Australian Bureau of Statistics
6419.0 - Producer and International Trade Price Indexes, 1995
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 13/02/1995 Ceased
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10.1. Export price measures have a long history with an index of export prices one form or another having been published by the ABS since 1901.
Nature and purpose
10.2. The current Export Price Index, Australia, was reviewed in 1990. It is a fixed weights index compiled on a reference base of 1989-90 = 100.0, with the weights based predominantly on Australian exports for 1988-89.
10.4. Table 10.1 (EPI items by AHECC), Table 10.2: (EPI items by SITC) and Table 10.3 (EPI items by ANZSIC) set out details of the items included in the index and their relative weights.
10.7. The commodities included in the current index have been combined into broad index groups in three ways. Index numbers are produced for groupings defined in terms of:
The industry of origin is not necessarily identical with the industry from which the exports are made. For example, exports made by traders or by marketing authorities are classified to the appropriate producing industries rather than the wholesale trading industries from which they are actually exported. The ABS introduced a new industrial classification, the Australian and New Zealand Standard Industrial Classification (ANZSIC), 1993 edition, which will be incorporated in the index as soon as practicable.
10.8. In general, prices are obtained from major exporters of the selected commodities included in the index. The prices used in the index are the prices at which the goods physically leave Australia, i.e., the prices are free on board (f.o.b.) at main Australian ports of export.
10.11. A high proportion of Australian-produced greasy wool is sold through the auction system and the bulk of auctioned wool is exported. Thus auction prices are considered appropriate for use in the Export Price Index. The price series used is the wool market indicator price. In order to allow for the delays involved between sale at auction and shipment from Australia, this indicator is incorporated in the index with a lag of six weeks. Scoured wool and wool tops are treated in the same fashion as other commodities in the index, that is prices are obtained from major exporters.
Goods shipped at an unknown price
10.12. Where the price of exported goods is unknown at the time of shipment, the price used in the index on an interim basis is generally that for similar goods exported from Australia. When it becomes known, the price for the goods, adjusted to a free on board basis and expressed in terms of Australian dollars, is used in the index. This may result in revisions for the period in which the estimated price is used.
10.13. Some agricultural commodities are sold and exported for only part of the year. The practice adopted in such cases is to repeat the last reported price until shipment of the next season's exports occur. Where the commodity is sold in terms of currency other than Australian dollars the repeated foreign currency price is converted to Australian dollars using the exchange rate applicable at that point in time.
10.14. In practice a wide range of the commodities included in the index are not exported on an ongoing basis, especially in the case of exports to a particular destination. It is thus necessary to estimate a price for the commodity in the months in which it is not exported. Prices are estimated using the following methods:
This page last updated 20 January 2006
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