Industry-Specific Nominal and Real Effective Exchange Rates of 25 Countries Worldwide

RIETI began publishing a novel dataset on industry-specific nominal effective exchange rates (I-NEERs) and industry-specific real effective exchange rates (I-REERs) in May 2011, in cooperation with the Center for Economic and Social Studies in Asia (CESSA) of the Department of Economics at Yokohama National University (YNU).

Real effective exchange rates are widely used to measure export price competitiveness. However, industry-level differences in export price competitiveness cannot be analyzed using “aggregate” real effective exchange rates. Our research project published the I-REERs for the first time worldwide. We began releasing the daily and monthly series of I-NEERs and I-REERs for nine Asian economies in March 2015. In April 2016, we published data for 18 economies, including nine additional countries from Europe, North America, and Oceania. Since February 2018, the database has been expanded to 25 economies worldwide, including seven additional countries from Europe and Oceania.

In December 2025, we began publishing the monthly I-NEER and I-REER series for 25 economies and 14 industries, including 13 manufacturing industries and overall manufacturing (i.e., the average across the 13 manufacturing industries). The data are updated monthly in the second week.

* Click on the figures to enlarge

Note: “Manufacturing All,” a thick black line, represents a weighted average of 13 manufacturing industries.

The novelty of this database lies in its construction of I-REERs using industry-specific producer price indices from major economies in Asia, North America, Europe, and Oceania. The real effective exchange rate is generally used as a measure of a country’s export price competitiveness; however, this competitiveness varies across industries. For instance, the export price competitiveness of the electric machinery industry (e.g., electronic components) differs from that of the transport equipment industry (e.g., automobiles). Sato, Shimizu, Shrestha and Zhang (2013) analyzed the I-REER of Japan and Korea to compare the export price competitiveness of these industries between the two countries.

Moreover, the weighted average of I-REERs (henceforth, Avg-I-REER) is a useful measure of a country’s export price competitiveness. Sato, Shimizu, Shrestha and Zhang (2020) demonstrated that Avg-I-REER is better suited than the Bank for International Settlements’ (BIS) real effective exchange rates for measuring export price competitiveness.

The database is constructed by Professor Kiyotaka Sato (YNU), Professor Nagendra Shrestha (YNU), and Professor Junko Shimizu (Gakushuin University).

Details of the data construction and other relevant information are presented and discussed in Sato, Shimizu, Shrestha and Zhang (2013, 2020). For a concise overview of the data construction, please refer to the supplementary information [PDF:785KB]. When using this database, please acknowledge the RIETI website as the data source and cite the following two papers.

• Sato, Kiyotaka, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang, 2013. “Industry-specific Real Effective Exchange Rates and Export Price Competitiveness: The Cases of Japan, China and Korea,” Asian Economic Policy Review, 8(2), pp.298–321.
• Sato, Kiyotaka, Junko Shimizu, Nagendra Shrestha, Shajuan Zhang, 2020. “New Empirical Assessment of Export Price Competitiveness: Industry-specific Real Effective Exchange Rates in Asia,” North American Journal of Economics and Finance, 54, 101262.