1301.0 - Year Book Australia, 2012
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 24/05/2012
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Statistics contained in the Year Book are the most recent available at the time of preparation. In many cases, the ABS website and the websites of other organisations provide access to more recent data. Each Year Book table or graph and the bibliography at the end of each chapter provides hyperlinks to the most up to date data release where available.
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INTERNATIONAL TRADE PRICE INDEXES
The International trade price indexes measure the change in prices of goods either as they cross the customs frontier entering Australia (imports) or leave Australia bound for another country (exports).
As the prices used in these indexes are expressed in Australian currency, changes in the relative value of the Australian dollar against overseas currencies (in particular, the major trading currencies) can have a direct and significant impact on the price movements of the many goods that are bought or sold with prices expressed in overseas currencies. Forward exchange rate cover is excluded from the prices used in the indexes.
The prices collected and used in compiling the indexes relate to specified standards, grades, types, etc. of each good with the aim of incorporating in the index the price changes of representative goods of constant quality. Wherever possible, prices to or from specific major markets are used for each of the goods priced, in order to lessen the impact of price variations attributable solely to changes in market origins or destinations. In most cases, prices are combined using fixed weights between markets. Weights between markets are reviewed periodically and revised where necessary. For more information on the International trade price indexes, see Producer and International Trade Price Indexes: Concepts, Sources and Methods, 2006 (6429.0).
IMPORT PRICE INDEX
The Import Price Index measures changes in the prices of imports of merchandise landed in Australia, based on their 'free-on-board' (FOB) prices in the country of origin. The index numbers for each quarter relate to prices of imports landed in Australia during the period.
The main uses of the index are as deflators for the production of chain volume estimates of imports, as a guide to future inflationary trends for macroeconomic purposes and the indexation of business contracts.
Table 29.23 provides Import price indexes for major commodity groups based on the United Nations, Standard International Trade Classification, Revision 4 (SITC Rev.4) and the All groups Import Price Index.
EXPORT PRICE INDEX
The Export Price Index measures changes in the prices of all exports of merchandise from Australia, including re-exports (goods which are imported into Australia then exported without alteration). The index numbers for each quarter relate to the prices of exports actually shipped during that quarter.
The main uses of the index are as deflators for the production of chain volume estimates of exports, as a guide to future inflationary trends for macroeconomic purposes and the indexation of business contracts.
In general, prices are obtained from the major exporters of the selected goods included in the index. The prices used in the index are the prices at which the goods physically leave Australia, that is, the prices are FOB at the main Australian ports of export.
Table 29.24 provides Export price indexes for major commodity groups based on the SITC Rev.4, and the All groups Export Price Index.