Error Leads to UK Trade Statistics Suspension

The UK’s official trade figures have temporarily lost national statistics status following an error by Her Majesty’s Revenue and Customs (HMRC).

UK Statistics Authority chair Sir Andrew Dilnot has written to the Office for National Statistics (ONS) confirming the suspension.

Earlier this month, HMRC announced that it had accidentally excluded £700m of trade from one oil exporter from the figures it delivers to the ONS.

The ONS may re-issue the April figures.

When the trade figures were published on 6 June, they included a note that oil exports had been underestimated by £700m, but that the error had been identified too late to update the bulletin.

The exclusion made up a hefty proportion of the UK’s oil exports, making it look as if they had fallen to £2.2bn in the month.

The UK Statistics Authority, which is the regulator for government statistics, has also asked HMRC to advise on how it will ensure it avoids such errors in future.

In a statement, an HMRC spokesperson said: “Although the size of this identified omission was unusually high, the trade statistics are always provisional when first published, and subject to update to enhance accuracy, for example, following the receipt of late, missing or updated data.”

National Statistics quality mark
National Statistics can carry this quality mark
The ONS had to delay the release of its January trade data by two days as a result of another error from HMRC.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza