Australia Yearbook - 2009-10

exports and imports statistics by country and by
commodity shown in tables 31.7 to 31.10 differ
from the data shown in table 31.2 which is on a
balance of payments basis.
International merchandise trade is classified by
commodity, by country of origin/destination, by
Australian state of production/destination, and by
industry of origin.
The international standard for the classification of
internationally traded goods by commodity is the
Harmonized System, a World Customs
Organization classification which groups goods
according to their component materials, from raw
materials through to processed and
manufactured products.
The Harmonized System is the basis of the
exports classification, the Australian Harmonized
Export Commodity Classification, and the imports
classification, the Combined Australian Customs
Tariff Nomenclature and Statistical Classification
(Customs Tariff).
The Australian Bureau of Statistics (ABS) also
classifies export and import statistics according
to:
• the United Nations (UN) Standard
International Trade Classification (SITC Rev. 4)
which groups goods according to the degree of
processing they have undergone, from food
and crude raw materials through to highly
transformed manufactures. Commodity
statistics in this section are presented
according to SITC Rev. 4.
• the UN classification Broad Economic
Categories which classifies international trade
for the purposes of general economic analysis
according to the main end use of the
commodities traded.
Australia’s international merchandise trade
statistics are compiled in broad agreement with
the UN recommendations for the compilation of
international merchandise trade statistics. More
information on the concepts, sources and
methods used is included in International
Merchandise Trade, Australia: Concepts, Sources
and Methods (5489.0).
International trade in services
International trade in services covers all services
rendered by Australian residents to non-residents
(exports) and by non-residents to residents
(imports). Services are broadly defined as
products other than tangible goods, although
they also include transactions in certain goods
such as those purchased by travellers.
As international trade in services covers a diverse
range of activities, a variety of data sources and
methods are used to compile estimates of the
different service types.
Australia’s international trade in services statistics
are compiled in accordance with the
International Monetary Fund’s Balance of
Payments Manual, fifth edition. This framework
has been further elaborated in the ‘Extended
Balance of Payments Services Classification’, as
detailed in the UN publication Manual on
Statistics of International Trade in Services,
2002. International trade in services statistics are
compiled for transportation, travel,
communications, construction, computer and
information services, royalties and licence fees,
other business services, personal, cultural and
recreational services and government services.
Some information is also available by partner
country and state.
More information on the concepts, sources and
methods used to produce Australia’s international
trade in services statistics is included in Balance
of Payments and International Investment
Position, Australia: Concepts, Sources and
Methods, 1998 (5331.0).
Income
Income, comprising investment income (e.g.
dividends and interest) and compensation of
employees (e.g. wages), covers income earned by
Australian residents from non-residents (credits)
or earned by non-residents from residents
(debits).
Current transfers and the capital
account
Current transfers cover the offsetting entries
required when resources are provided, without
something of economic value being received in
return. When non-residents provide resources to
Australian residents, offsetting credits are
required; when residents provide resources to
non-residents, offsetting debits are required.
General government transfers (e.g. official foreign
aid) are distinguished from transfers by other
sectors.
Chapter 31 — International accounts and trade 749