SITC Meaning and
Definition
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SITC stands for Standard International Trade Classification. It is a system of categorizing and classifying merchandise traded between countries, developed by the United Nations in order to create a standardized method for analyzing international trade statistics. The SITC aims to provide a comprehensive and consistent framework that enables the comparison and aggregation of trade data across different countries and periods.
The SITC divides goods into various categories based on their nature and purpose, providing a hierarchical structure that allows for detailed analysis of international trade patterns. The classification system consists of four levels of breakdown, with increasing levels of detail. Level one consists of ten broad categories, including food and live animals, beverages and tobacco, crude materials, mineral fuels, and more. Each subsequent level provides further subdivisions within those broader categories, allowing for greater specificity and granularity.
By using the SITC classification, trade data can be organized and analyzed in a standardized manner, facilitating the comparison of trade flows between countries, the identification of emerging trends, and the monitoring of changes in international trade patterns over time. The SITC provides the foundation for the compilation of statistical data on international merchandise trade, enabling policymakers, researchers, and analysts to gain insights into global trade dynamics, identify areas of economic growth or decline, and inform decision-making processes related to international trade policies.
Common Misspellings for SITC
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- SHItC
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