Statistics is the study of numerical information, which is called data. People use statistics as tools to understand information. Learning to understand statistics helps a person react intelligently to statistical claims. Statistics are used in the fields of business, trade, economics, accounting, banking, government, astronomy, and the natural and social sciences.
Economics is defined as the study of how people behave with regard to the production and consumption of goods. As a social science, economics attempts to describe trends in consumer markets, such as wealth acquisition and transfer. There are two forms of economics:
- Macroeconomics: analysis of large-scale economic activity, such as within a country or international market
- Microeconomics: analysis of small-scale economic activity, such as between individuals and corporations
There are various themes studied within both forms of economics, including costs, production, consumption, and the rationales behind individual, corporate, national and international trade. In order to develop hypotheses around the various topic areas, economists make use of statistics and are able to compare information. Economic statistics involve quantitative data that describe either past or present trends. The data may be presented in various ways:
- Time-related: to show trends and changes that occurred across a specific period of time, for example, export prices during a 10-year period
- Cross-section: to show trends and changes within a specific period of time, for example, number of export destinations in a year
Economic statistical data sets include information about measurement, sample sizes, collection procedures and analysis processes. The data are often published for public use, such as through different international organizations or for private use, such as intra-company data used for decision-making.
Descriptive statistics are descriptions of the main factors of a group of data or a summary of the information. These statistics give a snapshot of the information that has been gathered. This type of information is often used when there are so many variables in a data cluster that it would be nearly impossible to list or graph every single factor of the information.
A common descriptive statistic is the mean or average of the statistical information that is gathered in the collection of information. This is normally found by dividing the sum of the data by the sample size. Range is used to show the distance between the two most extreme values in the collected date. It's calculated by simply subtracting the smallest value from the largest to show the difference in the two statistics. Keeping track of variances as part of the descriptive statistics is helpful because it can show at a glance the deviation away from the mean or average of the date collected. This statistic will also show how often the variation from the average occurs throughout the amount of data that has been collected. Descriptive statistics can come in numerous forms, including easy-to-read graphs, quantitative descriptions and summaries.
As stated by WTO’s Director General, robust statistics underpin every aspect of international trade. By providing detailed information on tariff structures, non-tariff measures, trade flows and economic growth statistical information help to improve transparency in trade and provide the analytical insights needed by policymakers, traders, producers and consumers.
But goods either of industrial or agricultural origin are classified into a Coding System generally referred to as "Harmonized System" or simply "HS"