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 $380m adjustment to the value (both quantity and unit price) of the 'metal ores and minerals' component for May 2011
- a positive adjustment of $130m for April and $230m for May 2011 to the value (primarily unit price) of the 'coal, coke and briquettes' component.
The balance of payments component 'metal ores and minerals' is comprised of 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 $336m (5%) in May 2011 in original terms but fell $200m (3%) in seasonally adjusted terms. The main commodities, in original terms on a recorded trade basis, contributing to the May 2011 outcome were:
- iron ore and concentrates (SITC 281), including the balance of payments adjustment, rose $599m (12%) in May 2011
- ores and concentrates of base metals n.e.s. (SITC 287), fell $164m (36%), with volumes down 15% and prices down 24%
- ores and concentrates of precious metals and waste (SITC 289), fell $105m (91%), with volumes down 98%
- copper ores and concentrates, copper mattes and cement copper (SITC 283), fell $102m (23%), with volumes down 4% and prices down 21%.
The following unit price and volume analysis of the recorded trade series is provided to help interpret the related balance of payments series. As the balance of payment adjustment to the 'metal ores and minerals' component applies to quantity and unit price, the percentage change in the related recorded trade series is not shown for the latest month.
If the balance of payment adjustments are taken in consideration the estimated percentage change for the price of hard coking coal changes from -2% to 7% in April 2011 and from 4% to 9% in May 2011.
Selected commodities, Unit price and volume analysis: Recorded Trade Basis |
|
 | | Change in |
| | Dec 2010 | Jan 2011 | Feb 2011 | Mar 2011 | Apr 2011 | May 2011 |
| | % | % | % | % | % | % |
Iron ore |
|
| Lump | | | | | | |
| Volumes | 14 | -15 | -23 | 50 | -12 | np |
| Price | 3 | 7 | 3 | 1 | 1 | np |
| Fines | | | | | | |
| Volumes | 10 | -16 | -17 | 36 | -6 | np |
| Price | 5 | 7 | 4 | 2 | 1 | np |
Coal |
|
| Hard coking | | | | | | |
| Volumes | -6 | -39 | -5 | 35 | -3 | 7 |
| Price | - | 1 | 5 | 4 | -2 | 4 |
| Semi-soft | | | | | | |
| Volumes | 3 | -33 | 3 | 36 | -14 | -11 |
| Price | -2 | -2 | 9 | 6 | 8 | 7 |
| Bituminous (Thermal) | | | | | | |
| Volumes | 15 | -10 | -20 | 3 | 22 | -3 |
| Price | 2 | 5 | 2 | 1 | -5 | 2 |
|
| - 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 April and May 2011, hard coking coal rose $156m (11%), with exports to France up $70m and India up $59m, both driven by increases in volumes.
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