Whither Panama? Constructing a Consistent and Balanced World SUT System Including International Trade and Transport Margins

This paper extends work done within the World Input–Output Database project (WIOD), which compiled supply and use tables (SUTs) for 40 countries, covering about 85 percent of the world economy, by adding SUTs for the "rest of the world" (RoW), the approximately 15 percent of the world economy not covered by the 40 countries included in the WIOD database, ensuring a consistent and balanced world SUT system. The term "consistency" means that at the world level, all flows of goods and services balance, properly accounting for trade and transport services used in international trade (the "cif-fob difference"). This results in SUTs for the RoW which, together with bilateral trade matrices for all commodities (and together with the 40 national SUTs from the WIOD project), describe a consistent SUT system at the world level.