COMMODITY VALUE ADJUSTMENT
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 are 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 are 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 $270m adjustment to the value of the 'metal ores and minerals' component for July 2011. A positive adjustment of $300m in June 2011 made in the previous issue remains
- a positive $200m adjustment to the value of the 'coal, coke and briquettes' component for July 2011. Positive adjustments of $230m in May 2011 and $280m in June 2011 made in previous issues remain.
With the adjustments included, the balance of payments series, in seasonally adjusted terms, for 'metal ores and minerals' remained steady between June and July 2011. The 'coal, coke and briquettes' series decreased 12%.
Selected commodities, Unit price and volume analysis: Recorded Trade Basis(a) |
|
 | | Change in |
| | Feb 2011 | Mar 2011 | Apr 2011 | May 2011 | Jun 2011 | Jul 2011 |
| | % | % | % | % | % | % |
Iron ore |
|
| Lump | | | | | | |
| Volumes | -22 | 49 | -11 | 8 | -3 | -6 |
| Price | 3 | 1 | 2 | 4 | - | -12 |
| Fines | | | | | | |
| Volumes | -16 | 35 | -6 | 8 | -2 | 12 |
| Price | 4 | 2 | 1 | 3 | - | -11 |
Coal |
|
| Hard coking | | | | | | |
| Volumes | -5 | 35 | -1 | 10 | 2 | -5 |
| Price | 5 | 4 | 9 | 13 | -4 | -9 |
| Semi-soft | | | | | | |
| Volumes | 3 | 36 | -14 | -12 | 37 | -31 |
| Price | 9 | 6 | 11 | 13 | -8 | -1 |
| Bituminous (Thermal) | | | | | | |
| Volumes | -20 | 3 | 22 | -3 | 20 | -2 |
| Price | 3 | 1 | -5 | 3 | 4 | 2 |
|
| - 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 revised recorded trade basis (prior to the balance of payments adjustments), between June and July 2011, large value movements were recorded for the following selected commodities:
- hard coking coal fell $278m (14%) with exports to India down $241m (37%), with volumes down 27%
- semi-soft coking coal fell $277m (32%) with exports to Japan down $69m (23%), with volumes down 26% and Republic of Korea down $60m (33%) with volumes down 31%.
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 not yet crossed the Customs frontier.
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