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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 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, quantity and unit price information may be estimated for commodities such as iron ore and coal. 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. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the balance of payments series in current price, original terms to reflect actual transaction values.

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

Iron ore and coal (in original terms)

• to maintain consistency with the December quarter 2014 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) released on 3 March 2015, previous negative adjustments of $50m and $410m remain applied to the metal ores and minerals component in the balance of payments series for November and December 2014 respectively. These adjustments take into account additional information on the unit value of iron ore exports.
  • In the international merchandise trade series, the unit value of metal ores and minerals rose 5% between November and December 2014 and fell 6% between December 2014 and January 2015.
  • In the balance of payments series, the unit price of metal ores and minerals rose 6% between November and December 2014 and fell 8% between December 2014 and January 2015.
• a negative adjustment of $70m has been applied to the coal, coke and briquettes component in the balance of payments series for January 2015. This adjustment takes into account additional information on the unit value of hard coking and semi-soft coal exports. To maintain consistency with the December quarter 2014 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) released on 3 March 2015, previous negative adjustments of $50m and $80m have remained for November and December 2014 respectively.
  • In the international merchandise trade series, the unit value of coal, coke and briquettes rose 6% between November and December 2014 and rose 2% between December 2014 and January 2015.
  • In the balance of payments series, the unit value of coal, coke and briquettes rose 2% between November and December 2014 and rose 1% between December 2014 and January 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.