Driving deeper trade insights with Data Analytics

Posted on

Singapore can expect deeper trade insights with the launch of Singapore Customs’ New Trade Statistics System (Customs TSS). Integrating data from all the various sources, Customs TSS centralises all trade data for dynamic data processing. It leverages Business Intelligence (BI) and Data Analytics capabilities to efficiently transform the huge sets of trade data into meaningful insights.

The system enhances the overall process of trade data collection and processing, identification of outliers, verification and correction of trade data. Custom TSS also aggregates and transmits trade data to International Enterprise (IE) Singapore and Singapore Department of Statistics (DOS). This data provides critical inputs to the development of effective trade policies for Singapore whose economy is heavily reliant on international trade.

Empowering Trade through Analytics

Statistics on the international trade of goods are analysed and used extensively by decision makers at the national and international levels. Institutions use them to prepare for multilateral and bilateral trade negotiations. Businesses use trade data for market research and to craft their commercial strategies.

The design of Customs TSS also includes automated outlier detection. It detects risk and anomalies, and yields higher compliance levels for day-to-day risk and operational decisions. Capitalising on technology, Singapore Customs can easily identify anomalies in customs duty declarations.

Ensuring Quality of Trade Statistics by Centralising Data

Customs TSS consolidates and aggregates permit, bunker, parcel, jet fuel, air and sea stores data by interfacing with external sources. Instead of analysing the different data in silos, the system allows Singapore Customs to centrally manage the data.

Centralising trade data provides an accurate overview of Singapore’s trade. It closes the gaps between the various freights modes, making it easier to drill down and discover hidden insights. The accuracy of data is also improved by eradicating double counts.

Integrating Large Quantities of Data Sets

Each month, Customs TSS receives more than 6 million records in various formats. To be able to analyse the data and generate reports, all the data sets have to be cleansed and compiled in the same format.

A complex Quality Assurance (QA) process is in place to ensure that the reports, generated by aggregating millions of data rows, are accurate. Beyond the smooth processing of data, the QA process drills through millions of rows of data to identify and rectify the discrepancies, empowering intelligent Customs operations.

Comments are closed.

Contact Us