Why has the SIC product classification system been discontinued?
Following the adoption of the North American Free Trade Agreement (NAFTA) by the United States, Canada and Mexico, the three governments decided to improve further the climate for trade and other commercial transactions by developing a uniform product classification system named the North American Industy Classification System (NAICS). In January 1999 the transition from the SIC to the NAICS, the current US industry classification, began. This disrupted the continuity of the trade series based on the SIC. Due to the distortions the transition introduced, it was decided that this series should not be extended. Further information on the content of NAICS industries and the conversion between the NAICS and SIC industry classifications can be found at (http://www.census.gov/naics) Transitional Impacts In January 1999 Census adjusted the trade concordance used to allocate HS data into SIC based trade categories to correct misallocations and in anticipation of transforming the trade data int
Related Questions
- What is the difference between the North American Industrial Classification System (NAICS) and Product and Service Codes (PSC)? Why does FPDS-NG have both?
- How can I obtain the opinion of the Secretariat with regard to the classification of a product under the Harmonized System?
- Why has the SIC product classification system been discontinued?
