## Patterns in Invoicing Currency in Global Trade

_IMF Working Papers, July 17, 2020_

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**Canonical URL:** [Patterns in Invoicing Currency in Global Trade](https://www.imf.org/en/publications/wp/issues/2020/07/17/patterns-in-invoicing-currency-in-global-trade-49574)

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## Bibliographic details
- Authors: Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena Le Mezo, Arnaud Mehl, Miss Tra Nguyen
- Published: July 17, 2020
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513550435.001

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### Data and scope
- Dataset: the most comprehensive and up-to-date panel data set of invoicing currencies in global trade.
- Coverage: data on the shares of exports and imports invoiced in US dollars, euros, and other currencies for more than 100 countries since 1990.
- Publication details:
  - By Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena Le Mezo, Arnaud Mehl, Miss Tra Nguyen
  - July 17, 2020
  - Pages: 38
  - Volume: 2020
  - Issue: 126
  - Series: Working Paper No. 2020/126
  - DOI: https://doi.org/10.5089/9781513550435.001
  - ISBN: 9781513550435
  - ISSN: 1018-5941

### Key findings
- Global invoicing patterns
  - The US dollar plays a globally dominant role in invoicing despite the comparatively smaller role of the US in global trade.
  - Invoicing currency patterns exhibit overall stability.
- Novel facts identified
  - Both the US dollar and the euro have been increasingly used for invoicing even as the share of global trade accounted for by the US and the euro area has declined.
  - The euro is used as a vehicle currency in parts of Africa.
  - Some European countries have seen significant shifts toward euro invoicing.
- Exchange rate pass-through and trade sensitivity (dominant currency paradigm)
  - Countries invoicing more in US dollars tend to experience greater US dollar exchange rate pass-through to their import prices.
  - Countries invoicing more in euros tend to experience greater euro exchange rate pass-through to their import prices.
  - Countries invoicing more in US dollars (euros) have trade volumes that are more sensitive to fluctuations in these exchange rates.

### Subjects and keywords
- Subjects: Currencies, Data collection, Economic and financial statistics, Exchange rate pass-through, Exchange rates, Exports, Foreign exchange, International trade, Money
- Keywords: Currencies, currency data, Data collection, data set, dominant currency paradigm, exchange rate pass-through, Exchange rates, Exports, Global, invoicing currency of trade, invoicing currency pattern, invoicing currency share, invoicing share, WP

*Source: Patterns in Invoicing Currency in Global Trade, IMF Working Papers 2020, 126 (July 17, 2020).*

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_Source: https://www.imf.org/en/publications/wp/issues/2020/07/17/patterns-in-invoicing-currency-in-global-trade-49574_