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VALUE ADJUSTMENTS


International merchandise trade exports data 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, 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)

• a negative adjustment of $1,200m has been applied to the metal ores and minerals component in the balance of payments series for October 2014. This adjustment takes into account additional information on the unit value of iron ore exports. To maintain consistency with the September quarter 2014 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) released on 2 December 2014, previous negative adjustments of $110m and $1,400m have remained for August and September 2014, respectively.
  • In the international merchandise trade series, the unit value of metal ores and minerals fell 5% between August and September 2014 and rose 15% between September and October 2014.
  • In the balance of payments series, the unit price of metal ores and minerals fell 5% between August and September 2014 and fell 1% between September and October 2014.
• a negative adjustment of $150m has been applied to the coal, coke and briquettes component in the balance of payments series for October 2014. This adjustment takes into account additional information on the unit value of hard coking and semi-soft coal exports. To maintain consistency with the September quarter 2014 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) released on 2 December 2014, previous negative adjustments of $170m and $180m have remained for August and September 2014, respectively.
  • In the international merchandise trade series, the unit value of coal, coke and briquettes rose 5% between August and September 2014 and rose 3% between September and October 2014.
  • In the balance of payments series, the unit value of coal, coke and briquettes rose 1% between August and September 2014 and rose 4% between September and October 2014.

• 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.