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VALUE ADJUSTMENTS


International merchandise trade exports data presented in tables 12, 14 and 15 of this publication are based on information reported 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, the final prices at which transactions take place are not known for some commodities. Final quantity and/or unit price information is updated progressively in merchandise trade data as exporters revise the information provided to Customs and Border Protection.

For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Customs and Border Protection. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Iron ore adjustments are applied to the international merchandise trade basis at the Australian Harmonized Export Commodity Classification (AHECC) level and flow through to balance of payments data. Coal, coke and briquettes are adjusted on a balance of payments basis in current price, original terms. When actual final transaction prices become available estimates are replaced with these data.

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the ownership of large value capital expenditure items can occur prior to the items crossing the customs frontier. The ABS may adjust the relevant balance of payments series to record the timing when transfer of ownership was effected.


Goods credits

Coal (in original terms)

• Negative adjustments of $50m and $70m have been applied to the coal, coke and briquettes component in the balance of payments series for January and February 2015 respectively. These adjustments take into account additional information on the unit value of hard coking and semi-soft coal exports. All previous adjustments have been removed.
  • In the international merchandise trade series, the unit value of coal, coke and briquettes rose 4% between December 2014 and January 2015 and rose 4% between January and February 2015.
  • In the balance of payments series, the unit value of coal, coke and briquettes rose 2% between December 2014 and January 2015 and rose 3% between January and February 2015.

• capital goods n.e.s. includes an estimate of expenditure on capital goods that have changed ownership but have not yet crossed the customs frontier.