Chilean experience regarding Trade in Services compilation and current developments Balance of Payments and External Debt Department WPTGS Meeting, October 2010 1 BANCO CENTRAL DE CHILE OUTLINE 2 1. General framework 2. Services compilation: main sources and method of calculation 3.
Dissemination of data and revisions 4. Current developments and challenges BANCO CENTRAL DE CHILE OUTLINE 3 1. General framework 2. Services compilation: main sources and methods of calculation 3. Dissemination of data and revisions 4.
Current developments and challenges BANCO CENTRAL DE CHILE General framework Services in Chile are compiled following broadly BPM5 recommendations. Include transactions between residents and non residents. Detailed components. BoP compilation: positive assessment. 4
IMFs Report on the Observance of Standards and Codes (ROSC), September 2007. OECDs Statistics Directorate. BANCO CENTRAL DE CHILE Components presented TRANSPORT 55%) (share in Sea Transport Passenger Freight Other Air Transport Passenger Freight Other Other modes
Passenger Freight Other 5 BANCO CENTRAL DE CHILE exports 2009, Components presented TRAVEL (share in exports 2009, 18%) Business Personal OTHER (share in exports 2009, 27%) Communications services Insurance services Financial services Computer and information services Royalties and license fees Other business services Personal, cultural and recreational services Government services 6
BANCO CENTRAL DE CHILE ALADI countries: exports of goods and services, % of world trade Exports of goods Exports of services Source: ECLAC 7 BANCO CENTRAL DE CHILE Exports of services: LA and Asia dynamics Source: ECLAC 8
BANCO CENTRAL DE CHILE Latin American countries: exports of services as a share of GDP (2008-09) Source: ECLAC 9 BANCO CENTRAL DE CHILE Trend in Chile shows a deficit in Balance of Services Balance of Services trend 2000-2009 (USD millions of dollars) Exports Imports Net balance
-2.000 2000 12 2001 2002 BANCO 2003 2004 CENTRAL DE 2005 2006 CHILE 2007 2008 2009
OUTLINE 13 1. General framework 2. Services compilation: main sources and methods of calculation 3. Dissemination of data and revisions 4. Current developments and challenges BANCO CENTRAL DE
CHILE Sources are broadly adequate to compile Services statistics International Transaction Reporting System (ITRS), adapted for statistical purposes. Public institutions. Surveys. The first calculations are often estimations, which are replaced later (usually next quarter), when data sources are available. 14 BANCO CENTRAL DE CHILE Transport: method of
compilation Freights, based on register sources: ITRS information (third countries operation), completed with Customs Service registers. Passengers: Complete coverage based on ITRS, for air and sea modes. Other modes of transport, estimation derived from information. 15 BANCO CENTRAL DE
Customs CHILE Service Transport: method of compilation Other Services: Complete coverage based on ITRS, for air and sea modes. Form includes each type of auxiliary activity. Other modes of transport, estimation derived from Customs service information. 16 First calculation obtained from estimations. ITRS information is received with lag of 6090 days. BANCO CENTRAL
DE CHILE Travel: method of compilation National Tourism Bureau (SERNATUR). Quarterly survey of expenses and length of stay for inbound and outbound travelers. Three-month lag. International Police. Cross-border passenger movement: number of travelers entering and leaving the country. One month lag, making possible preliminary estimation. 17
BANCO CENTRAL DE CHILE Other Services: method of compilation ITRS forms; e.g. Insurance. Benchmark surveys, complemented with regular estimations; e.g. Communication, Computer and Information, Business services. Public institutions: Superintendency of Pensions, Superintendency of Banks, Internal Revenue Service; e.g. Financial services, Cultural and Recreational services. 18
BANCO CENTRAL DE CHILE OUTLINE 19 1. General framework 2. Services compilation: main sources and methods of calculation 3. Dissemination of data and revisions 4. Current developments and challenges BANCO
CENTRAL DE CHILE Dissemination of data Services statistics are calculated and published with quarterly periodicity. Releases: March 18, May 18, August 18 and November 18. Accessibility: Central Banks Monthly Bulletin BoP Yearbook Statistical Database 20 BANCO CENTRAL DE CHILE Revision policy Quarterly releases are revised in the year: May, August and November.
Further revisions are made for annual BoP releases: the first version for year t is disseminated in March year t+1; the Provisional version in March year t+2; and the Final Revised version March year t+3. Exceptional revisions may be made if necessary. 21 BANCO CENTRAL DE CHILE OUTLINE 22 1. General framework 2. Services compilation: main sources and methods of calculation 3.
Dissemination of data and revisions 4. Current developments challenges BANCO CENTRAL DE CHILE and Geographical breakdown of services First step achieved: Travel (published in March 2010 on Central Bank website). Second step: Transport. In progress, exploring sources and availability of information. Expecting to publish in 2011. Includes freights, freights countries, passengers and services. 23
BANCO CENTRAL DE CHILE between third main auxiliary Improving Other Services measurement Lack of a population. well-defined benchmark Enterprises from this group usually show high dynamics and dispersion, making difficult to identify all transactors. Build a strong Business Register is a complex task. 24
BANCO CENTRAL DE CHILE Through the macroeconomic statistical infrastructure The structural surveys in the Other Services sector for National Accounts may improve the availability of data. That means to take advantage from National Statistics Office experience: e.g. business register consistency; forms. Identifying export transactors, country of destination. Methodological consistency Accounts statistics. 25
BANCO CENTRAL DE CHILE with including National Through the macroeconomic statistical infrastructure Agreement subscribed with National Statistics Office, in order to implement a specific module for export transactors in last quarter 2010. Preliminary internal results in 2011. 26 BANCO CENTRAL DE
CHILE Implementation of BPM6: exploring most important changes Fees for processing goods, to be included in services. Repairs on goods, to be classified as services. Financial intermediation services indirectly measured (FISIM): Margin between interest payable or receivable and the reference rate (pure interest) on loans and deposits. Pure interest included in primary income. 27 BANCO CENTRAL DE
CHILE Chilean experience regarding Trade in Services compilation and current developments 28 BANCO CENTRAL DE CHILE
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Don't let other groups see your answer. You'll have 30 seconds to write your answer. Do not hold up your answer until called to do so. You don't need complete sentences. Be kind to the markers. Cap them after writing.
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