC classification, is currently at revision four, which was promulgated in 2006. The SITC is recommended only for analytical purposes - trade statistics are recommended to be collected and compiled in the Harmonized System instead. United Nations Statistics Division states : For compiling international trade statistics on all merchandise entering international trade, and to promote international comparability of international trade statistics. The commodity groupings of SITC reflect the materials used in production, the processing stage, market practices and uses of the products, the importance of the commodities in terms of world trade, and technological changes.
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Munmun S.
Jun 09, 2020
The Standard international trade classification, abbreviated as SITC, is a product classification of the United Nations (UN) used for external trade statistics (export and Import values and volumes of goods), allowing for international comparisons of commodities and manufactured goods.
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