International merchandise trade exports data presented in tables 12, 14a and 15a of this publication are based on information reported 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 current price, original 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.
GOODS CREDITS ON AN INTERNATIONAL MERCHANDISE TRADE BASIS
Iron ore (in original terms)
GOODS CREDITS ON A BALANCE OF PAYMENTS BASIS
- on a merchandise trade basis, negative adjustments have been applied to iron ore lump in July ($5m), August ($5m), September ($15m), October ($25m), November ($20m), December ($45m) 2015 and January ($50m) 2016 respectively. Negative adjustments have been applied to iron ore fines in July ($15m), August ($10m), September ($30m), October ($50m), November ($75m), December ($110m) 2015 and January ($195m) 2016 respectively. When actual final transaction prices become available estimates are replaced with these data. For price and volume details, see the Selected commodities section.
Coal (in original terms)
GOODS DEBITS ON A BALANCE OF PAYMENTS BASIS
- a negative adjustment of $260m has been applied to the coal, coke and briquettes component in the balance of payments series for January 2016. This adjustment takes into account additional information on the unit value of hard coking and semi-soft coal exports. To maintain consistency with the December quarter 2015 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) released on 1 March 2016 previous negative adjustments have remained for October ($175m), November ($175m) and December ($170m) 2015 respectively.
- In the international merchandise trade series, the unit value of coal, coke and briquettes fell 3% between November and December 2015 and rose 3% between December 2015 and January 2016.
- In the balance of payments series, the unit value of coal, coke and briquettes fell 2% between November and December 2015 and fell 1% between December 2015 and January 2016.
Capital expenditure (in original terms)
- 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.