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The Observatory of Economic Complexity (OEC) is an online data visualization and distribution platform for international trade data designed and owned by Datawheel. Through interactive visualizations, the OEC aims to make global trade data accessible and understandable.
The site consists of a series of periodically updated profiles dedicated to exploring trade data for countries and their regions, companies, products, and international organizations. It also features bilateral profiles that allow exploring the trade relationships between different countries and between countries and products. The platform has developed an arrangement of tools dedicated to exploring trade datasets and making data cuts with its Data, Company, and Trend Explorers or building custom visualizations with its Viz builder.
The OEC also features economic complexity data through indicators, maps, rankings, and publications, making it a resource for researchers, trade experts, businesses, students, and others who want to understand world economy dynamics.
The OEC began as a research project at MIT's Collective Learning group (former Macro Connections Group). It was the Master Thesis of Alex Simoes (2012), directed by Professor Cesar A. Hidalgo.
In 2012, the OEC was spun out of MIT as an open-source project and refined throughout the years, expanding its technical and analytical capacities.
OEC 1.0 (2011-2013)
The first version of the OEC focused primarily on creating single visualizations of trade data. At that time, it was a pioneering effort in data visualization and distribution.
OEC 2.0 (2013-2015)
The second version of the OEC introduced the idea of profiles. These profiles were designed primarily for search engine optimization, but quickly grew into the most popular section of the site. The visualization builder (Explore in OEC 2.0) was still the main feature.
OEC 3.0 (2015-2020)
The 3.0 version of the OEC was designed around profiles. The visualization builder became a secondary feature, giving the tool a more narrative flavor.
OEC 4.0 (2020-2021)
The 4.0 version of the OEC is the largest and most ambitious version of the OEC ever created. It includes subnational level data for dozens of countries, sourced directly from their public customs records. This makes the OEC much more recent, relevant, and higher resolution. The 4.0 version of the OEC also includes several new features, such as a tunable forecast tool, the tariff explorer, and the ability to calculate economic complexity rankings dynamically. OEC 4.0 was built from scratch on a completely new code base created solely by Datawheel.
OEC 5.0 (2021-Today)
The 5.0 version was launched in the summer of 2021, bringing subnational data from regions and provinces from over 20 major countries. This new version also gives users the ability to pay for both pro and premium subscription. The pro subscription includes access to a rich data explorer as well as the API for programmatic data access while the premium tier gives users the ability to download any of the 20+ subnational datasets newly added to the OEC.
The Observatory of Economic Complexity (OEC) integrates several datasets for free; notably including data from UN Comtrade, which is meticulously cleaned by the BACI team at the Centre d'Etudes Prospectives et d'Informations Internationales (CEPII). This comprehensive dataset encompasses exports and imports categorized by both country of origin and destination, with products detailed according to the Standard International Trade Classification at the four-digit level (SITC-4) and the Harmonized System at the four-digit level (HS-4). Spanning from 1962 to 2022, the OEC offers datasets covering complexity indicators (PCI and ECI), World Development Indicators (WDI), tariffs (WITS), and trade data classified under SITC2 (1962-2018) and various HS Code revisions.
The platform also features up-to-date trade data at Subnational Geography, Continents, Countries, Provinces, Ports of Entry, and departments levels for numerous countries. This data, sourced from national agencies responsible for customs data collection, is available for over 25 countries, which collectively represent 85% of global trade.
Additionally, the OEC includes Bill of Lading (BoL) data, which comprises millions of records for products shipped to and from the United States, compiled by the U.S. Customs and Border Protection (CBP). This dataset offers detailed information on consignees, shippers, product descriptions, and quantities traded, enabling a granular analysis of individual company behavior and procurement practices. The high-resolution BoL data reveals specific details for each shipping port, allowing for the detection of trade changes that might be overlooked in broader datasets.
D3plus is the underlying engine responsible for generating all of the visualization used on the site. D3plus is an open source (MIT license) [1] JavaScript library built on top of D3.js by Alexander Simoes and Dave Landry. It is also used on other visualization themed sites such as DataViva and Pantheon.
Visual representations include
Non-tariff barriers to trade are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs. Such barriers are subject to controversy and debate, as they may comply with international rules on trade yet serve protectionist purposes.
The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO), an independent intergovernmental organization based in Brussels, Belgium.
In international trade, market access refers to a company's ability to enter a foreign market by selling its goods and services in another country. Market access is not the same as free trade, because market access is normally subject to conditions or requirements, whereas under ideal free trade conditions goods and services can circulate across borders without any barriers to trade. Expanding market access is therefore often a more achievable goal of trade negotiations than achieving free trade.
CommunityViz is the name of a group of extensions to ArcGIS Geographic Information System software. CommunityViz is an analysis tool used for, among other applications, urban planning, land use planning, geodesign, transportation planning and resource management applications. It also provides options for 3D visualization in the Scenario 3D and Scenario 360 plugins. CommunityViz also allows users to export and view their work in ArcGIS Online, Google Earth and other KML/KMZ viewers such as ArcGIS Explorer. The software was originally produced by the Orton Family Foundation and in 2005 was handed off to Placeways LLC. In 2017, the software was purchased by City Explained, Inc. where its development continues.
Success in export markets for developed and developing country firms is increasingly affected by the ability of countries to support an environment which promotes efficient and low cost trade services and logistics. Trade facilitation and economic development policies reflect the idea that trade can be a powerful engine for accelerating economic growth, job creation, and poverty reduction.
DevInfo was a database system developed under the auspices of the United Nations and endorsed by the United Nations Development Group for monitoring human development with the specific purpose of monitoring the Millennium Development Goals (MDGs), which is a set of Human Development Indicators. DevInfo was a tool for organizing, storing and presenting data in a uniform way to facilitate data sharing at the country level across government departments, UN agencies and development partners. It was distributed royalty-free to all UN member states. It was a further development of the earlier UNICEF database system ChildInfo.
Google Public Data Explorer provides public data and forecasts from a range of international organizations and academic institutions including the World Bank, OECD, Eurostat and the University of Denver. These can be displayed as line graphs, bar graphs, cross sectional plots or on maps. The product was launched on March 8, 2010 as an experimental visualization tool in Google Labs.
The Product Space is a network that formalizes the idea of relatedness between products traded in the global economy. The network first appeared in the July 2007 issue of Science in the article "The Product Space Conditions the Development of Nations," written by Cesar A. Hidalgo, Bailey Klinger, Ricardo Hausmann, and Albert-László Barabási. The Product Space network has considerable implications for economic policy, as its structure helps elucidate why some countries undergo steady economic growth while others become stagnant and are unable to develop. The concept has been further developed and extended by The Observatory of Economic Complexity, through visualizations such as the Product Exports Treemaps and new indexes such as the Economic Complexity Index (ECI), which have been condensed into the Atlas of Economic Complexity. From the new analytic tools developed, Hausmann, Hidalgo and their team have been able to elaborate predictions of future economic growth.
Comext is a statistical database on trade of goods managed by Eurostat, the Statistical Office of the European Commission. It is an important indicator of the performance of the European Union (EU) economy, because it focuses on the size and the evolution of imports and exports.
The World Integrated Trade Solution (WITS) is a trade software provided by the World Bank for users to query several international trade databases.
Wealth Lab is a technical analysis software as well as an electronic trading platform owned by Fidelity Investments. The original software was the brainchild and genius of Dion Kurczek at the behest of his personal and professional partner at the time, Marina Callozzo. As regular day traders and regular travellers, Dion and Marina needed to problem solve the conflict of trading when traveling, and their tether to the complex, minute-by-minute trading platforms when they were away from their home systems. In a moment reminiscent of the child suggesting they "let the air out of the tires" of the truck stuck in the Holland Tunnel, Marina asked Dion, an extraordinarily talented developer, couldn't he just write the software himself. Thus the Wealth-Lab product was born. Dion wrote the software and the currently NB identified Mx. Callozzo founded and operated the corporation. Within less than a year Wealth-lab acquired several international investors and an unheard of number of unparalleled reviews in industry publications. By 2003 the Wealth-lab website, and the product were both an industry standard, and a Dark Horse to which others could only hope to aspire. The combination of Dion's technical genius and Mx. Callozzo's operations brilliance created a product that Fidelity knew that had to have, and no one else could compete with. After significant negotiations, Fidelity acquired the Wealth-Lab software assets in 2004. Currently, the client runs on Microsoft Windows .NET 8 and requires internet access to function properly. Users with subscriptions can program, backtest, and auto-trade trading strategies for stocks, futures, forex, options, and cryptocurrencies. Fidelity premium account holders can use the platform to place trades produced by their trading strategies directly to their brokerage accounts and even setup auto-trading systems.
The Economic Complexity Index (ECI) is a holistic measure of the productive capabilities of large economic systems, usually cities, regions, or countries. In particular, the ECI looks to explain the knowledge accumulated in a population and that is expressed in the economic activities present in a city, country, or region. To achieve this goal, the ECI defines the knowledge available in a location, as the average knowledge of the activities present in it, and the knowledge of an activity as the average knowledge of the places where that economic activity is conducted. The product equivalent of the Economic Complexity Index is the Product Complexity Index or PCI.
The life sciences industry in Switzerland directly and indirectly employs about 135,000 people. It contributes 5.7% of the gross domestic product of Switzerland and 30% of the country's exports. In 2017 about 30% of Swiss exports were chemical products. In the same year Switzerland was the second largest exporter of packaged medicine in the world, with about 11% of the global total, worth $36.5 billion.
The Atlas of Economic Complexity: Mapping Paths to Prosperity is a 2011 economics book by Ricardo Hausmann, Cesar A. Hidalgo, Sebastián Bustos, Michele Coscia, Sarah Chung, Juan Jimenez, Alexander Simoes and Muhammed A. Yıldırım. A revised 2014 edition is published by the MIT Press.
DataViva is an information visualization engine created by the Strategic Priorities Office of the government of Minas Gerais. DataViva makes official data about exports, industries, locations and occupations available for the entirety of Brazil through eight apps and more than 100 million possible visualizations.
César A. Hidalgo is a Chilean born, Chilean-Spanish-American physicist, author, and entrepreneur. He is a tenured professor of social and behavioral sciences at the Toulouse School of Economics and director of the Center for Collective Learning a multidisciplinary research laboratory with offices in Toulouse, France and at Corvinus University of Budapest. He is also an Honorary Professor at the University of Manchester's Alliance Manchesters Business School. Hidalgo is known for his work on Economic Complexity, Relatedness, Data Visualization, Applied Artificial Intelligence, and Digital Democracy. Before moving to France, Hidalgo was a professor at MIT where he directed the Collective Learning group. He is also a founder and partner at Datawheel, a data visualization and distribution company.
Data USA is a free platform that allows users to collect, analyze, and visualize shared U.S. government data. Launched on April 4, 2016, Data USA is the product of an ongoing partnership between Deloitte, Massachusetts Institute of Technology (MIT) Collective Learning Group, and Datawheel.