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5368.0 - International Trade in Goods and Services, Australia, Jun 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 31/07/2008   
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MAJOR CHANGES IN JULY ISSUE


MAJOR CHANGES TO STATISTICS PRESENTED BY COMMODITY

From the July 2008 reference month, there will be major changes to the product classifications of statistics presented 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 will be known as BoPBEC Rev 1, BoPCE Rev 1 and BEC 2007, respectively.

The changes to be made to statistics presented on a Balance of Payments basis include:
  • all goods data will be presented according to BoPBEC Rev 1 or BoPCE Rev 1 i.e. estimates will be recompiled on the basis of the revised correspondences to maintain consistency in the time series
  • data for passenger and other transportation services will be further split into 'passenger transportation' and 'other transportation' services
  • time series spreadsheet titles and data item descriptions will be modified to improve consistency.

These revisions will not change the total value of goods or services credits and debits.

The changes to be made to statistics presented on a recorded trade basis include:
  • all data from July 2005 will be presented according to SITC Rev 4, BoPBEC Rev 1 and BEC 2007
  • all data prior to July 2005 will be presented according to SITC Rev 3, BoPBEC and BEC
  • therefore, a break in each of the series will occur between June 2005 and July 2005
  • SITC Rev 4 free standing descriptors will be 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 will be modified to accommodate labels for SITC Rev 4 and, in some cases, titles and data item descriptions will be 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. From the July 2008 issue, this correction will be 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 will not change the total value of goods imports or exports or goods data by state or country.

Recorded trade data that will be made available on request on a consultancy basis from ABS Client Services will include:
  • 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 2005-06 and 2006-07 (with BEC for earlier periods available from the relevant time series spreadsheets).

For further 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).

Note: Two revisions have been made to this information paper. On 14 July in relation to a correspondence for BEC item 321 and on 25 July in relation to a correspondence for BoPBEC items CA07, OI00 and ON02. These changes impact on the data in Table 2.4 and Table 3.2, respectively.


SEASONALLY ADJUSTED AND TREND ESTIMATES

The seasonally adjusted and trend estimates of goods and services will be revised in the July 2008 issue of this publication as a result of the annual seasonal reanalysis. This reanalysis reviews the seasonal and trading day factors in more detail than is possible in the monthly processing cycle and assesses the appropriateness of any prior corrections. Annual reanalysis is usually undertaken for the September reference month but will be brought forward to coincide with the changes to commodity classifications mentioned above.


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