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TIMELINESS

11.23 Timeliness refers to the delay between the reference period to which the data pertains and the date on which the data become available. There is an important trade-off between the accuracy of the estimates and the timeliness of their release. As international merchandise trade statistics are important inputs to major economic indicators and there is wide-spread use of the data for other purposes, there is a need to publish the statistics on a timely basis, consistent with achieving acceptable levels of accuracy.

11.24 To the extent that complete or accurate data are not available within the desired time frame, there will be compromises in data quality. For example, exporters who have been accorded Confirming Exporter Status by the DIBP can revise the value, quantity and weight details after the goods have been included in the initial export estimates, see revisions analysis below.

11.25 The timeliness of public release of Australia's international merchandise trade statistics rates favourably against similar, detailed statistics produced by our major trading partners, as shown in Table 11.1. Collection, compilation and dissemination practices vary between Australia's major trading partners, so only broad comparisons are possible.