PIERS Reports on Investigation into Release of Data Errors

NEWARK, N.J., Nov. 15 /PRNewswire/ -- PIERS today reported on its investigation into the erroneous container trade data covering the first half of 2007 that was released for publication in the September 17 issue of The Journal of Commerce.

As Alan Glass, President & CEO of Commonwealth Business Media, parent company of both PIERS and the JoC, explains, "Our immediate response was to inform our customers and launch an investigation as to whether that error indicated any fundamental problems with PIERS' data production systems or methods."

"I am pleased to be able to report the results of our investigation," Glass says. "We have concluded that the mistakes made were the result of human error in failing to load records received from Customs and in failing to identify and eliminate duplicate records."

"We can also report that the number of affected records was far less than we initially had estimated."

According to Glass, PIERS has corrected its trade database, adding the records of 146,000 TEUs (twenty-foot equivalent units or containers) that were missing from its May 2007 import data. This change increased the 2nd Quarter '07 TEU import volume reported by PIERS by 3%, and 1st Half '07 TEU volume by 1.5%.

PIERS has also deleted approximately 38,000 TEUs that were duplicated or the result of miscalculations in 2nd Quarter 2006.

Acknowledging that some carriers have voiced concerns that the 2nd Quarter 2006 data may have been overstated to a greater degree than the 38,000-TEU adjustment, Glass says: "I want to assure the industry that PIERS has diligently researched the data for this time period, both internally and back to the source with Customs. We are satisfied that the data as adjusted provides a reliable reflection of the actual trade flow during this period.

"Our confidence in our corrected data is bolstered by the fact that the imports growth rate it indicates -- 6.95% for the January-June 2007 reporting period compared to January-June 2006 -- closely tracks that of the TSA [Trade Stabilization Agreement], which reports 6.5%," Glass adds.

Glass said that, while the investigation indicates PIERS data production process is sound, the company is putting in place additional checks and balances that will prevent the public release of its trade data or projections based on its trade data, in advance of full validation and confirmation.

Glass also expressed gratitude for assistance in its investigation provided by the maritime industry in general, and TSA in particular: "Those of us within the maritime community are familiar with the difficulties entailed in gathering and recording accurate information about cargo movements. We are knowledgeable enough to identify anomalies and work together to explain or correct them. The general public, however, is not as sophisticated and relies on PIERS to get it right the first time. We are resolved to do just that going forward ... and we are sincerely grateful to the industry and to our clients for their support in helping us achieve that goal."

About PIERS:

A division of Commonwealth Business Media, Inc., PIERS Global Intelligence Solutions is the primary source of U.S. waterborne import-export trade data and a leading provider of trade information products and commercial intelligence to companies that do business on a global basis. To learn more, visit www.piers.com.

About Commonwealth Business Media:

A subsidiary of U.K.-based United Business Media plc, Commonwealth Business Media is the leading information provider to the global trade and transportation sectors, offering comprehensive proprietary data, news and analytical content. In addition to PIERS, its leading brands include The Journal of Commerce (JoC), BACK Aviation Solutions, and a number of directory databases covering the international trade, railroad and trucking markets. Commonwealth publishes eight magazines, one newsletter, and a series of custom-directories serving the U.S. seaport market. Commonwealth's JoC Conference division sponsors nine industry-leading events, including the Trans-Pacific Maritime, China Trade & Logistics, Trans-Pacific Air Cargo Conferences, as well as the Breakbulk Conference and Exhibition, and Breakbulk Europe. Commonwealth is headquartered in East Windsor, N.J., with offices in Atlanta, Fort Lauderdale, Hong Kong, London, Long Beach, Miami, Montreal, Newark, New Haven, San Francisco, Tampa, Toronto, and Washington, DC. To learn more, visit www.cbizmedia.com.