The price data collected by the International Price Program (IPP) is used to produce indexes which measure, on a monthly basis, changes in transaction prices of goods and services exported from or imported into the U.S. This published data is in turn used to deflate import and export trade statistics, deflate the foreign trade component of the GDP, determine monetary and fiscal policy, negotiate trade agreements, and determine trade and commercial policy. The respondents are establishments conducting import/export trade and receive no compensation for their participation. The IPP survey is a voluntary survey.
US Code:
29 USC 1&2
Name of Law: BLS Authorizing Statute
The overall annual number of responses decreased slightly because there are fewer respondents available for repricing due (mostly) to a drop in the number of respondents initiated over the last several years. Budget cuts have resulted in a reduction in Field Economists and therefore smaller sample sizes.
Overall annual time burden increased because of an increase in the frequency of responses per year, for both imports and exports. (Respondents determine repricing schedules based upon how frequently and when price changes occur for their items.) The increased frequency may be associated with the increased use of web repricing (89% vs. 82% reported with the last clearance package) which respondents have reported to be a more convenient method for providing price information (over submitting hard copies of the repricing form).
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.