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International Trade: Supplementary Information, Financial Year methodology

Latest release
Reference period
2023-24 financial year

Introduction

This publication contains data on Australia's international trade in goods on a Balance of Payments basis (Key statistics section only) and on an international merchandise trade basis (in the Total merchandise and services trade by country section and the Data downloads) and international trade in services on a balance of payments basis. Annual merchandise data for selected countries and annual services data by state and by country are released twice yearly. Calendar year data are usually released following the March issue of Balance of Payments and International Investment Position, Australia and financial year data are usually released following the September issue.

Additional data on Australia’s international trade in goods and services are available in Balance of Payments and International Investment Position, Australia and International Trade in Goods.

Concepts, sources and methods

The conceptual framework used in compiling Australia’s international merchandise trade statistics is set out in the United Nation’s publication International Merchandise Trade Statistics: Concepts and Definitions, Series M, No. 52, Rev. 3 (IMTS 2010). More detailed information relating to the underlying concepts and structure, and the sources, methods and terms used in compiling estimates are available in International Merchandise Trade, Australia: Concepts, Sources and Methods and International Trade in Services; Concepts, Sources and Methods.

The conceptual framework used in compiling Australia's balance of payments statistics is based on the Sixth Edition of the International Monetary Fund's Balance of Payments and International Investment Position Manual (BPM6, 2008).

Accuracy, reliability and revisions

Care should be exercised in the use and interpretation of estimates in this publication. While every effort is made to ensure the accuracy and reliability of all estimates, the transactions occurring in international trade in goods and services are of many different kinds, and therefore the compilation of trade estimates entails the use of a very wide range of statistical data of varying degrees of accuracy and timeliness.

This publication includes historical revisions which are also included in the Australian System of National Accounts, 2023-24, and the September 2024 issue of Balance of Payments and International Investment Position, Australia, released in December 2024.

Sign convention

Merchandise export and import statistics presented in this publication are on an international merchandise trade basis, both export and import entries are shown without regard to sign.

International trade in services statistics are presented on a balance of payments basis. In keeping with balance of payments conventions, credit entries (exports) are shown without sign and debit items (imports) are shown as negative entries.

Improvements to digital services estimates

This publication includes a newly introduced methodology to measure selected digital services imports and exports. These improvements have resulted in revisions to the International Trade in Services series back to the September quarter 2009.

Services categories containing digital services imports

Services categories containing digital services imports
Services categoryExtended Balance of Payments Services (EBOPS) category
Charges for the use of intellectual property n.i.e8.1.1 Licenses to produce and/or distribute computer software services
Other business services10.2.2 Advertising, market research and public opinion polling
Personal, cultural and recreation services11.1.2 Audiovisual services n.i.e

Services categories containing digital services exports

Services categories containing digital services exports
Services categoryExtended Balance of Payments Services (EBOPS) category
Other business services10.2.1.4 Other professional services
Other business services10.3.4 Trade-related commission services
Personal, cultural and recreation services11.1.1.5 Other film, TV and multimedia royalties

Use of Australian Business Register and Australian Tax Office data

International Trade in Services estimates are based, in part, on Australian Business Register (ABR) data supplied by the Registrar to the ABS under A New Tax System (Australian Business Number) Act 1999 and tax data supplied by the Australian Tax Office (ATO) to the ABS under the Taxation Administration Act 1953. These require that such data is only used for the purpose of carrying out functions of the ABS. No individual information collected under the Census and Statistics Act 1905 is provided back to the Registrar or ATO for administrative or regulatory purposes. Any discussion of data limitations or weaknesses is in the context of using the data for statistical purposes, and is not related to the ability of the data to support the ABR or ATO’s core operational requirements.

Legislative requirements to ensure privacy and secrecy of this data have been followed. In accordance with the Census and Statistics Act 1905, results have been confidentialised to ensure that they are not likely to enable identification of a particular person or organization.

Trade in Goods basis

Trade in goods data included in the Key Statistics section is based on an original, current price balance of payments basis, while the remainder of trade in goods data is published on an international merchandise trade basis. For further information about the differences in compilation, see International Merchandise Trade, Australia: Concepts, Sources and Methods.

Goods by partner country

Partner country estimates are produced to provide a summary of Australia’s international merchandise trade with selected trading partners.

International merchandise trade data in this publication are presented in a six-month aggregation. This aggregated basis allows for data that are subject to confidentiality restrictions to be released, provided there is sufficient trade to preserve confidentiality.

Additional information on Australia’s international merchandise exports and imports, by country, are presented as a monthly times series, with additional countries and country groups in Tables 14a and 14b of International Trade in Goods. These tables differ from data presented in Tables 1 and 2 of this publication as they are subject to an increased level of confidentiality restrictions. For more information on confidentiality see the Data Confidentiality section of International Merchandise Trade, Australia: Concepts, Sources and Methods.

Services by partner country

Partner country estimates are produced to provide a summary of Australia's trade in services with major trading partners.

The country allocations are based on a number of indicators, including merchandise trade statistics, overseas passenger arrivals and departures data, data provided by the Department of Home Affairs and the Survey of International Trade in Services. A comprehensive explanation of data sources is provided in the International Trade in Services; Concepts, Sources and Methods.

Residency in economic statistics

The concept of residency is fundamental in determining which transactions are in scope of the balance of payments. 

In economic statistics, the residence of individuals, businesses, governments and other organisations is determined by the economic territory to which they have the strongest connection rather than on location, nationality, or legal status (e.g. citizenship). Instead, the residence of individuals, businesses, governments and other organisations is determined by the economic territory to which they have the strongest connection. This is expressed as the ‘centre of predominant economic interest’ of the individual, business, government or organisation. This is generally based on significant economic activity and transactions within a country’s economic territory, and the intent to engage with these activities. 

Recording of international students in the balance of payments

The article Recording Of International Students In The Balance Of Payments released in September 2024 explains how the range of economic activities international students engage in are recorded in Australia’s balance of payments. It focuses on the Current account (exports, imports and net income flows), and how the economic activities of international students contribute to the broader measurement of Australia’s economy.

Services by state

Services credits are classified by the state of provision, while services debits are classified by the state of consumption. The state allocations for transportation, travel, freight insurance and telecommunication services are based on a number of indicators including merchandise trade statistics by state, overseas passenger arrivals and departures by state of clearance and data provided by the Department of Home Affairs. The allocation for other services is primarily based on the location of the business reporting the information, which serves as a proxy for the state of provision/consumption of that service. The data should be used with care but are considered suitable for analysis over time. Allocation of digital services by state is primarily based on Estimate Resident Population for that period.

Rounding

Where figures have been rounded, discrepancies may occur between sums of the component items and totals.

Country groups

In Tables 5 to 8 some small countries are included with other countries as follows. Belgium and Luxembourg are included in one item due to their long-standing close economic relations. The Channel Islands and Isle of Man are included with the United Kingdom. Remote territories are generally included within geographical country groups rather than aggregated into their parent country.

The composition of some of the following groups changes from the period in which countries gain or lose membership to that group.

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