International merchandise trade exports data presented in tables 12, 14 and 15 of this publication are based on information reported 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 at which transactions take place are not known for some commodities. Final quantity and/or unit price information is updated progressively in merchandise trade data as exporters revise the information provided to Customs and Border Protection.
For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Customs and Border Protection. 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.
Iron ore (in original terms)
- on a merchandise trade basis negative adjustments of $30m, $35m and $50m have been applied to iron ore lump in February, March and April 2015 respectively. Negative adjustments of $40m, $115m and $215m have been applied to iron ore fines in February, March and April 2015 respectively.
- on a balance of payments basis, to maintain consistency with the March quarter 2015 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) released on 2 June 2015, revised adjustments for February and March 2015 have not been incorporated. Therefore, the previous negative adjustments of $40m and $35m for iron ore lump and $45m and $250m for iron ore fines have remained for February and March 2015 respectively.
Coal (in original terms)
- a negative adjustment of $60m has been applied to the coal, coke and briquettes component in the balance of payments series for April 2015. This adjustment takes into account additional information on the unit value of hard coking and semi-soft coal exports. To maintain consistency with the March quarter 2015 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) released on 2 June 2015, previous adjustments of $60m and $80m have remained for February and March 2015 respectively.
- In the international merchandise trade series, the unit value of coal, coke and briquettes rose 5% between February and March 2015 and fell 3% between March and April 2015.
- In the balance of payments series, the unit value of coal, coke and briquettes rose 3% between February and March 2015 and fell 3% between March and April 2015.
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.