COMMODITY VALUE ADJUSTMENT
VALUE ADJUSTMENT
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 $300m adjustment to the value of the 'metal ores and minerals' component for June 2011. The adjustment of $380m made in the previous issue to May 2011 has been removed
- a positive $280m adjustment to the value of the 'coal, coke and briquettes' component for June 2011. The positive adjustment of $230m applied to May 2011 remains and the adjustment of $130m applied to April 2011 has been removed.
The balance of payments component 'metal ores and minerals' includes two SITC divisions:
- SITC 27 crude fertilizers (excl. those of Division 56) and crude minerals (excl. coal, petroleum and precious stones)
- SITC 28 metalliferous ores and metal scrap.
On a balance of payments basis, the 'metal ores and minerals' component (incorporating the adjustment described above) rose $460m (6%) in June 2011 in original terms and rose $317m (4%) in seasonally adjusted terms. The main commodities, in original terms on a recorded trade basis, contributing to the June 2011 outcome were:
- iron ore and concentrates (SITC 281), including the balance of payments adjustment, fell $143m (3%) in June 2011
- copper ores and concentrates, copper mattes and cement copper (SITC 283), rose $203m (60%), with volumes up 14% and prices up 41%
- ores and concentrates of base metals (excl. of iron, cooper, nickel, aluminium, uranium and thorium) n.e.s. (SITC 287), rose $193m (67%), with volumes up 7% and prices up 56%.
SELECTED COMMODITIES
Selected commodities, Unit price and volume analysis: Recorded Trade Basis |
|
 | | Change in |
| | Jan 2011 | Feb 2011 | Mar 2011 | Apr 2011 | May 2011 | Jun 2011 |
| | % | % | % | % | % | % |
Iron ore |
|
| Lump | | | | | | |
| Volumes | -15 | -22 | 49 | -11 | 8 | np |
| Price | 7 | 3 | 1 | 1 | 4 | np |
| Fines | | | | | | |
| Volumes | -16 | -16 | 35 | -6 | 8 | np |
| Price | 7 | 4 | 2 | 1 | 3 | np |
Coal |
|
| Hard coking | | | | | | |
| Volumes | -39 | -5 | 35 | -1 | 8 | - |
| Price | 1 | 5 | 4 | 8 | np | np |
| Semi-soft | | | | | | |
| Volumes | -33 | 3 | 36 | -14 | -11 | 34 |
| Price | -2 | 9 | 6 | 11 | np | np |
| Bituminous (Thermal) | | | | | | |
| Volumes | -10 | -20 | 3 | 22 | -3 | 20 |
| Price | 5 | 3 | 1 | -5 | np | np |
|
| - nil or rounded to zero (including null cells) |
| np not available for publication but included in totals where applicable, unless otherwise indicated |
On a recorded trade basis (prior to the balance of payments adjustment), between May and June 2011, large value movements were recorded for the following selected commodities:
- bituminous (thermal) coal rose $283m (25%) with exports to China up $182m, driven by volumes, and Japan up $158m (33%) with volumes up 28%
- semi-soft coking coal rose $189m (28%) with exports to China up $88m, driven by volumes, and Republic of Korea up $74m (73%) with volumes up 61%.
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