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International Monetary Fund

This data module of the Report on the Observance of Standards and Codes (ROSC) contains a summary assessment of dissemination practices in Ecuador relative to the IMF’s Special Data Dissemination Standard (SDDS). It also presents an assessment of data quality for national accounts, consumer price, producer price, balance of payments, government finance, and monetary statistics, based on the Data Quality Assessment Framework (DQAF). The assessment reveals that Ecuador is in observance of SDDS specifications on coverage, periodicity, timeliness, and dissemination of advance release calendars for data subject to the SDDS.

J. Ahumada and A. Nataf

THE MOVEMENT of the terms of trade of a country or an area is measured by means of the ratio of two index numbers: an index number of the prices received for exports and an index number of the prices paid for imports. Variations in the terms of trade may be said to measure changes in the quantity of imports which can be obtained in exchange for a given quantity of exports. When export prices have risen more or fallen less than import prices and when, accordingly, the quantity of imports that can be obtained for the same quantity of exports is greater than in a given base period, the terms of trade of a country or an area are said to be more favorable than in the base period. The converse is true when export prices have risen less or fallen more than import prices. It should be borne in mind that the term “favorable” (and, conversely, “unfavorable”) has significance only if used in conjunction with a specified base period; this point is of particular importance because of the sharp difference in prices between the two prewar years, 1937 and 1938, which are most commonly used as base years.