5302.0 - Balance of Payments and International Investment Position, Australia, Jun 2017 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/09/2017   
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VALUE ADJUSTMENTS


Goods credits data presented in this publication are based on information provided by exporters to the Department of Immigration and Border Protection (DIBP). At the time of initial reporting to DIBP, the final prices at which transactions take place are not known for some commodities. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to DIBP.

For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to DIBP. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Iron ore adjustments are applied on an international merchandise trade basis at the Australian Harmonized Export Commodity Classification (AHECC) level. Coal, coke and briquettes are adjusted on a balance of payments basis in original current price terms. When actual final transaction prices become available estimates are replaced with these data.

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the ownership of large value capital expenditure items can occur prior to the items crossing the customs frontier. The ABS may adjust the relevant balance of payments series to record the timing when transfer of ownership was effected.


EXPORTS ON AN INTERNATIONAL MERCHANDISE TRADE BASIS

Iron ore (in original terms)

  • adjustments have been applied to iron ore lump in the March quarter (-$15m) and the June quarter (-$125m) 2017. Adjustments have been applied to iron ore fines in the December quarter (+$5m) 2016, the March quarter (-$75m) and the June quarter (-$385m) 2017. When actual final transaction prices become available estimates are replaced with these data.


GOODS CREDITS ON A BALANCE OF PAYMENTS BASIS

Coal (in original terms)
  • adjustments have been applied to coal, coke and briquettes in the balance of payments series for the March quarter (+$5m) and the June quarter (+$620m) 2017 respectively. All previous adjustments have been removed.


GOODS DEBITS ON A BALANCE OF PAYMENTS BASIS

Capital expenditure (in original terms)
  • the balance of payments goods debits component capital goods n.e.s. includes an estimate of expenditure on capital goods that have changed ownership but have not yet crossed the customs frontier.