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DIAGRAM 3.1: PHYSICAL MOVEMENT OF GOODS
3.15 Also depicted in Diagram 3.1 is the point of valuation for goods transported via a pipeline. These transactions are also subject to FOB and CIF type valuations. These goods while not loaded onto a ship or aircraft for international transportation can still be valued at the time they enter the pipeline (approximation for valuation point at the frontier of the exporting country (FOB type)) and their arrival at the frontier of the importing country (CIF type).
3.16 The conceptual basis for the Australian customs value is defined by the DIBP. The starting point for establishing the customs value is the price actually paid, or payable to, the supplier (transaction value), provided a number of conditions are met. The most important of these conditions is that the buyer and seller are not related, or where they are related that the relationship has not affected the price of the imported goods.
3.17 If the DIBP determines that the reported transactions value does not meet the requirement for a fair, uniform and neutral valuation they will use one of the following methods to replace the value. These methods are consistent with the rules in the WTO Agreement on customs valuation.
3.18 The customs value (which in Australia's case is a FOB valuation) does not include the international freight and international insurance costs involved in transporting the goods from the place of export, see Valuation of Imported Goods. However, any inland freight and inland insurance costs incurred by the purchaser before the goods leave the place of export are included in the customs value.
OTHER IMPORT VALUES
3.19 Importers who import goods with values above the customs value thresholds described in paragraph 2.7 (in Value Thresholds for Customs Declarations) are required to complete a full imports declaration. Included on all import declarations are the customs value for each commodity as well as the total customs, FOB and CIF values for the consignment. The ABS processing system apportions the consignment values to the commodities using the ratio between the customs value for the commodity and the customs value for the consignment. All three imports values are available in international merchandise trade statistics, however only customs value is available on imports clearances, see Data Dimensions (Table 10.1).
3.20 The compilation of international merchandise trade statistics can be complicated by the fact that transaction values may initially be expressed in a variety of currencies. The conversion of these values into a single currency is a prerequisite for the compilation of consistent and meaningful statistics. In Australia's case, the data are presented in terms of Australian dollars, though for international comparisons it is customary to convert to US dollars. For countries where the exchange rate is volatile it may be more meaningful to present the time series in US dollars.
3.21 In Australia, import values are reported to the DIBP in the invoice currency of the transaction. The Integrated Cargo System (ICS) automatically converts the values to Australian dollars, using exchange rates applicable on the date of export. The rates used are the daily average selling rates of currencies against the Australian dollar, as advised by the Reserve Bank of Australia (RBA). The ABS receives details of the reported invoice currency, together with the value of the import transaction in Australian dollars.
3.22 Since October 2004, for export transactions, the FOB value has been reported to the DIBP in the currency used on the invoice for the goods (provided that this currency was Australian dollars or one of the 28 allowable foreign currencies). Appendix 4 in the 'Downloads' tab, shows the 28 foreign currencies that the DIBP allows exporters, or their agents, to report in. Goods invoiced in all other currencies need to be converted to Australian dollars by the exporter or their agent.
3.23 The ABS receives export data as reported to the DIBP and converts any values reported in one of the accepted foreign currencies to Australian dollars. This conversion uses an indicative reference rate supplied daily by the RBA that is applied on the date of departure of the goods from Australia. The invoice currency in which the transaction was negotiated and sold is also reported to the DIBP.
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