Ministry of Economy changes methodology of trade balance statistics

Ministry of Economy changes methodology of trade balance statistics
Ministry of Economy changes methodology of trade balance statistics
O Ministry of Economy announced on Wednesday, 7, the revision of the methodology to compile the trade balance data. In a note, the ministry said that the measure aims to make the process of disclosing data on foreign trade in Brazil more transparent.

“Among the methodological changes are exclusions and inclusions of export and import operations under the protection of special customs regimes; accounting for the electric energy generated by Itaipu in imports and disclosure of unprecedented information on freight and insurance in imports ”, said in a technical note the Ministry of Economy.

The new methodology was applied to the entire historical data series. As a result, there has been a change in the values ​​of foreign trade available so far. The value exported in the new methodology is 1.4% lower than the total value exported between 1997 and 2020 previously disclosed. In the same period, the revised import was 1.6% higher than the previous methodology. The trade flow remained practically unchanged, with a reduction of 0.02%, and the accumulated trade balance in the period decreased by 16.5%.

What changes with the new methodology?

– Exports with a fictitious exit under the protection of Repetro will be excluded from the main statistics and disclosed separately. Definitive imports supported by Repetro from Brazil will be excluded and disclosed separately;

– Imports of electricity from Itaipu purchased from Paraguay will be included. These imports do not go through declarations in Siscomex and are immune to taxes and duties (Treaty of Itaipu). These imports are deducted from the surplus of electricity not consumed by Paraguay and transferred to Brazil, without exchange coverage, in deduction of the construction costs of the binational. Currently, both IBGE and the Central Bank already account for imports of electricity from Itaipu in their economic data, leaving only Secex to incorporate this information in the statistics;

– Imports made under Recof (Special Customs Regime for Industrial Warehouses under Computerized Customs Control) will be included, which will no longer be treated as administrative imports and will be treated as effective. In 2017, SRFB unified all existing Recof regimes in order to simplify the Regime in just one system code, which has since been characterized as administrative import, that is, without definitive import nature for import statistics;

– Import declarations were suspended from the data with serious filling errors by the importer, which severely distort specific series of products. These records will be considered anomalies (outliers) and will be suspended from the compilation and reported to the SRFB. This information will be reincorporated when importers correct it;

– All records that were corrected by importers in the months following the data freeze were updated. For example: in February 2018, the 2017 data underwent a last ordinary revision, being considered as definitive (frozen), with no further revisions to the statistics, however, being subject to adjustments for customs purposes. All residual rectifications that some records already cleared in 2017 underwent over the following years were no longer captured. With this update, all rectifications in previous years will be covered, making historical data more accurate.

Check out the detailed changes in technical note from the Ministry of Economy.

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