COMMODITY VALUE ADJUSTMENT
CAPITAL EXPENDITURE
The balance of payments goods debits component 'capital goods n.e.s.' includes an estimate of capital expenditure on goods that have changed ownership but have not yet crossed the Customs frontier.
IRON ORE AND COAL
International merchandise trade exports data (on a recorded trade basis) presented in tables 12-15 of this publication are based on information provided by exporters to the Australian Customs and Border Protection Service (Customs and Border Protection). At the time of initial reporting to Customs and Border Protection estimated quantity and unit price information may be reported for commodities like iron ore and coal. Final quantity and unit price information is updated progressively in recorded trade data as exporters revise the information provided to Customs and Border Protection. When additional information on quantity and unit price for these commodities is available, the ABS may adjust the balance of payments series to minimise the impact of future revisions.
The balance of payments series in this issue include:
- a positive $280m adjustment to the value of the 'metal ores and minerals' component for August 2011. All other previous adjustments have been removed.
- a positive $340m adjustment to the value of the 'coal, coke and briquettes' component for August 2011. A positive adjustment of $200m in July 2011 made in the previous issue has been revised down to $80m. All other previous adjustments have been removed.
With the adjustments included, the balance of payments series, in seasonally adjusted terms, for 'metal ores and minerals' rose $484m (6%) between July and August 2011. The 'coal, coke and briquettes' series rose $542m (14%).
Selected commodities, Unit price and volume analysis: Recorded Trade Basis(a) |
|
 | | Change in |
| | Mar 2011 | Apr 2011 | May 2011 | Jun 2011 | Jul 2011 | Aug 2011 |
| | % | % | % | % | % | % |
Iron ore |
|
| Lump | | | | | | |
| Volumes | 49 | -11 | 8 | -3 | -8 | 20 |
| Price | 1 | 2 | 4 | - | -5 | -3 |
| Fines | | | | | | |
| Volumes | 35 | -6 | 8 | -2 | 9 | 10 |
| Price | 2 | - | 3 | - | -3 | -6 |
Coal |
|
| Hard coking | | | | | | |
| Volumes | 35 | -1 | 10 | 3 | -7 | 18 |
| Price | 4 | 9 | 13 | -1 | -4 | -12 |
| Semi-soft | | | | | | |
| Volumes | 36 | -14 | -12 | 36 | -29 | 24 |
| Price | 6 | 11 | 13 | -3 | -2 | -5 |
| Bituminous (Thermal) | | | | | | |
| Volumes | 3 | 22 | -2 | 19 | -2 | 2 |
| Price | 1 | -5 | 3 | 4 | 1 | 3 |
|
| - nil or rounded to zero (including null cells) |
| (a) Data in this table are on a revised merchandise trade basis and have excluded adjustment applied to balance of payments series. |
On a recorded trade basis (prior to the balance of payments adjustments), between July and August 2011, large value movements were recorded for the following selected commodities:
- iron ore, lump rose $227m (17%) with exports to China up $169m (22%), with volumes up 22% and prices down 1% and Japan up $75m (21%), with volumes up 26% and prices down 4%
- iron ore, fines rose $146m (3%) with exports to Japan up $64m (10%), with volumes up 17% and prices down 6% and Republic of Korea up $47m (10%), with volumes up 21% and prices down 9%
- semi-soft coking coal rose $115m (18%) with exports to Japan up $87m (35%), with volumes up 41% and prices down 4% and United Kingdom up $22m
- hard coking coal rose $84m (4%) with exports to Japan up $113m (26%), with volumes up 29% and prices down 2% and China up $77m.
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