5368.0 - International Trade in Goods and Services, Australia, Dec 2017 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 06/02/2018   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $476m in December 2017, an increase of $313m on the deficit in November 2017.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,358m in December 2017, a turnaround of $1,394m on the surplus in November 2017.

The sum of seasonally adjusted balances for the three months to December 2017 was a deficit of $1,129m, a turnaround of $3,420m on the surplus of $2,291m for the three months to September 2017. However, if seasonal factors used in compiling the quarterly balance of payments are applied, the preliminary December quarter 2017 deficit was $617m, a turnaround of $2,568m on the September quarter 2017 surplus of $1,951m.

GOODS AND SERVICES SUMMARY(a), Seasonally Adjusted and Trend

Change in:
Oct 2017
Nov 2017
Dec 2017
Dec 2017
Dec 2017
$m
$m
$m
$m
%

Seasonally Adjusted

BALANCE on goods and services
193
36
-1 358
-1 394
(b)..
CREDITS
Total goods and services
31 787
31 955
32 465
510
2
Total goods
24 620
24 753
25 318
565
2
Rural goods(c)
3 910
3 919
3 775
-144
-4
Non-rural goods(c)
18 794
19 344
20 063
719
4
Net exports of goods under merchanting(d)
53
53
52
-1
-2
Non-monetary gold(d)
1 862
1 437
1 428
-9
-1
Total services
7 168
7 202
7 148
-54
-1
DEBITS
Total goods and services
-31 595
-31 918
-33 823
1 905
6
Total goods
-24 185
-24 466
-26 335
1 869
8
Consumption goods
-8 373
-8 554
-8 976
422
5
Capital goods
-5 780
-5 824
-6 165
341
6
Intermediate and other merchandise goods
-9 631
-9 787
-10 688
901
9
Non-monetary gold(d)
-401
-301
-505
204
68
Total services
-7 409
-7 452
-7 488
36
-

Trend(e)

BALANCE on goods and services
178
-163
-476
-313
-192
CREDITS
Total goods and services
32 069
32 092
32 157
65
-
Total goods
24 848
24 896
24 986
90
-
Rural goods(c)
3 961
3 900
3 843
-57
-1
Non-rural goods(c)
19 302
19 427
19 602
175
1
Net exports of goods under merchanting
48
50
52
2
4
Non-monetary gold
1 538
1 519
1 489
-30
-2
Total services
7 220
7 196
7 171
-25
-
DEBITS
Total goods and services
-31 891
-32 255
-32 634
379
1
Total goods
-24 441
-24 790
-25 156
366
1
Consumption goods
-8 403
-8 527
-8 650
123
1
Capital goods
-5 981
-5 958
-5 941
-17
-
Intermediate and other merchandise goods
-9 652
-9 904
-10 174
270
3
Non-monetary gold
-405
-400
-391
-9
-2
Total services
-7 450
-7 465
-7 478
13
-

.. not applicable
- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) See paragraph 15 of the Explanatory Notes.
(c) For all time periods, estimates for sugar, sugar preparations and honey are included in Non-rural goods.
(d) This component is not seasonally adjusted.
(e) Caution should be used when interpreting recent trend estimates as they may be affected by unusual economic factors. For more details on trend estimates, see paragraph 19 of the Explanatory Notes.



EXPORTS OF GOODS AND SERVICES

Between November and December 2017, the trend estimate of goods and services credits rose $65m to $32,157m.

In seasonally adjusted terms, goods and services credits rose $510m (2%) to $32,465m. Non-rural goods rose $719m (4%). Rural goods fell $144m (4%), non-monetary gold fell $9m (1%) and net exports of goods under merchanting fell $1m (2%). Services credits fell $54m (1%).


Exports of goods
GOODS CREDITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Goods Credits

GOODS CREDITS, Seasonally Adjusted

Change in:
Oct 2017
Nov 2017
Dec 2017
Dec 2017
Dec 2017
$m
$m
$m
$m
%

Total goods credits
24 620
24 753
25 318
565
2
General merchandise
22 705
23 263
23 838
575
2
Rural goods
3 910
3 919
3 775
-144
-4
Meat and meat preparations
972
968
1 027
59
6
Cereal grains and cereal preparations
683
604
657
53
9
Wool and sheepskins
369
392
392
-
-
Other rural(a)
1 886
1 955
1 699
-256
-13
Non-rural goods
18 794
19 344
20 063
719
4
Metal ores and minerals(b)
6 823
7 116
7 452
336
5
Coal, coke and briquettes(c)
4 703
4 549
4 855
306
7
Other mineral fuels(b)(d)
2 606
2 801
3 046
245
9
Metals (excl. non-monetary gold)
802
984
855
-129
-13
Machinery
847
841
865
24
3
Transport equipment
320
322
288
-34
-11
Other manufactures
1 622
1 682
1 679
-3
-
Other non-rural (incl. sugar and beverages)(a)
926
893
868
-25
-3
Goods procured in ports by carriers(d)
145
156
155
-1
-1
Net exports of goods under merchanting(e)
53
53
52
-1
-2
Non-monetary gold(e)
1 862
1 437
1 428
-9
-1

- nil or rounded to zero (including null cells)
(a) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.
(b) From July 2005, this component is seasonally adjusted using seasonal factors derived from a monthly volume series.
(c) From July 1971 to June 2005, only a length-of-month adjustment has been applied to this component. From July 2005, this component is seasonally adjusted using seasonal factors derived from a monthly volume series.
(d) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(e) This component is not seasonally adjusted.



RURAL GOODS

In trend terms, exports of rural goods fell $57m (1%) to $3,843m.

In seasonally adjusted terms, exports of rural goods fell $144m (4%) to $3,775m.

The main component contributing to the fall in seasonally adjusted estimates was other rural, down $256m (13%).

Partly offsetting this fall were:
  • meat and meat preparations, up $59m (6%)
  • cereal grains and cereal preparations, up $53m (9%).


NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $175m (1%) to $19,602m.

In seasonally adjusted terms, exports of non-rural goods rose $719m (4%) to $20,063m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • metal ores and minerals, up $336m (5%)
  • coal, coke and briquettes, up $306m (7%)
  • other mineral fuels, up $245m (9%).

Partly offsetting these rises was metals (excl. non-monetary gold), down $129m (13%).

For price and volume details, see the Selected commodities section.


NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting rose $2m (4%) to $52m.

In seasonally adjusted terms, net exports of goods under merchanting fell $1m (2%) to $52m.


NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $30m (2%) to $1,489m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $9m (1%) to $1,428m.


Exports of services
SERVICES CREDITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Services Credits

SERVICES CREDITS, Seasonally Adjusted

Change in:
Oct 2017
Nov 2017
Dec 2017
Dec 2017
Dec 2017
$m
$m
$m
$m
%

Total services credits
7 168
7 202
7 148
-54
-1
Manufacturing services on physical inputs owned by others(a)
-
-
-
-
-
Maintenance and repair services n.i.e.(a)
2
6
7
1
17
Transport
638
639
633
-6
-1
Passenger(b)
251
251
244
-7
-3
Freight(c)
23
23
22
-1
-4
Other
231
232
232
-
-
Postal and courier services(d)
132
133
135
2
2
Travel
4 707
4 731
4 675
-56
-1
Other services
1 820
1 826
1 833
7
-
Memorandum item
Tourism related services credits(e)
4 959
4 981
4 919
-62
-1

- nil or rounded to zero (including null cells)
(a) This component is not seasonally adjusted.
(b) Passenger services includes agency fees and commissions for air transport.
(c) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(d) Postal and courier services includes indirect commissions for sea transport.
(e) For a more detailed explanation of tourism related services, see paragraph 29 of the Explanatory Notes.


In trend terms, services credits fell $25m to $7,171m.

In seasonally adjusted terms, services credits fell $54m (1%) to $7,148m.

The main component contributing to the fall in seasonally adjusted estimates was travel, down $56m (1%).

In seasonally adjusted terms, tourism related services credits fell $62m (1%) to $4,919m.

In seasonally adjusted terms, total services credits contributed 22% of total goods and services exported.


IMPORTS OF GOODS AND SERVICES

Between November and December 2017, the trend estimate of goods and services debits rose $379m (1%) to $32,634m.

In seasonally adjusted terms, goods and services debits rose $1,905m (6%) to $33,823m. Intermediate and other merchandise goods rose $901m (9%), consumption goods rose $422m (5%), capital goods rose $341m (6%) and non-monetary gold rose $204m (68%). Services debits rose $36m.


Imports of goods
GOODS DEBITS

Graph: This graph shows the Trend and Seasonally adjusted estimate for Goods Debits

GOODS DEBITS(a), Seasonally Adjusted

Change in:
Oct 2017
Nov 2017
Dec 2017
Dec 2017
Dec 2017
$m
$m
$m
$m
%

Total goods debits
-24 185
-24 466
-26 335
1 869
8
General merchandise
-23 784
-24 165
-25 830
1 665
7
Consumption goods
-8 373
-8 554
-8 976
422
5
Food and beverages, mainly for consumption
-1 242
-1 246
-1 276
30
2
Household electrical items
-526
-473
-544
71
15
Non-industrial transport equipment
-2 067
-2 095
-2 142
47
2
Textiles, clothing and footwear
-1 472
-1 500
-1 619
119
8
Toys, books and leisure goods
-567
-584
-553
-31
-5
Consumption goods n.e.s.
-2 500
-2 656
-2 842
186
7
Capital goods
-5 780
-5 824
-6 165
341
6
Machinery and industrial equipment
-1 797
-1 774
-1 965
191
11
ADP equipment
-800
-834
-828
-6
-1
Telecommunications equipment
-1 037
-1 172
-1 330
158
13
Civil aircraft and confidentialised items(b)(c)
-246
-282
-377
95
34
Industrial transport equipment n.e.s.
-883
-848
-831
-17
-2
Capital goods n.e.s.(d)
-1 017
-915
-835
-80
-9
Intermediate and other merchandise goods
-9 631
-9 787
-10 688
901
9
Food and beverages, mainly for industry
-158
-152
-161
9
6
Primary industrial supplies n.e.s.(d)
-198
-227
-223
-4
-2
Fuels and lubricants(c)
-2 624
-2 576
-3 106
530
21
Parts for transport equipment
-994
-1 032
-1 147
115
11
Parts for ADP equipment
-56
-58
-60
2
3
Other parts for capital goods
-1 350
-1 396
-1 472
76
5
Organic and inorganic chemicals
-380
-368
-453
85
23
Paper and paperboard
-189
-190
-207
17
9
Textile yarn and fabrics
-123
-125
-130
5
4
Iron and steel
-267
-298
-329
31
10
Plastics
-347
-359
-379
20
6
Processed industrial supplies n.e.s.
-2 749
-2 827
-2 888
61
2
Other merchandise goods(b)(e)
-100
-82
-39
-43
-52
Goods procured in ports by carriers(c)
-97
-97
-96
-1
-1
Non-monetary gold(c)
-401
-301
-505
204
68

(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) From July 2008, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Civil aircraft and confidentialised items. For earlier periods, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Other merchandise goods.
(c) This component is not seasonally adjusted.
(d) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(e) From July 1981, this component is not seasonally adjusted.



CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $123m (1%) to $8,650m.

In seasonally adjusted terms, imports of consumption goods rose $422m (5%) to $8,976m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • consumption goods n.e.s., up $186m (7%)
  • textiles, clothing and footwear, up $119m (8%)
  • household electrical items, up $71m (15%)
  • non-industrial transport equipment, up $47m (2%).


CAPITAL GOODS

In trend terms, imports of capital goods fell $17m to $5,941m.

In seasonally adjusted terms, imports of capital goods rose $341m (6%) to $6,165m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • machinery and industrial equipment, up $191m (11%)
  • telecommunications equipment, up $158m (13%)
  • civil aircraft and confidentialised items, up $95m (34%).

Partly offsetting these rises was capital goods n.e.s., down $80m (9%).


INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $270m (3%) to $10,174m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $901m (9%) to $10,688m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • fuels and lubricants, up $530m (21%)
  • parts for transport equipment, up $115m (11%)
  • organic and inorganic chemicals, up $85m (23%)
  • other parts for capital goods, up $76m (5%)
  • processed industrial supplies n.e.s., up $61m (2%).


NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $9m (2%) to $391m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $204m (68%) to $505m.


Imports of services
SERVICES DEBITS

Graph: This graph shows the Trend and Seasonally adjusted estimate for Services Debits

SERVICES DEBITS(a), Seasonally Adjusted

Change in:
Oct 2017
Nov 2017
Dec 2017
Dec 2017
Dec 2017
$m
$m
$m
$m
%

Total services debits
-7 409
-7 452
-7 488
36
-
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-46
-51
-47
-4
-8
Transport
-1 465
-1 484
-1 547
63
4
Passenger(c)
-582
-583
-568
-15
-3
Freight
-756
-774
-850
76
10
Other(b)
-118
-118
-120
2
2
Postal and courier services(d)(e)
-9
-9
-9
-
-
Travel
-3 733
-3 736
-3 693
-43
-1
Other services
-2 165
-2 180
-2 201
21
1
Memorandum item
Tourism related services debits(f)
-4 315
-4 320
-4 262
-58
-1

- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) This component is not seasonally adjusted.
(c) Passenger services includes agency fees and commissions for air transport.
(d) Postal and courier services includes indirect commissions for sea transport.
(e) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(f) For a more detailed explanation of tourism related services, see paragraph 29 of the Explanatory Notes.


In trend terms, services debits rose $13m to $7,478m.

In seasonally adjusted terms, services debits rose $36m to $7,488m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • transport, up $63m (4%)
  • other services, up $21m (1%).

Partly offsetting these rises was travel, down $43m (1%).

In seasonally adjusted terms, tourism related services debits fell $58m (1%) to $4,262m.

In seasonally adjusted terms, total services debits contributed 22% of total goods and services imported.


Selected commodities

Selected commodities, quantity and unit value analysis - International merchandise trade basis(a): Original terms

Change in
Jul 2017
Aug 2017
Sep 2017
Oct 2017
Nov 2017
Dec 2017
%
%
%
%
%
%

Iron ore

Lump
Quantity
1
-3
9
-6
-
12
Unit value
10
6
7
-8
-8
1
Fines
Quantity
2
7
1
-2
-3
15
Unit value
14
9
-7
-13
1
6

Coal

Hard coking
Quantity
-1
2
2
-19
1
14
Unit value
-18
-
14
p3
p-11
p-1
Semi-soft
Quantity
-23
34
-16
2
-13
34
Unit value
-10
-4
4
2
p-1
p-
Thermal
Quantity
18
-14
4
-2
-4
12
Unit value
-1
5
2
p5
p3
p-

Gas

LNG
Quantity
4
-3
-20
18
7
-1
Unit value
-6
-
-2
-1
5
5

- nil or rounded to zero (including null cells)
p preliminary figure or series subject to revision
(a) Data in this table are on a revised international merchandise trade basis and exclude value adjustments applied to balance of payments series.


International merchandise trade exports data presented in the above table are based on information reported by exporters to the Department of Home Affairs (Home Affairs). For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Home Affairs. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to Home Affairs. When additional information for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Unit values in this publication are presented in Australian dollar terms. Movements in the unit values for some commodities incorporate movements in the United States dollar prices reported to Home Affairs and movements in the Australian dollar to United States dollar exchange rate.

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between November and December 2017 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $178m (13%), with quantities up 12% and unit values up 1%. Exports to:
  • Japan rose $90m (49%), with quantities up 51% and unit values down 2%
  • China (excluding SARs and Taiwan) rose $70m (7%), with quantities up 6%.

Iron ore fines, up $704m (22%), with quantities up 15% and unit values up 6%. Exports to:
  • China (excluding SARs and Taiwan) rose $649m (24%), with quantities up 17% and unit values up 6%
  • the Republic of Korea rose $48m (23%), with quantities up 16% and unit values up 6%.

Hard coking coal, up $223m (12%), with quantities up 14% and unit values down 1%. Exports to:
  • China (excluding SARs and Taiwan) rose $254m (97%), with quantities up 91% and unit values up 3%
  • India rose $55m (10%), with quantities up 14% and unit values down 4%
  • Netherlands rose $54m, with quantities up 93% and unit values up 13%
  • the Republic of Korea fell $109m (52%), with quantities down 54% and unit values up 4%.

Semi-soft coal, up $244m (34%), with quantities up 34%. Exports to:
  • China (excluding SARs and Taiwan) rose $90m (89%), with quantities up 92% and unit values down 2%
  • Japan rose $71m (31%), with quantities up 29% and unit values up 1%
  • the Republic of Korea rose $36m (36%), with quantities up 43% and unit values down 5%
  • Netherlands rose $27m, with quantities up 87% and unit values up 24%
  • Taiwan rose $18m (42%), with quantities up 53% and unit values down 7%.

Thermal coal, up $214m (12%), with quantities up 12%. Exports to:
  • Japan rose $124m (16%), with quantities up 15%
  • Taiwan rose $116m (73%), with quantities up 75% and unit values down 1%
  • China (excluding SARs and Taiwan) rose $60m (20%), with quantities up 20%
  • Thailand rose $27m, with unit values down 14%
  • the Republic of Korea fell $153m (46%), with quantities down 44% and unit values down 5%.

Liquefied natural gas (LNG), up $95m (4%), with quantities down 1% and unit values up 5%.