5368.0 - International Trade in Goods and Services, Australia, Feb 2016 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/04/2016   
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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 $3,600m in February 2016, a decrease of $14m on the deficit in January 2016.

In seasonally adjusted terms, the balance on goods and services was a deficit of $3,410m in February 2016, an increase of $254m (8%) on the deficit in January 2016.

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

Change in:
Dec 2015
Jan 2016
Feb 2016
Feb 2016
Feb 2016
$m
$m
$m
$m
%

Seasonally Adjusted

BALANCE on goods and services
-3 956
-3 156
-3 410
-254
-8
CREDITS
Total goods and services
25 117
25 573
25 265
-308
-1
Total goods
19 125
19 538
19 280
-258
-1
Rural goods(b)
3 731
3 662
3 462
-200
-5
Non-rural goods(b)
14 105
14 415
14 647
232
2
Net exports of goods under merchanting(c)
43
40
40
-
-
Non-monetary gold(c)
1 246
1 420
1 130
-290
-20
Total services
5 991
6 035
5 985
-50
-1
DEBITS
Total goods and services
-29 072
-28 729
-28 675
-54
-
Total goods
-22 342
-22 101
-22 149
48
-
Consumption goods
-7 940
-7 900
-8 172
272
3
Capital goods
-5 276
-5 140
-5 163
23
-
Intermediate and other merchandise goods
-8 741
-8 712
-8 443
-269
-3
Non-monetary gold(c)
-386
-349
-372
23
7
Total services
-6 730
-6 628
-6 526
-102
-2

Trend(d)

BALANCE on goods and services
-3 571
-3 614
-3 600
14
-
CREDITS
Total goods and services
25 698
25 395
25 158
-237
-1
Total goods
19 801
19 421
19 120
-301
-2
Rural goods(b)
3 626
3 600
3 572
-28
-1
Non-rural goods(b)
14 850
14 539
14 280
-259
-2
Net exports of goods under merchanting
42
42
43
1
2
Non-monetary gold
1 283
1 240
1 224
-16
-1
Total services
5 897
5 974
6 038
64
1
DEBITS
Total goods and services
-29 269
-29 009
-28 758
-251
-1
Total goods
-22 662
-22 385
-22 125
-260
-1
Consumption goods
-8 017
-8 006
-7 997
-9
-
Capital goods
-5 388
-5 261
-5 172
-89
-2
Intermediate and other merchandise goods
-8 885
-8 756
-8 606
-150
-2
Non-monetary gold
-372
-361
-350
-11
-3
Total services
-6 607
-6 624
-6 633
9
-

- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) For all time periods, estimates for sugar, sugar preparations and honey are included in Non-rural goods.
(c) This component is not seasonally adjusted.
(d) 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 January and February 2016, the trend estimate of goods and services credits fell $237m (1%) to $25,158m.

In seasonally adjusted terms, goods and services credits fell $308m (1%) to $25,265m. Non-monetary gold fell $290m (20%) and rural goods fell $200m (5%). Non-rural goods rose $232m (2%). Net exports of goods under merchanting remained steady at $40m. Services credits fell $50m (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:
Dec 2015
Jan 2016
Feb 2016
Feb 2016
Feb 2016
$m
$m
$m
$m
%

Total goods credits
19 125
19 538
19 280
-258
-1
General merchandise
17 836
18 078
18 110
32
-
Rural goods
3 731
3 662
3 462
-200
-5
Meat and meat preparations
1 021
1 012
975
-37
-4
Cereal grains and cereal preparations
782
672
595
-77
-11
Wool and sheepskins
273
277
277
-
-
Other rural(a)
1 655
1 701
1 616
-85
-5
Non-rural goods
14 105
14 415
14 647
232
2
Metal ores and minerals
4 904
4 850
5 236
386
8
Coal, coke and briquettes(b)
2 553
2 818
2 605
-213
-8
Other mineral fuels(c)
1 959
2 032
1 946
-86
-4
Metals (excl. non-monetary gold)
934
747
869
122
16
Machinery
873
919
881
-38
-4
Transport equipment
441
439
478
39
9
Other manufactures
1 476
1 695
1 582
-113
-7
Other non-rural (incl. sugar and beverages)(a)
844
797
935
138
17
Goods procured in ports by carriers(c)
121
118
115
-3
-3
Net exports of goods under merchanting(d)
43
40
40
-
-
Non-monetary gold(d)
1 246
1 420
1 130
-290
-20

- 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 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.
(c) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(d) This component is not seasonally adjusted.


RURAL GOODS

In trend terms, exports of rural goods fell $28m (1%) to $3,572m.

In seasonally adjusted terms, exports of rural goods fell $200m (5%) to $3,462m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • other rural, down $85m (5%)
  • cereal grains and cereal preparations, down $77m (11%)
  • meat and meat preparations, down $37m (4%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $259m (2%) to $14,280m.

In seasonally adjusted terms, exports of non-rural goods rose $232m (2%) to $14,647m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • metal ores and minerals, up $386m (8%)
  • other non-rural (incl. sugar and beverages), up $138m (17%)
  • metals (excl. non-monetary gold), up $122m (16%).

Partly offsetting these rises were:
  • coal, coke and briquettes, down $213m (8%)
  • other manufactures, down $113m (7%).

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 $1m (2%) to $43m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $40m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $16m (1%) to $1,224m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $290m (20%) to $1,130m.


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

SERVICES CREDITS, Seasonally Adjusted

Change in:
Dec 2015
Jan 2016
Feb 2016
Feb 2016
Feb 2016
$m
$m
$m
$m
%

Seasonally Adjusted

Total services credits
5 991
6 035
5 985
-50
-1
Manufacturing services on physical inputs owned by others(a)
2
2
2
-
-
Maintenance and repair services n.i.e.(a)
8
3
3
-
-
Transport
587
585
585
-
-
Passenger(b)
243
242
242
-
-
Freight(c)
28
26
26
-
-
Other
221
226
226
-
-
Postal and courier services(d)
95
91
90
-1
-1
Travel
3 624
3 631
3 571
-60
-2
Other services
1 770
1 815
1 825
10
1
Memorandum item
Tourism related service credits(e)
3 868
3 873
3 813
-60
-2

- 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, service credits rose $64m (1%) to $6,038m.

In seasonally adjusted terms, services credits fell $50m (1%) to $5,985m.

The main component contributing to the fall in seasonally adjusted estimates was travel, down $60m (2%).

In seasonally adjusted terms, tourism related service credits fell $60m (2%) to $3,813m.

In seasonally adjusted terms, total services credits contributed 24% of total goods and services exported.


IMPORTS OF GOODS AND SERVICES

Between January 2016 and February 2016, the trend estimate of goods and services debits fell $251m (1%) to $28,758m.

In seasonally adjusted terms, goods and services debits fell $54m to $28,675m. Intermediate and other merchandise goods fell $269m (3%). Consumption goods rose $272m (3%), non-monetary gold rose $23m (7%) and capital goods rose $23m. Services debits fell $102m (2%).


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:
Dec 2015
Jan 2016
Feb 2016
Feb 2016
Feb 2016
$m
$m
$m
$m
%

Total goods debits
-22 342
-22 101
-22 149
48
-
General merchandise
-21 956
-21 752
-21 777
25
-
Consumption goods
-7 940
-7 900
-8 172
272
3
Food and beverages, mainly for consumption
-1 147
-1 134
-1 224
90
8
Household electrical items
-502
-491
-533
42
9
Non-industrial transport equipment
-1 844
-1 887
-1 891
4
-
Textiles, clothing and footwear
-1 394
-1 390
-1 445
55
4
Toys, books and leisure goods
-501
-514
-507
-7
-1
Consumption goods n.e.s.
-2 552
-2 483
-2 571
88
4
Capital goods
-5 276
-5 140
-5 163
23
-
Machinery and industrial equipment
-1 837
-2 381
-1 826
-555
-23
ADP equipment
-751
-755
-701
-54
-7
Telecommunications equipment
-902
-893
-945
52
6
Civil aircraft and confidentialised items(b)(c)
-275
-186
-259
73
39
Industrial transport equipment n.e.s.
-886
-833
-902
69
8
Capital goods n.e.s.(d)
-625
-91
-530
439
482
Intermediate and other merchandise goods
-8 741
-8 712
-8 443
-269
-3
Food and beverages, mainly for industry
-154
-148
-144
-4
-3
Primary industrial supplies n.e.s.(d)
-149
-163
-161
-2
-1
Fuels and lubricants(c)
-2 027
-1 870
-1 493
-377
-20
Parts for transport equipment
-1 007
-1 067
-1 107
40
4
Parts for ADP equipment
-58
-59
-52
-7
-12
Other parts for capital goods
-1 233
-1 220
-1 299
79
6
Organic and inorganic chemicals
-367
-379
-359
-20
-5
Paper and paperboard
-216
-212
-219
7
3
Textile yarn and fabrics
-122
-125
-131
6
5
Iron and steel
-288
-262
-273
11
4
Plastics
-335
-345
-346
1
-
Processed industrial supplies n.e.s.
-2 645
-2 730
-2 730
-
-
Other merchandise goods(b)(e)
-31
-30
-25
-5
-17
Goods procured in ports by carriers(c)
-108
-104
-104
-
-
Non-monetary gold(c)
-386
-349
-372
23
7

- nil or rounded to zero (including null cells)
(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 fell $9m to $7,997m.

In seasonally adjusted terms, imports of consumption goods rose $272m (3%) to $8,172m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • food and beverages, mainly for consumption, up $90m (8%)
  • consumption goods n.e.s., up $88m (4%)
  • textiles, clothing and footwear, up $55m (4%)
  • household electrical items, up $42m (9%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $89m (2%) to $5,172m.

In seasonally adjusted terms, imports of capital goods rose $23m to $5,163m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • capital goods n.e.s., up $439m
  • civil aircraft and confidentialised items, up $73m (39%).

Partly offsetting these rises was machinery and industrial equipment, down $555m (23%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $150m (2%) to $8,606m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $269m (3%) to $8,443m.

The main component contributing to the fall in seasonally adjusted estimates was fuels and lubricants, down $377m (20%).

Partly offsetting this fall was other parts for capital goods, up $79m (6%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $11m (3%) to $350m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $23m (7%) to $372m.


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:
Dec 2015
Jan 2016
Feb 2016
Feb 2016
Feb 2016
$m
$m
$m
$m
%

Seasonally Adjusted

Total services debits
-6 730
-6 628
-6 526
-102
-2
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-62
-37
-42
5
14
Transport
-1 500
-1 454
-1 365
-89
-6
Passenger(c)
-505
-506
-519
13
3
Freight
-840
-873
-773
-100
-11
Other(b)
-147
-68
-68
-
-
Postal and courier services(d)(e)
-8
-6
-6
-
-
Travel
-2 834
-2 747
-2 717
-30
-1
Other services
-2 334
-2 390
-2 402
12
1
Memorandum item
Tourism related service debits(f)
-3 339
-3 253
-3 235
-18
-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 $9m to $6,633m.

In seasonally adjusted terms, services debits fell $102m (2%) to $6,526m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • transport, down $89m (6%)
  • travel, down $30m (1%).

In seasonally adjusted terms, tourism related services debits fell $18m (1%) to $3,235m.

In seasonally adjusted terms, total services debits contributed 23% of total goods and services imported.


Selected commodities

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

Change in
Sep 2015
Oct 2015
Nov 2015
Dec 2015
Jan 2016
Feb 2016
%
%
%
%
%
%

Iron ore

Lump
Quantity
-3
11
-9
4
-17
15
Unit value
6
-9
-13
-12
7
6
Fines
Quantity
4
-7
-
4
-14
8
Unit value
5
-5
-10
-12
4
3

Coal

Hard coking
Quantity
-3
-4
4
-7
4
-17
Unit value
-
p-7
p1
p17
p -
p-13
Semi-soft
Quantity
-8
4
-2
-1
-
-27
Unit value
-1
p-1
p-1
p1
p3
p-4
Thermal
Quantity
-13
4
-3
9
-10
-3
Unit value
1
-4
-3
-3
-
-1

Gas

LNG
Quantity
-12
17
3
6
-2
3
Unit value
7
-5
-7
-1
-1
-4

- 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 Immigration and Border Protection (DIBP). For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to DIBP. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to DIBP. 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 DIBP 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 January and February 2016 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $155m (22%), with quantities up 15% and unit values up 6%. Exports to:
  • China (excluding SARs and Taiwan) rose $103m (21%), with quantities up 13% and unit values up 7%
  • Japan rose $36m (29%), with quantities up 29%.

Iron ore fines, up $237m (10%), with quantities up 8% and unit values up 3%. Exports to:
  • China (excluding SARs and Taiwan) rose $248m (13%), with quantities up 10% and unit values up 4%
  • the Republic of Korea rose $18m (12%), with quantities up 7% and unit values up 5%
  • Japan fell $62m (26%), with quantities down 23% and unit values down 4%.

Hard coking coal, down $350m (28%), with quantities down 17% and unit values down 13%. Exports to:
  • China (excluding SARs and Taiwan) fell $122m (40%), with quantities down 27% and unit values down 18%
  • Japan fell $81m (41%), with quantities down 29% and unit values down 16%
  • Turkey fell $60m, with no imports this month
  • India fell $59m (17%), with quantities down 7% and unit values down 11%.

Semi-soft coal, down $176m (30%), with quantities down 27% and unit values down 4%. Exports to:
  • China (excluding SARs and Taiwan) fell $78m (65%), with quantities down 64% and unit values down 3%
  • Japan fell $73m (34%), with quantities down 31% and unit values down 5%.

Thermal coal, down $50m (4%), with quantities down 3% and unit values down 1%. Exports to:
  • Japan fell $104m (18%), with quantities down 15% and unit values down 3%
  • Taiwan rose $75m (93%), with quantities up 93%.

Liquefied natural gas (LNG), down $28m (2%), with quantities up 3% and unit values down 4%.