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1360.0 - Measuring Australia's Economy, 2003  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 03/02/2003   
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Contents >> Section 3. International Accounts and Trade >> Balance on Goods and Services

Australia's balance on goods and services, in original terms, recorded its highest surplus of $2,050m in June quarter 1997. In June quarter 2002 the balance on goods and services was a deficit of $2,379m. The highest deficit ever recorded was $5,282m in September quarter 1999. The balance of goods and services exhibits a seasonal pattern with March quarter balances on average more favourable to Australia.


BALANCE ON GOODS AND SERVICES AT CURRENT PRICES
Period
Net goods

$m
Net services

$m
Balance on goods and services

$m

ANNUAL
1996–1997
1,496
74
1,570
1997–1998
-3,546
-1,192
-4,738
1998–1999
-12,644
-1,784
-14,428
1999–2000
-12,955
-1,396
-14,351
2000-2001
-30
905
875
2001-2002
-757
-1,218
-1,975

QUARTERLY
2000-2001
March
635
898
1,533
June
2,128
-670
1,458
2001-2002
September
1,351
-599
752
December
-485
-627
-1,112
March
-320
1,084
764
June
-1,303
-1,076
-2,379

Source: Balance of Payments and International Investment Position, Australia (5302.0).


Explanatory Notes

The balance on goods and services refers to the net sum of goods and services credits (exports) and debits (imports). It is a useful and immediate indicator of a nation's overall trading position and appears in the current account section of the balance of payments.

A net debit (negative figure) is referred to as a goods and services deficit and indicates that total imports of goods and services exceed total exports of goods and services. A surplus on the balance of goods and services appears as a credit item and indicates that total exports of goods and services exceed total imports of goods and services.

Within the balance on goods and services two other balances are presented (net goods, and net services), reflecting the division between goods and services.

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