Explanatory notes

Abstract

This account measures all movable goods that are sold, given away, or otherwise transferred from U.S. to foreign ownership. Excluded are: (1) Transfers of goods under U.S. military agency sales contracts, whether physically exported from the United States or sold from U.S. installations abroad (part of line 3); (2) transfers of goods by U.S. nonmilitary agencies from U.S. installations abroad (part of line 10); and (3) transfers of goods under U.S. military grant programs (part of line 16). The basic data are Census Bureau trade statistics. Exports in the Census Bureau statistics are,.in general, valued f.a.s. (free alongside ship) U.S. port of export and reflect selling price, f.o.b. (free on board) interior point of shipment (or cost if not sold), plus packaging costs, inland freight, and insurance to place of export. These statistics record the physical movement of goods out of the United States, rather than change of ownership, and differ in other aspects from the definition of merchandise exports stated above. Adjustments to the Census Bureau statistics are also made for timing, coverage, and valuation in order to bring them more into conformity with concepts used in the international accounts. Timing adjustments are made to Census Bureau statistics for transfers that occur in periods other than the periods in which they are reported. Coverage adjustments are made for Virgin Islands exports to foreign countries, gift parcel post exports, electrical energy exports to Canada and Mexico, sales of vessels, U.S. exports to the Panama Canal Zone,