COMMODITY PRICES 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 the final prices may not be known for some commodities. New contract prices that have been recently negotiated, or are still being negotiated, for commodities like iron ore and coal may not be fully reflected in the Customs and Border Protection source data. Final prices are updated progressively in recorded trade data as exporters revise the information provided to Customs and Border Protection. It is not yet known how the recent move from annual to quarterly contracts for some exporters will impact on the reporting of information.
A $300m adjustment has been made to the value of the 'metal ores and minerals' in the balance of payments series for August 2010 to take into account additional information on the unit price of iron ore exports. There has been no adjustment applied to the coal, coke and briquettes component.
All price adjustments previously applied to the metal ores and minerals and coal, coke and briquettes components have been removed.
In the unadjusted recorded trade series, the unit price of metal ores and minerals decreased 11% between July and August 2010. In the equivalent adjusted balance of payments series, the unit price of metal ores and minerals decreased 6%.