Customs unit values vs market prices
MatQuo's trade pages show unit values in €/tonne. They are genuinely useful, but they are not market prices, and treating them as such will mislead you.
What a unit value is
A customs unit value is simply declared trade value ÷ net mass, taken from official trade statistics (for the EU, Eurostat COMEXT). It is an average across every shipment in a category, direction and period — a backward-looking, blended number that already reflects the mix of grades, contract terms and Incoterms in the actual flows.
How it differs from a price
A spot price or exchange price (e.g. an LME copper quote) is a forward-looking, tradable number for a defined specification at a moment in time. A contract price is what two parties agreed. A unit value is none of these: it is a statistical average, it lags by one to two months, and it moves with product mix as well as price. So a rising unit value might mean prices rose — or that buyers shifted to a pricier grade.
| Measure | Best use | Main limitation |
|---|---|---|
| Customs unit value | Observed trade average by product, partner and period | Backward-looking and sensitive to shipment mix |
| Spot or exchange price | Current reference for a defined specification and venue | May not represent the grade, location or terms actually bought |
| Contract price | The commercial price agreed by specific parties | Private and specific to volume, quality, timing and terms |
Worked example: mix can move the average
Suppose a month contains 800 tonnes of a standard grade at €1,000/t and 200 tonnes of a specialty grade at €2,000/t. The customs unit value is €1,200/t. If the next month is split 50:50 at the same two grade prices, the unit value rises to €1,500/t even though neither grade became more expensive. The composition changed.
What it is good for
Unit values are excellent for relative and directional reads: how the €/tonne of imports compares between origin countries, how a flow is trending, and where the cheap and expensive sources are. They anchor a landed-cost estimate. Just don't quote them as "the price." MatQuo labels them as customs unit values everywhere and never calls them spot prices — see any material page or the import-statistics explorer.
Checks before drawing a conclusion
- Keep the product code, partner scope, flow, currency and period consistent.
- Check whether quantity is net mass and whether confidentiality or estimation affects it.
- Look at tonnes and supplier mix alongside the unit value.
- Allow for the source release lag and later revisions.
- Use a defined market or supplier quote when the decision requires an executable price.
Primary source: Eurostat detailed international-trade metadata. Read the full MatQuo methodology.