RE: Why is it necessary to have an industry classification systems like NAICS? Would facing the need of learning a

Why is it necessary to have an industry classification systems like NAICS? Would facing the need of learning a system as complex as NAICS discourage you for becoming part of the importing and exporting component of the North American apparel industry?

 

 

 

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Industry classification or industry taxonomy is a type of economic taxonomy that organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial mark.

The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.

NAICS is forward looking and flexible, anticipating increasing globalization and providing enhanced industry comparability among the NAFTA trading partners while recognizing important national industries and providing for periodic updates through three country review [the United States, Canada, and Mexico]. NAICS recognizes the structural and technological changes occurring in the economies of the three North American countries and provides the means to measure these changes well into the next millennium.

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Answered on May 29, 2017.
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