CHANGES IN THIS ISSUE
MAJOR CHANGES TO STATISTICS PRESENTED BY COMMODITY
This issue introduces major changes to the product classifications used to present statistics on both a Balance of Payments and a Recorded trade basis in this publication and related time series spreadsheets. The changes result from:
- replacing Standard International Trade Classification Revision 3 (SITC Rev 3) with Standard International Trade Classification Revision 4 (SITC Rev 4)
- updating the correspondences used to compile statistics on a Balance of Payments Broad Economic Category (BoPBEC), Balance of Payments Commodity of Exports (BoPCE) and Broad Economic Category (BEC) basis
- providing additional detail for transportation services credits and debits.
Statistics presented according to the updated correspondences are called BoPBEC Rev 1, BoPCE Rev 1 and BEC 2007, respectively.
The changes made to statistics presented on a Balance of Payments basis include:
- all goods data are presented according to BoPBEC Rev 1 or BoPCE Rev 1 i.e. estimates have been revised back to July 1993 on the basis of the updated correspondences to maintain consistency in the time series
- data for passenger and other transportation services has been split into 'passenger transportation' and 'other transportation' services
- time series spreadsheet titles and data item descriptions have been modified to improve consistency.
These revisions did not change the total goods or services credits and debits.
The changes made to statistics presented on a Recorded trade basis include:
- all data from July 2005 are presented according to SITC Rev 4, BoPBEC Rev 1 and BEC 2007
- all data prior to July 2005 are presented according to SITC Rev 3, BoPBEC and BEC
- therefore, a break in each of the series occurs between June 2005 and July 2005
- SITC Rev 4 free standing descriptors are used to present data for all periods and care should be taken when using free standing descriptors to interpret data prior to July 2005
- time series spreadsheets have been modified to accommodate labels for SITC Rev 4 and, in some cases, titles and data item descriptions have been modified to improve consistency
- an error in the concordance between two petroleum tariff item statistical codes and related classifications was previously corrected back to July 2006. This correction has been extended back to July 2005 for good imports for the following classifications:
- SITC Rev 4 item 33460 - Petroleum oils and oils obtained from bituminous minerals (other than crude) and preparations n.e.s., containing by weight 70% or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, other than waste oils
- BoPBEC Rev 1 item OK02 - motor spirit and item OK03 - other petroleum
- BEC 2007 item 321 - Processed motor spirit and item 322 - Processed fuels and lubricants (excl. motor spirits).
These revisions do not change total goods imports or exports or goods data by state or country.
In incorporating SITC Rev 4, the Major commodities listed in tables 12 and 13 have been reviewed with some new commodities added and one import commodity removed.
For details of changes to series IDs refer to Changes to Time Series Spreadsheets
Recorded trade data available on request on a consultancy basis from ABS client services includes:
- SITC Rev 3 basis for 2005-06 and 2006-07 (with SITC Rev 3 for earlier periods available from the relevant time series spreadsheets)
- BEC basis for all periods prior to July 2007
- BEC 2007 basis for periods from July 2005.
For details about the introduction of SITC Rev 4 and the impact on related classifications, refer to the Information Paper: Impact of introducing Revision 4 of the Standard International Trade Classification, 2008
(cat. no. 5368.0.55.010).
In monthly services tables 9 and 10, 'passenger and other transportation' has been split into 'passenger transportation' and 'other transportation' services.
In both the monthly tables and the quarterly series (table 11), 'passenger transportation' includes agency fees and commissions but excludes all other components of 'other transportation credits'.
SEASONALLY ADJUSTED AND TREND ESTIMATES
The seasonally adjusted and trend estimates of goods and services have been revised as a result of the annual seasonal reanalysis which reviews the seasonal and trading day factors in more detail than possible in the monthly processing cycle and assesses the appropriateness of any prior corrections. The annual reanalysis was brought forward from the September reference month to coincide with the changes to commodity classifications mentioned above.
As a result of the reanalysis, a cautionary footnote has been added to the following goods credits seasonally adjusted series:
- other mineral fuels
- metals (excl. non-monetary gold)
- goods procured in ports by carriers.
The cautionary footnote has been removed from the good debits, seasonally adjusted series for organic and inorganic chemicals.
The cautionary footnote has been added to freight services credits.