5368.0 - International Trade in Goods and Services, Australia, Apr 2008
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/06/2008
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APRIL KEY POINTS
BALANCE ON GOODS AND SERVICES
CREDITS (EXPORTS OF GOODS & SERVICES)
DEBITS (IMPORTS OF GOODS & SERVICES)
Revisions were made to the previous six months to incorporate the latest available merchandise trade data.
Possible future revisions - Iron ore prices
The contract price of iron ore exports are normally set from 1 April each year but contracts for April 2008 are still being negotiated. In the past, the prices observed in the merchandise trade series have been revised once the contracts have been finalised. In 2006 contract negotiations also extended beyond April but were largely resolved prior to the release of May data. Consequently, an adjustment was included in the balance of payments series in anticipation of the final contract price. However, no adjustment has been included in the balance of payments series for April 2008 as the outcome of contract negotiations is not clear. It can be expected that there will be an upward revision to iron ore for April 2008 in subsequent months but the extent can not be determined at this stage.
In the merchandise trade series for April 2008, the value of iron ore and concentrates was up 3%, with volumes down 6% and prices up 10%.
An information paper Impact of introducing Revision 4 of the Standard International Trade Classification (cat. no. 5368.0.55.010) was released on 26 May 2008. The paper outlines statistical impacts resulting from changes to the classification of Australian import and export statistics. This information paper can be accessed on the ABS web site www.abs.gov.au. The ABS will implement the changes to the classifications from the July 2008 reference month. This will impact on data released in this and related publications.
For further information contact Selvi Sekhar on Canberra (02) 6252 5540 for goods, and Karen McGuigan on Canberra (02) 6252 5415 for services.
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