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Understanding Trade Data Discrepancy: Causes & Implications

Trade Intelligence Global Pte Lte TradeInt Global Trade Data Platform Bill of Lading Shipping Data Import and Export Data

Trade Data: An Essential Resource

Trade data serves as a critical resource for businesses, policymakers, and economists worldwide, providing insights into global economic trends, market dynamics, and trade relationships. However, navigating the complexities of trade data can be challenging, particularly when discrepancies arise between the data reported by different countries or entities involved in international trade. In this educational blog, we delve into the concept of trade data discrepancy, its underlying causes, and its implications for businesses and decision-makers.

What is Trade Data Discrepancy?

Trade data discrepancy refers to inconsistencies or differences in the information regarding trade activities reported by different nations or entities. These disparities can manifest in various forms, including discrepancies in the values, quantities, or classifications of imports, exports, or other trade-related transactions. While some level of variance in trade data is expected due to differences in reporting methodologies and data collection processes, significant discrepancies can pose challenges for accurate analysis and decision-making.

Causes of Trade Data Discrepancy:

  • Differences in Reporting Methods: Countries may employ different methodologies for collecting, recording, and reporting trade data, leading to discrepancies in the reported figures. Variations in data collection procedures, classification systems, and accounting standards can result in divergent trade statistics between trading partners.
  • Data Collection Challenges: Challenges related to data collection, such as incomplete or inaccurate reporting by traders, customs authorities, or statistical agencies, can contribute to trade data discrepancies. Inadequate infrastructure, limited resources, and administrative inefficiencies may hinder the timely and accurate collection of trade data, further exacerbating discrepancies.
  • Intentional Misreporting: In some cases, entities involved in international trade may engage in intentional misreporting or fraudulent practices to manipulate trade statistics for economic or political gain. This can include underreporting or overreporting of trade transactions, misclassification of goods, or other deceptive practices aimed at distorting trade data.

Implications of Trade Data Discrepancy:

  • Inaccurate Decision-Making: Inaccurate or unreliable trade data can undermine the effectiveness of decision-making processes, leading to suboptimal business strategies, investment decisions, and policy interventions. Businesses rely on accurate trade data to assess market trends, identify growth opportunities, and mitigate risks effectively.
  • Market Distortions: Trade data discrepancies can distort market perceptions and disrupt supply chains, as stakeholders may base their decisions on flawed or inconsistent information. This can lead to market inefficiencies, price distortions, and unfair competition, affecting the competitiveness of businesses operating in global markets.
  • Challenges for Policymakers: Policymakers rely on accurate trade data to formulate trade policies, assess the impact of trade agreements, and monitor trade imbalances. Trade data discrepancies can complicate policymaking efforts, hindering the development of effective trade policies and impeding efforts to address economic challenges such as trade deficits or currency fluctuations.

How TradeInt Redefines Data Quality

In today’s rapidly evolving global marketplace, businesses rely on accurate trade data to drive informed decision-making, identify growth opportunities, and mitigate risks effectively. However, obtaining reliable trade data can be a challenge, as discrepancies and inconsistencies often plague traditional sources of information. Enter TradeInt – a pioneering solution that revolutionizes the way businesses access and leverage trade data.

 

At TradeInt, we understand the critical role that accurate data plays in shaping business strategies and driving success. That’s why we’re committed to delivering trade data of unparalleled quality, fully backed by bill of lading records sourced directly from official customs authorities, trading partners, and other reputable sources. Unlike aggregated statistical data, which may lack granularity and reliability, our data is meticulously curated and undergoes intensive cleaning processes to ensure the highest level of accuracy and reliability.

So, what sets TradeInt apart from other data providers?

It all boils down to our meticulous approach to data validation and cleansing. Each piece of data in our database is subjected to rigorous scrutiny, with redundant or inconsistent entries flagged and resolved promptly. Through advanced data cleansing techniques and quality control measures, we eliminate errors, duplicates, and discrepancies, ensuring that our clients receive only the most precise and actionable insights.

 

But our commitment to data quality doesn’t end there. We continuously update and enrich our database with the latest information, ensuring that our clients have access to up-to-date insights that drive strategic decision-making. Whether you’re analyzing market trends, identifying emerging opportunities, or optimizing supply chain operations, TradeInt provides the reliable data foundation you need to stay ahead of the curve.

The benefits of accurate trade data are clear: improved decision-making, enhanced market intelligence, and greater operational efficiency. With TradeInt as your trusted partner, you can unlock the full potential of your business and seize opportunities for growth with confidence.

In conclusion, TradeInt redefines data quality in the realm of global trade, offering businesses the precision, reliability, and insights they need to thrive in today’s competitive landscape. Experience the difference that accurate trade data can make – partner with TradeInt and unleash the power of informed decision-making.


Contact Us today to learn more about our data solutions and how they can transform your business. Together, let’s embark on a journey of success fueled by accurate and actionable insights from TradeInt.

About Trade Intelligence Global Pte. Ltd.

Trade Intelligence Global Pte. Ltd. is a distinguished leader in global trade solutions, delivering exceptional results for businesses worldwide. With a focus on excellence, innovation, and client success, Trade Intelligence Global empowers businesses to thrive in today’s interconnected global economy. To find out more, visit https://tradeint.com.

FAQ

TradeInt is a comprehensive global trade data platform by Trade Intelligence Global Pte Ltd, that provides businesses with access to accurate and reliable trade data insights for informed decision-making and strategic planning.

TradeInt employs rigorous validation processes to ensure the accuracy of bill of lading records obtained from official customs sources and trading partners. This includes cross-referencing data from multiple sources, implementing data cleansing algorithms, and resolving any discrepancies through manual verification where necessary.

While trade data discrepancies can occur across various industries and regions, TradeInt is equipped to address these challenges through its comprehensive data validation and cleansing methodologies. By continuously refining its algorithms and leveraging industry expertise, TradeInt can effectively identify and mitigate discrepancies, regardless of the industry or region.

TradeInt has a proven track record of helping businesses across industries leverage accurate trade data to drive informed decision-making and achieve their strategic objectives. Case studies and testimonials from satisfied clients illustrate the tangible benefits of using TradeInt’s solutions, such as improved market intelligence, optimized supply chain operations, and enhanced competitiveness in global markets.

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Payment made via online payment gateways is secured and covered by service transaction policies (e.g. PayPal’s buyer and seller protection policies).


TradeInt is classified under the intangible, virtual item or service, which is not eligible for refunds due to its nature (e.g. digital data display and downloads).


1. All TradeInt products that involve payment are of one-time transaction products that comply with the “intangible or virtual goods or services” as defined by reputable and trusted platform, such as PayPal. Payments are to be made one-time in full through payment gateways at the price set by TradeInt. No refunds shall be made once payment is done.


2. After payment is made and confirmed, access will be granted to subscriber within 24 hours. A confirmation e-mail will be sent to the subscriber which constitutes as the delivery of the subscription as well as the commencement of the subscription.


3. TradeInt will use webpage display, online communication, and other methods of communication to provide customers with the complete information to understand the product as much as possible. It is the customer’s duty to fully understand and decide the suitability of the product, and ensure that TradeInt meets their needs. If the customer has any questions and faces any major issues, the customer should communicate with TradeInt sales and customer service before the payment. TradeInt is obliged to assist the customer in responding to the problem and will proactively help to resolve related issues.

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1. General:
Subscribers are granted access to and utilization of the Services exclusively for internal business operations, in accordance with the terms of the Agreement. This encompasses enabling Users to:
(a) View, copy, print, and/or download the Content within the guidelines outlined by the terms of Service/Agreement.
(b) Generate derivative works from the Content or through its utilization, and share such derivative works with Users. All Services obtained by Subscribers are provided by TradeInt or its licensors and are subject to the terms of Service/Agreement, including this Policy.
2. Changes:
Throughout the Term, TradeInt reserves the right to amend or terminate the Services, which may involve adding, removing, or modifying features or functionality, as necessary to reflect changes in applicable law, regulations, technology, or data availability. Subscriber will be informed of any significant changes affecting their access to or use of the Services or discontinuation of any Services.
3. Rights:
TradeInt hereby extends to Subscriber a revocable, non-exclusive, and non-transferable limited right to utilize the Services solely for their internal business operations during the Term, including enabling Users to:
(a) View, copy, print, and/or download the Content within the guidelines outlined by the terms of Service/Agreement.
(b) Generate derivative works from the Content or through its utilization, and share such derivative works with Users. TradeInt and its licensors retain all ownership and intellectual property rights to the Services, including any derivative works created by Subscriber, or anything developed or provided by TradeInt under the Agreement. Subscriber is not granted any intellectual property rights in the Services.
4. Limitations and Restrictions on Use:
By accessing or utilizing TradeInt’s services, you agree to adhere to the following limitations and restrictions on use. These restrictions apply to subscribers, their designated users, and any third parties accessing or utilizing TradeInt’s services.
(a) Program and Service Markings: You are prohibited from altering or removing any program or service markings, trademarks, or proprietary notices belonging to TradeInt, its affiliates, or licensors.
(b) Prohibited Activities: Users are prohibited from engaging in any automated data collection activities, including but not limited to web scraping, data mining, or the use of robots, spiders, or other automated tools, without explicit permission from the website or service provider.
(c) Intellectual Property Rights: Users acknowledge and agree that all content, including text, images, videos, and other materials, available on the website or service, is protected by copyright, trademark, and other intellectual property laws. Users may not extract, copy, or distribute this content without proper authorization.
(d) Access Restrictions: Access to certain areas of the website or service may be restricted or blocked for automated tools or excessive data requests. Users agree not to circumvent these restrictions or attempt to gain unauthorized access to restricted areas.
(e) Rate Limiting: To prevent server overload and ensure fair access for all users, the website or service may impose rate limits on data requests. Users agree to abide by these rate limits and not to exceed them through automated means.
(f) Non-Commercial Use: Licensing, selling, or otherwise making available the services to third parties for commercial exploitation is prohibited. Unless otherwise specified, automated data collection activities are strictly prohibited for any purposes. Users agree not to use automated tools to gather data without explicit permission.
(g) Indemnification: Users agree to indemnify and hold harmless the website or service provider from any damages, losses, or liabilities arising out of their unauthorized use of automated tools or violation of these terms and conditions.
(h) Modification and Reverse Engineering: You may not modify, disassemble, decompile, reverse engineer, reproduce, republish, copy, or create derivative works of any part of the infrastructure.
(i) Framing and Mirroring: “Framing” or “mirroring” of any services provided through the Internet is not permitted.
(j) Benchmarking and Testing: Benchmarking, vulnerability scanning, penetration testing, or any other form of testing of the services without explicit authorization is prohibited.
(k) Interference with Proper Operation: You may not use any device, software, or routine that could damage or interfere with the proper operation of the services.
(l) Service Operation: Inhibiting the operation of the services, engaging in denial of service attacks, or conducting search queries deemed abusive by TradeInt is prohibited.
(m) Competitive Products and Services: Developing, supporting, or assisting in the development of products or services that directly compete with TradeInt’s services is not allowed.
(n) Unlawful Use: Accessing or using the services for unlawful purposes or in a manner intended to harass or cause damage to any person or property is not permitted. Violation of these terms may result in legal action and termination of access to TradeInt services. Users are expected to adhere to these provisions to ensure lawful and respectful use of the services.
(o) Termination of Access: The website or service provider reserves the right to terminate or suspend access to users engaging in unauthorized data collection activities or violating these terms and conditions.
(p) Modification of Terms: These limitations and restrictions on data crawl and robot software usage may be modified or updated by the website or service provider at any time. Users are responsible for regularly reviewing the terms and conditions for any changes.
5. No Refund Policy:
All subscriptions and services are issued on a license basis and are non-refundable. By subscribing to or utilizing TradeInt’s services, you acknowledge and agree that no refunds will be issued for any reason, including but not limited to, unused services, partial usage, or dissatisfaction with the services.
6. Disclaimers:
TradeInt does not guarantee the availability, provision, quality, accuracy, integrity, or reliability of the services, and they are provided “as is”. TradeInt does not warrant that the services will be error-free or uninterrupted, or that they will meet subscriber’s expectations. Except as prohibited by law, TradeInt, its affiliates, and licensors disclaim all warranties.
7. Limitation of Liability:
TradeInt, its affiliates, and licensors shall not be liable for indirect, incidental, consequential, special, or exemplary damages, or any loss of revenue, profits, data, goodwill, or reputation. TradeInt’s aggregate liability under the Agreement shall not exceed the total amounts paid by the subscriber for the services during the preceding twelve (12) months.
8. Indemnification:
Subscriber agrees to defend and indemnify TradeInt against any claims arising out of or in connection with breaches of the Agreement or violations of applicable law by Subscriber or any User, materials furnished by Subscriber or any User, or disputes between Subscriber or any User.
9. Confidentiality:
Both parties agree to maintain the confidentiality of any disclosed Confidential Information and to use it solely in connection with the Agreement. Confidential Information shall not include certain information as outlined in the Agreement. The Receiver agrees to protect the Confidential Information and restrict its disclosure to authorized representatives.
10. Force Majeure:
Neither party shall be liable for failure or delay in performance due to conditions beyond its control, such as acts of God, governmental restrictions, or natural disasters. If a Force Majeure Event continues for more than thirty (30) days, either party may cancel unperformed Services.
11. Dispute Resolution:
Disputes shall be resolved through good faith negotiations between the parties, with escalation to senior officers if necessary.
12. Miscellaneous:
The Agreement may not be assigned without prior consent. The parties are independent contractors, and no partnership or agency relationship is created. Failure to enforce any provision of the Agreement shall not constitute a waiver. Each party agrees to comply with applicable laws. The Agreement constitutes the entire agreement between the parties and supersedes all prior agreements.
13. Definitions:
Various terms used in the Agreement are defined for clarity, including “Affiliate,” “Confidential Information,” “Credentials,” “Infrastructure,” “Materials,” “Representative,” “Services,” “Trademarks,” and “User.”
14. Governing Law:
Any disputes arising from the interpretation or enforcement of these terms and conditions shall be governed by the laws of the jurisdiction where the website or service provider is based.
Trade Intelligence Global

Privacy Policy

Trade Intelligence Global operates this website https://www.tradeint.com (“our Website”). We are committed to respecting and protecting your personal data collected through or in connection with our Website.

 

1. Introduction
We take our responsibilities under the Singapore Personal Data Protection Act 2012 seriously. We also recognize the importance of the personal data you have entrusted to us and believe that it is our responsibility to properly manage, protect and process your personal data.
This Privacy Policy is designed to assist you in understanding how we collect, use, disclose and/or process the personal data you have provided to us, as well as to assist you in making an informed decision before providing us with any of your personal data.
If you, at any time, have any queries on this policy or any other queries in relation to how we may manage, protect and/or process your personal data, please do not hesitate to contact our Data Protection Officer (the “DPO”) at the contact details below.
This Privacy Policy (together with our Website Terms of Use) sets out the basis on which we use and process any personal data we collect from you as a user of our Website. By accessing our Website, you hereby agree to be bound by the terms of this Privacy Policy.
In addition, our Website may, from time to time, contain links to and from the websites of our partner networks, advertisers, affiliates or other third parties. If you follow a link to any of these websites, please note that these websites have their own privacy policies. As these websites are not owned or operated by us, we do not accept any responsibility or liability for the contents of these websites and their privacy policies and you access and provide your personal data to these third-party websites at your own risk. Please check these policies before you submit any personal data to any such websites.
 
2. Personal data we collect
We may collect and process personal data about you such as:
(a) Personal data that you may provide when submitting or making available personal data to, our Website. This includes but is not limited to any personal data provided when you contact us through our contact page such as your name, email address and contact details.
(b) If you contact us for any reason, we may keep a record of that correspondence.
(c) Personal data that may be captured via any error logging and reporting tool that captures error report data and, at your option and with your consent, sends this data to us in order for us to be informed of any software errors or problems that may occur during your use of our Website or the services provided on it.
(d) Details of your visits to our Website, the activities you engage in when accessing our Website and the resources that you access on or via our Website.
 
3. Cookies
We use cookies on our Website. A cookie is a text file that a website transfers to your computer’s hard disk so that the website can remember who you are. Cookies only record those areas of a website that have been visited by your computer and for how long.
You have the ability to accept or decline cookies by modifying the setting in your browser. If you would like to do this, please see the help menu of your browser. However, you may not be able to use all the interactive features of our Website if cookies are disabled.
 
4. How we use your personal data
We may use your personal data that we possess for the following purposes:
(a) to process, administer and/or manage your Member account with us and contact you as may from time to time be necessary in connection with your use of our Website and/or the Services made available on it;
(b) to contact you through the contact information provided by you in order to provide you with information that you request from us;
(c) to manage and administer your use of our Website and contact you as may from time to time be necessary in connection with your use of our Website;
(d) To collect information relating to your online interactions with us (including, for example, your IP address and the pages you view) so that we can offer you a more consistent and personalized experience in your relationship with us and better serve your needs by customizing the content that we share with you;
(e) to store, host and/or back up (whether for disaster recovery or otherwise) your personal data, whether within or outside Singapore;
(f) for record-keeping purposes;
(g) to conduct research, analysis and development activities (including but not limited to data analytics, surveys and/or profiling) to improve our Website, services and facilities in order to enhance the services we provide to you, where you have consented to be contacted for such purposes;
(h) to perform credit risk, know-your-customer, anti-money laundering / countering the financing of terrorism, financial and other relevant risk assessments and checks on you;
(i) to responding to legal process, pursuing legal rights and remedies, defending litigation and managing any complaints or claims;
(j) to respond to requests for information from public and governmental / regulatory authorities, statutory boards, related companies and for audit, compliance, investigation and inspection purposes;(k) to comply with any applicable law, regulation, legal process or government request;
(l) to enforce or apply our Terms of Use and [insert name of Platform Agreement]; or
(m) to protect the rights, property or safety of any person (including for the purposes of fraud detection and prevention).
 
5. Disclosure of your information
Your personal data may be used, disclosed, maintained, accessed, processed and/or transferred to the following third parties, whether sited in Singapore or outside of Singapore (including the People’s Republic of China), for one or more of the purposes set out above:
(a) our headquarters, subsidiaries and group companies;
(b) third party service providers which require the processing of your data, for example, third party service providers which have been engaged by us to: (i) to provide and maintain any IT equipment used to store and access your personal information; (ii) to host and maintain our Website; or 
(iii) otherwise in connection with the provision of certain services provided to you on or via our Website;
(c) our auditors and legal advisors;
(d) public and governmental/regulatory authorities, statutory boards, industry associations; and /or
(e) courts and other alternative dispute forums.
In certain circumstances we may provide third parties (whether or not located in Singapore) with aggregate information about our Website’s users. This may include information about your computer, including where available your IP address, operating system and browser type, for system administration and to report aggregate information to our advertisers. This is anonymized statistical data about our users’ browsing actions and patterns, and does not identify any individual. If we are under a duty to disclose or share your personal data in order to comply with any legal obligation, or in order to enforce or apply our Website Terms of Use; or to protect the rights, property, or safety of any person (including for example for the purposes of fraud detection and prevention). Please rest assured that we never sell or rent your personal data.
 
6. Transfer of your personal data outside of Singapore
The personal data that we collect from you may be transferred to, used, processed and stored outside of Singapore for one or more of the purposes set out above. By submitting your personal data and/or using our Website, you agree and consent to such transfer, storing or processing.
We have entered into contractual undertakings to ensure that the personal data which we collect from you and transfer to our service providers (whether or not located in Singapore) is adequately protected.
We will take reasonable steps to maintain appropriate physical, technical and administrative security to help prevent loss, misuse, unauthorized access, disclosure or modification of your personal information.
 
7. Updating your information
Where you submit your personal data on our Website, you should try to ensure such personal data is accurate, and let us know if such personal data changes so that we are not holding any inaccurate personal data about you.
 
8. Your rights
You may withdraw your consent for us to collect, use, disclose and/or process your personal data for some or all of the purposes listed in this Privacy Policy.
You may request to access and/or correct the personal data currently in our possession by writing to the Data Protection Officer using the contact details provided below. Please note that we may charge you a reasonable fee for the handling and processing of your requests to access your personal data.
 
9. Changes to this Privacy Policy
We reserve the right to amend the terms of this Privacy Policy at our absolute discretion. Any amended privacy policy will be posted on our Website. You are expected to check this page from time to time to take notice of any changes we have made as they are binding on you. Your continued use of our Website and/or the services made available on or via our Website following any amendment of this Privacy Policy will signify your assent to and acceptance of its revised terms.
 
10. Further information about protection of personal data and the Singapore Personal Data Protection Act 2012
If you want to contact us with specific queries or concerns in relation to this Privacy Policy, or if you have any questions or complaints as to how your personal data is collected, used, disclosed and/or processed by us, please contact our Data Protection Officer at [email protected].