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5368.0.55.014 - Impact of revised international standards on monthly International Trade in Goods and Services, Aug 2009  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 02/10/2009  First Issue
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INTRODUCTION


The August 2009 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0) will present statistics on a Balance of Payments basis according to a revised international standard, the Balance of Payments and International Investment Position Manual, Sixth edition (BPM6). In addition, the results of a number of data quality investigations will be implemented. These changes have been backcast through the historical series to create a time series which is as continuous as possible.

The introduction of BPM6 will not change the presentation of merchandise trade statistics on a recorded trade basis.

The introduction of BPM6 and revised international standards for the national accounts was announced in Information paper Introduction of revised international standards in ABS economic statistics in 2009, 2007 (cat. no. 5310.0.55.001) released on 6 September 2007. Another information paper, Revisions to international standards in monthly international trade in goods and services statistics from August 2009, 2009 (cat. no. 5368.0.55.012) released on 17 June 2009 provides access to the revised publication and spreadsheet content (including new time series identifiers) that will be used from the August issue of International Trade in Goods and Services, Australia (cat. no. 5368.0).

This paper briefly summarises the impact of BPM6 on key goods and services aggregates presented in International Trade in Goods and Services, Australia.


GOODS

Revisions to Goods credits (exports) as a result of BPM6 and the data quality investigations mainly impact the non–rural goods category. The overall impact is not significant, although the size of the impact varies from year to year. Between 1994–95 and 2007–08 the size of the revisions ranges between –$390 million and +$163 million with the level of goods credits decreasing $321 million (0.1%) in 2008–09.

The revisions result from:

  • Goods subject to merchanting being recorded under Goods credits (Merchanting had been recorded as a service) and incorporating a different definition of net merchanting.
  • Repairs on goods no longer being recorded as goods (included in services and renamed Maintenance and repair services n.i.e.).
  • Goods for processing no longer being recorded as goods (the processing component is included in services and renamed Manufacturing services on physical inputs owned by others).
  • Goods procured in ports by carriers being reviewed and reclassified from the other goods category to the non–rural goods category under General Merchandise.
  • Relatively small revisions as a result of data quality investigations.

All Goods debits (imports) series have been revised with the introduction of BPM6 and the data quality investigations. The overall impact is not significant, although the size of the impact varies from year to year. Between 1994–95 and 2007–08 the size of the revisions ranges between –$55 million and –$452 million with the level of goods debits decreasing $992 million (0.5%) in 2008–09.

The revisions result from:
  • Repairs on goods no longer being recorded as goods (included in services and renamed Maintenance and repair services n.i.e.).
  • Goods for processing no longer being recorded as goods (the processing component is included in services and renamed Manufacturing services on physical inputs owned by others).
  • Goods procured in ports by carriers being reviewed and reclassified from the other goods category to the Intermediate and other merchandise goods category under General merchandise.
  • Goods being valued on a Customs Value basis from 1989 onwards rather than on a Free on Board basis. Previously the Customs Value basis had only been used from 2006 onwards.


SERVICES

Introducing the revised standards and results of the data quality investigations will have a greater impact on Services than on Goods in both absolute and percentage terms. The size of the impact varies from year to year. BPM6 will introduce a new series, Pension funds service charge, and a number of series will be revised including Transport freight services, Insurance service charge and Financial services including financial intermediation services indirectly measured (FISIM).

Revisions to Services resulted in the level of credits (exports) decreasing $675 million (1.3%) in 2008–09 and the level of debits (imports) increasing $498 million (0.9%).

The revisions result from:
  • The exclusion of Merchanting services (credits only).
  • The inclusion of Maintenance and repair services n.i.e..
  • The inclusion of Manufacturing services on physical inputs owned by others.
  • Introduction of new or revised models for estimating:
    • Pension funds service charge,
    • Insurance service charge,
    • Transport freight services (debits only),
    • Financial services including FISIM.

In addition, more detailed services classifications will be introduced to align with the Manual on Statistics of International Trade in Services and the Extended Balance of Payments Services classification.

Between 1994–95 and 2007–08, the impact on services credits ranges between –$435 million and +$162 million. The major changes are due to the removal of Merchanting services and the introduction of new models for Insurance services charge, Pension funds service charge and Financial services including FISIM.

Between 1994–95 and 2007–08, the impact on services debits ranges between +$265 million and +$1,080 million. The major changes are due to the introduction of new models for Transport freight services, Insurance service charge, Pension funds service charge and Financial services including FISIM; and the inclusion of Maintenance and repair services n.i.e..

In most years services debits increased more than services credits.

More information on the new or revised models will be released in the information paper Implementation of new international statistical standards in ABS National and International Accounts (cat. no. 5310.0) scheduled for release on 14 October 2009 or further details can be obtained by contacting Selvi Sekhar on selvi.sekhar@abs.gov.au or (02) 6252 5540.

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