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OUTLINE

Chilean experience regarding Trade in Services compilation and current developments Balance of Payments and External Debt Department WPTGS Meeting, October 2010. OUTLINE. General framework Services compilation: main sources and method of calculation Dissemination of data and revisions

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OUTLINE

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  1. Chilean experience regarding Trade in Services compilation and current developments Balance of Payments and External Debt DepartmentWPTGSMeeting, October 2010

  2. OUTLINE • General framework • Services compilation: main sources and method of calculation • Dissemination of data and revisions • Current developments and challenges

  3. OUTLINE • General framework • Services compilation: main sources and methods of calculation • Dissemination of data and revisions • Current developments and challenges

  4. General framework • Services in Chile are compiled following broadly BPM5 recommendations. • Include transactions between residents and non residents. • Detailed components. • BoP compilation: positive assessment. • IMF’s Report on the Observance of Standards and Codes (ROSC), September 2007. • OECD’s Statistics Directorate.

  5. Components presented TRANSPORT (share in exports 2009, 55%) • Sea Transport • Passenger • Freight • Other • Air Transport • Passenger • Freight • Other • Other modes • Passenger • Freight • Other

  6. 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

  7. ALADI countries: exports of goods and services, % of world trade Exports of goods Exports of services Source: ECLAC

  8. Exports of services: LA and Asia dynamics Source: ECLAC

  9. Latin American countries: exports of services as a share of GDP (2008-09) Source: ECLAC

  10. Trend in Chile shows a deficit in Balance of Services…

  11. Transport trend is more balanced…

  12. Other Services group shows a higher deficit…

  13. OUTLINE • General framework • Services compilation: main sources and methods of calculation • Dissemination of data and revisions • Current developments and challenges

  14. 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.

  15. 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 Customs Service information. Transport: method of compilation

  16. 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. First calculation obtained from estimations. ITRS information is received with lag of 60-90 days. Transport: method of compilation

  17. 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. Travel: method of compilation

  18. 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. Other Services: method of compilation

  19. OUTLINE • General framework • Services compilation: main sources and methods of calculation • Dissemination of data and revisions • Current developments and challenges

  20. Dissemination of data • Services statistics are calculated and published with quarterly periodicity. • Releases: March 18, May 18, August 18 and November 18. • Accessibility: • Central Bank’s Monthly Bulletin • BoP Yearbook • Statistical Database

  21. 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 FinalRevised version March year t+3. • Exceptional revisions may be made if necessary.

  22. OUTLINE • General framework • Services compilation: main sources and methods of calculation • Dissemination of data and revisions • Current developments and challenges

  23. 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 between third countries, passengers and main auxiliary services.

  24. Improving Other Services measurement… • Lack of a well-defined benchmark population. • 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.

  25. 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, including country of destination. • Methodological consistency with National Accounts statistics.

  26. 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.

  27. 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.

  28. Chilean experience regarding Trade in Services compilation and current developments

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