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Compilation Method of "Developments in Real Exports and Real Imports" in Response to the Rebasing of the Corporate Goods Price Index to the Base Year 2015

February 20, 2017
Bank of Japan
Research and Statistics Department

The Corporate Goods Price Index (hereafter the CGPI), which includes the Export Price Index (hereafter the EPI) and the Import Price Index (hereafter the IPI), is used for compiling Real Exports and Real Imports. Starting with the release of the preliminary figures for January 2017, the base year of the CGPI has been rebased from 2010 to 2015. In compiling Real Exports and Real Imports for January 2017, the Bank of Japan used the 2010 base deflators extended by using month-on-month changes in the corresponding 2015 base price indices. This method will continue to be applied until the next seasonal adjustment, which is planned around April 2017.

Furthermore, in accordance with the changes in the classification of goods in the CGPI, the Bank has changed some of the price indices used as corresponding deflators (see the tables below). For details on the compilation method of Real Exports and Real Imports, see Explanation of "Developments in Real Exports and Real Imports."

(1) Real Exports
Group Price index used as corresponding deflators
Foodstuff1 Producer Price Index (hereafter the PPI) excluding Consumption Tax by Group: Beverages & foods

Note 1: Foodstuff is deflated by the PPI exceptionally because there is no corresponding deflator in the EPI.

(2) Real Imports
Group Price index used as corresponding deflators
Foodstuff IPI by Group: Beverages & foods and agriculture products for food (yen basis)
Others The weighted average of the following three indices using their weights in the IPI:
IPI by Group: Metals & related products (yen basis)
IPI by Group: Lumber & wood products and forest products (yen basis)
IPI by Group: Other primary products & manufactured goods (yen basis)

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