Department of Statistics to conduct import/export price survey

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April 24, 2009

During the year 2009 the Department of Statistics will embark upon a project to produce export/import price indexes for The Bahamas.

The primary reason for producing these indexes is for use as a deflator in the production of Gross Domestic Product (GDP) figures. However, export/import price indexes have a number of additional uses, including measuring inflation, studying long-term price trends and as inputs into forecasting future price trends.

In order to produce these indexes the department will conduct a pricing survey of a sample of businesses in New Providence and Grand Bahama that are involved in exporting and importing.

The first step in the process involves an "Initiation" exercise where staff from the Department of Statistics will visit selected businesses during the month of May. During the initiation visits the Department's staff will identify those commodities selected for pricing within those business establishments and develop specific descriptions and codes for each of them. Once the commodities are identified, the officers will then attempt to collect FOB prices and other costs for each of the commodities on a quarterly basis.

The support and co-operation of the selected exporters and importers is crucial to the success of this exercise. As with allstudies conducted by the Department, all information obtained will be kept in the strictest confidence.

News date : 04/24/2009    Category : Business

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