Main Aspects of Foreign Trade
Statistics in Chile
Teresa Cornejo
Balance of Payments and External Debt
Information and Statistical Research Area
Central Bank of Chile
CENTRAL BANK OF CHILE
September 2007
PRESENTATION STRUCTURE
•
Introduction
•
Merchandise Trade Statistics in Chile
•
Merchandise trade and balance of payments
data on goods compiled by the Central Bank of
Chile
•
Final Remarks
CENTRAL BANK OF CHILE
SEPTEMBER 2007
INTRODUCTION
•
•
•
Foreign trade is central to the Chilean economy. On average for
1996 through 2006, exports were 28% of nominal GDP, imports
amounted to 24% of GDP, and net trade (exports minus imports)
was 5%.
Between 1996 and 2006, exports have averaged US$ 25,204
million per year, and reached US$ 58,116 million in 2006, as a
result of the high price of copper, which is the country’s main
export (averaging 39% of total exports in 1996 – 2006).
Chile’s imports of merchandise goods has averaged US$
20,607 million (FOB value) in the last 10 years . Classified by
use, 58% of imports are intermediate goods- of which 14% are
fuel- 19% are consumer goods and 21% are capital goods
CENTRAL BANK OF CHILE
SEPTEMBER 2007
INTRODUCTION
Merchandise Trade in Chile Over GDP
Chilean Exports and Imports
Aver. 28%
45
40
35
30
25
20
15
10
5
0
Mill. US$
70000
60000
US$ 25,204 mill.
(Aver. 1996 - 2006)
50000
40000
Aver. 24%
Aver. 5%
30000
20000
US$ 20,607 mill.
(Aver. 1996 - 2006)
10000
1
2
3
4
5
6
2 00
2 00
2 00
2 00
2 00
9
1 99
2 00
8
1 99
0
7
1 99
2 00
6
1 99
0
X/GDP
M/GDP
(X-M)/GDP
CENTRAL BANK OF CHILE
96
19
97
19
98
19
99
19
00
20
01
20
02
20
X
M
03
20
04
20
SEPTEMBER 2007
05
20
06
20
INTRODUCTION
•
•
Considering the importance of foreign trade in
Chile’s economy, both the public and the private
sector have great interest in these statistics and
in indicators based on them.
Several different trade databases have been
created to meet those needs
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE STATISTICS IN CHILE
On Line Communication
Customs
Agents
On Line Data Validation
Customs Adjusted
Statistical Database
Customs Transactional
Database (X - M
Documentes)
Foreign Trade Statistics
Produced by Customs
(Studies Department)
Dissemination to other
institutions
International
Organisation
(ALADI)
- UN (ECLAC - UNSD)
Public Institutions
(Agreements)
Private Institutions
(Sales)
- Direction of Export Promotion
(ProChile)
- Santiago Chamber of
Commerce (CCS)
- Central Bank of Chile
- Legis
- LexisNexis
-COMTRADE
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE STATISTICS IN CHILE (Continuation)
Public Institutions - Customs
•
National Customs Service (NCS, or SNA, in Spanish)
•
Functions: Facilitation of export and import processes, responsibility for
safeguarding the state’s interests, collecting associated duties and
taxes, generating trade statistics.
•
Coverage of Customs data:
•
Follows the general guidelines of the Special Trade System
(Merchandise Trade Manual, UNSD).
•
Since 1990, customs data was expanded to include certain exports
of services, which have been classified under a special heading
(0025) of the HS . This was associated to tax exemptions and other
incentives, and applies to services defined by Customs for those
purposes.
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE STATISTICS IN CHILE (Continuation)
Public Institutions Customs
On Line Communication
Customs
Agents
On Line Data Validation
Basic Data (DUS/DIN)
Customs
Transactional
Database (M -X )
- Classification of products according
to 8 digit HS.
- Description of products
- Value of the transaction
-Number of units and data on volume
- Country (origen/destination)
-Administrative purpose, etc.
Reports:
- Monthly External Trade Report
- Monthly Statistical Customs
Report
- Regional Trade by Free Trade
Agreements
- Special Reports.
- Cancellations
- Other modifications
- Valuation Variation Report,
in the case of export
Adjusted Statistical
Database
Foreign Trade Statistics
Produced by Customs
(Studies Department)
ESTACOMEX:
- Monthly data beginning in 1990
- Exports (US$ FOB), imports (US$CIF)
- Values and volumes of trade
- Exports including VVR
- Information at 8 digit HS and 3 digit ISIC
Data can be obteined:
- X & M (8 digit HS) by country and
geographical zone, values and quantities.
- X & M (3 digit ISIC)
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE STATISTICS IN CHILE (Continuation)
Public Institutions - PROCHILE
•
Direction of Export Promotion (ProChile)
•
Description:
•
Government agency devoted to promoting foreign trade.
•
Activities based on four pillars: supporting small and medium sized
companies in gaining access to world markets; making use of
opportunities arising from commercial treaties; enhancing publicprivate sector cooperation; fostering Chile’s image in international
markets.
•
Prochile has a network of offices in Chile and in main world markets.
It has developed a variety of services that are provided to exporters
in three areas: Orientation, Commercial Promotion, and Information
Technology.
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE STATISTICS IN CHILE (Continuation)
Publics Institutions PROCHILE
•
Direction of Export Promotion (ProChile)
•
Prochile compiles export and import statistics (based on
customs records), and disseminates information in
publications posted on its website: Quarterly report of Chile’s
foreign trade, Reports for Chile’s trade with countries with
which there are treaties, Other occasional reports and
Directory of Chilean exporters .
•
Free access to trade data by means of an interactive
application (Foreign Trade Statistics) that stores monthly and
annual data beginning in 2002.
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE STATISTICS IN CHILE (Continuation)
Private Institutions
•
Santiago Chamber of Commerce: Organization of more than 1,363 private
companies. Among its activities are actions aimed at having high impact on trade. It
has developed a foreign trade database (www.portalcomexccs.cl), which offers, for a
fee, data on exports and imports at aggregate levels and broken down at 8- digit HS
level, as well as other services related to foreign trade
•
Other enterprises (LEGIS & LEXISNEXIS): Both have created external
trade databases, which enables customers to obtain very detailed Customs data, from
aggregate levels down to individual transactions. Almost all fields or dimensions of the
import and export declarations may be obtained. The product classification is the HS,
down to the 8 digit level. The databases are updated monthly.
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE COMPILED BY THE CENTRAL BANK OF CHILE
AND BALANCE OF PAYMENTS STATISTICS OF GOODS
Customs
Transactional
Database of (X - M)
Dedicated telephone
communication line
Central Bank
Operational Database
Validation
Procedures
Corrected
data?
NO
Correction
Process
YES
Modules EXPEST IMPEST (Individual
Declarations X - M)
OLAP
(aggregate
data)
ACCESS
Unit Value Index (X - M)
Sepreadsheets
(Values X - M
according 5MBP)
CENTRAL BANK OF CHILE
Other
Sources
SEPTEMBER 2007
MERCHANDISE TRADE COMPILED BY CENTRAL BANK OF CHILE
BALANCE OF PAYMENTS STATISTICS (Continuation)
•
Classification Systems:
The Central Bank has incorporated into its databases, different classification systems
-
International Standard Industrial Classification (ISIC): version adapted to Chile
-
Harmonized system
Single Product Classification (SPC): It is a product classification system developed for
Chilean national accounts.
Standard International Trade Classification (SITC):
Final Use and duration of goods: Applied to imports (Consumer goods, intermediate
goods, and capital goods. Goods for consumption are further classified into durable,
semi-durable and other).
-
•
Other uses of this information:
-
National Accounts rest of the world account and monthly economic activity indicator
(data classified according to the SPC – HS 8 digit)
Price and volume indexes, calculated monthly and quarterly, to support economic
analysis and forecasts, and to be used to calculate price deflators for the national
accounts.
CENTRAL BANK OF CHILE
SEPTRMBER 2007
MERCHANDISE TRADE COMPILED BY CENTRAL BANK OF CHILE
BALANCE OF PAYMENTS STATISTICS (Continuation)
•
Revisions:
Main causes of revisions are value adjustments for exports shipped at provisional
values, and for coverage of transactions not covered by Customs data, and which
are received later and less frequently (initially they are estimated)
Monthly data are revised with first quarterly balance of payments release after
the initial monthly dissemination
Further revisions with annual BOP releases: year t is revised in March of year
t+1, in March of year t+2, and, in March of year t+3.
Exceptional revisions if necessary ( copper exports in recent years)
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE COMPILED BY CENTRAL BANK OF CHILE
BALANCE OF PAYMENTS STATISTICS (Continuation)
•
Dissemination:
Paper Publications
Name of
Date of
Publication
publication
Boletín Mensual
23 of each
(monthly bulletin)
month
Balanza de Pagos de
Chile year ….
( annual publication)
Foreign Trade
Indicators
June of each
year
Central Bank website
Location
Date of
dissemination
Economic
15 and end of
Statistical
each month
Database
Excel Statistics
7/15/23 and end
of each month
Four times a
year (March,
May, August and
November)
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE COMPILED BY CENTRAL BANK OF CHILE
BALANCE OF PAYMENTS STATISTICS (Continuation)
•
Presentation of Data disseminated:
-
-
Balance of payments: statistics are presented according to BPM5 classifications,
except for goods for processing, which are not calculated.
Supplementary information on trade in goods, for US $ value of exports (FOB) and
imports (CIF): detailed by type of good , for the General Merchandise category.
Exports classified according to ISIC (rev. 2) identifying certain products relevant for
Chile.
Imports shown according to final use ( Consumer, intermediate and capital. Consumer
goods broken down into durable, semidurable and other, and intermediate goods, into
fuels and others).
Available series: monthly and weekly (4 periods for each month).
Quarterly data on unit price and volume indexes, with breakdowns by main categories
Foreign Trade Indicators: publication that presents a greater level of detail for values
and quantities- FOB values for exports and CIF for imports- classified by ISIC, version
2, with further breakdowns for certain products, defined according to combinations of 8
digit SH codes. It also disseminates supplementary data on geographical breakdown
and specific reports on related subjects.
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE COMPILED BY CENTRAL BANK OF CHILE
BALANCE OF PAYMENTS STATISTICS (Continuation)
•
•
Confidentiality:
•
Data disseminated by the Central Bank are subject to confidentiality regulations
contained in the Bank’s Organic Constitutional Law. Disclosure of information
that identifies individual agents’ transactions is forbidden.
•
Customs restricts disclosure of data on specific providers, in the case of
imports, and of buyers, in the case of exports.
Metadata:
•
Sources and methodology of balance of payments compilation system are
described in a document posted on the Central Bank of Chile’s website.
•
Additionally, some tables in the paper publications and in the Economic
Statistical Database contain footnotes that explain certain aspects of the data.
•
Metadata posted on the IMF SDDS website.
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE COMPILED BY CENTRAL BANK OF CHILE
BALANCE OF PAYMENTS STATISTICS (Continuation)
•
Perception of quality of statistics:
-
Statistics of trade in goods compiled by the Central Bank are generally
perceived by users as being high quality data.
-
Compilers are permanently revising methods and sources, to ensure that
basic data are properly adjusted and/or supplemented by other sources, to
meet in a cost-effective way, analytical needs and international definitions.
- ROSC evaluation in April 2007 showed very good results for BOP statistics.
CENTRAL BANK OF CHILE
SEPTEMBER 2007
MERCHANDISE TRADE COMPILED BY CENTRAL BANK OF CHILE
BALANCE OF PAYMENTS STATISTICS (Continuation)
Future developments and challenges
a.
Information Technology:
- Need to upgrade applications developed at the Central Bank to store and access the
data (OALP)
- Unit value index platform: currently use ACCESS ( risky and time consuming). Special
applications, using Visual Basic and SYBASE, are being built.
b. Challenges and development in methodological and analytical matters:
- Implementation of BPM6 (merchanting)
-Unification of classification systems among the different Central Bank publications, and
eventually with Customs.
- Improving other data to support analysis
CENTRAL BANK OF CHILE
SEPTEMBER 2007
FINAL REMARKS
-
Data on merchandise trade are of great interest in Chile: different sets of data available to users,
compiled by public and private institutions. Central bank data are disseminated at aggregate
levels, other databases provide much greater detail, down to individual transactions.
-
Central Bank Foreign Trade Statistics have special characteristics that enhance their
usefulness:
Product breakdown : in most cases, an adapted version of ISIC that shows relevant
products for Chile. Also, SITC classification for exports and final use classification for
imports.
Frequency and timeliness: the data released by the Central Bank have the greatest
frequency and are the most timely among the data released to the public.
The data have been adjusted for coverage (additions form non Customs sources, and
subtractions of certain transactions), and for market valuation
Consistency with the national accounts
Supplementary information on unit price and volume indexes is provided
-
Because of their relevance both for its own compilation, analytical and policy purposes, and
also because of the users’ interest in merchandise trade data, the Central Bank continues to
work to improve this important set of statistics.
CENTRAL BANK OF CHILE
SEPTEMBER 2007
Main Aspects of Foreign Trade
Statistics in Chile
Teresa Cornejo
Balance of Payments and External Debt
Information and Statistical Research Area
Central Bank of Chile
CENTRAL BANK OF CHILE
September 2007