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.
A positive $250m adjustment has been made to the value of the 'metal ores and minerals' component in the balance of payments series for April 2011 to take into account additional information on both the unit price and volume of iron ore exports. The positive adjustment of $400m made to the 'metal ores and minerals' component for March 2011 announced in the previous issue of this publication remains. No adjustment has been applied to the 'coal, coke and briquettes' component.