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5368.0 - International Trade in Goods and Services, Australia, Jan 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/03/2011   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services was a surplus of $2,386m in January 2011, an increase of $109m on the surplus in December 2010.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,875m in January 2011, a decrease of $143m on the surplus in December 2010.


EXPORTS OF GOODS AND SERVICES

Between December 2010 and January 2011 the trend estimate of goods and services credits rose $74m to $24,469m.

In seasonally adjusted terms, goods and services credits fell $1,003m (4%) to $23,639m. Non-rural goods fell $1,403m (8%) and rural goods fell $37m (2%). Non-monetary gold rose $422m (38%) and net exports of goods under merchanting rose $5m. Services credits rose $10m.


Exports of goods

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


RURAL GOODS

In trend terms, exports of rural goods rose $2m to $2,351m.

In seasonally adjusted terms, exports of rural goods fell $37m (2%) to $2,360m.

The components contributing to the fall in the seasonally adjusted estimates were:
  • meat and meat preparations, down $82m (13%)
  • wool and sheepskins, down $20m (7%).

Partly offsetting these decreases was the cereal grains and cereal preparations component, up $53m (10%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $26m to $16,334m.

In seasonally adjusted terms, exports of non-rural goods fell $1,403m (8%) to $15,342m.

The main components contributing to the fall in the seasonally adjusted estimates were:
  • coke, coal and briquettes, down $1,073m (29%)
  • other manufactures, down $199m (14%)
  • metals (excl. non-monetary gold), down $104m (9%).

For price and volume details, see the Selected commodities table at the end of this section.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting fell $3m to -$5m.

In seasonally adjusted terms, net exports of goods under merchanting turned around by $5m to $2m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $57m (4%) to $1,375m.

In seasonally adjusted terms, exports of non-monetary gold rose $422m (38%) to $1,533m.


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


In trend terms, services credits fell $8m to $4,414m.

In seasonally adjusted terms, services credits rose $10m to $4,402m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • other services, up $22m (2%)
  • transport, up $11m (2%).

Partly offsetting these increases was the travel component, down $15m (1%).

In seasonally adjusted terms, tourism related services credits fell $11m to $2,898m.


IMPORTS OF GOODS AND SERVICES

Between December 2010 and January 2011 the trend estimate of goods and services debits fell $35m to $22,083m.

In seasonally adjusted terms, goods and services debits fell $860m (4%) to $21,764m. Intermediate and other merchandise goods fell $904m (11%), non-monetary gold fell $102m (26%) and consumption goods fell $79m (1%). Capital goods rose $128m (3%). Services debits rose $98m (2%).


Imports of goods
GOODS DEBITS
Graph: Graph This graph shows the Trend and Seasonally adjusted estimate for Goods Debits


CONSUMPTION GOODS

In trend terms, imports of consumption goods fell $25m to $5,295m.

In seasonally adjusted terms, imports of consumption goods fell $79m (1%) to $5,261m.

The main components contributing to the fall in the seasonally adjusted estimates were:
  • non-industrial transport equipment, down $53m (4%)
  • textiles, clothing and footwear, down $32m (5%).

Partly offsetting these decreases was the consumption goods n.e.s. component, up $31m (2%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $36m (1%) to $4,025m.

In seasonally adjusted terms, imports of capital goods rose $128m (3%) to $4,101m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • industrial transport equipment n.e.s., up $92m (16%)
  • telecommunications equipment, up $78m (13%).

Partly offsetting these increases was the civil aircraft and confidentialised items component, down $66m (12%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $13m to $7,614m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $904m (11%) to $7,339m.

The main components contributing to the fall in the seasonally adjusted estimates were:
  • fuels and lubricants, down $754m (26%) after increasing $426m (17%) the previous month
  • other merchandise goods, down $172m (71%).

Partly offsetting these decreases was the processed industrial supplies n.e.s. component, up $60m (3%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $19m (4%) to $425m.

In seasonally adjusted terms, imports of non-monetary gold fell $102m (26%) to $285m.


Imports of services
SERVICES DEBITS
Graph: Graph This graph shows the Trend and Seasonally adjusted estimate for Services Debits


In trend terms, services debits fell $13m to $4,725m.

In seasonally adjusted terms, services debits rose $98m (2%) to $4,779m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • other services, up $48m (3%)
  • travel, up $31m (1%)
  • transport, up $15m (1%).

In seasonally adjusted terms, tourism related services debits rose $44m (2%) to $2,614m.


Selected Commodities
Selected commodities, Price and volume analysis: Recorded Trade Basis

Aug 2010
Sep 2010
Oct 2010
Nov 2010
Dec 2010
Jan 2011
%
%
%
%
%
%

Iron ore

Lump
Volumes
-5
8
10
-11
14
np
Price
-2
-2
-12
1
4
np
Fines
Volumes
2
4
7
-6
9
np
Price
-3
-2
-11
1
5
np

Coal

Hard coking
Volumes
36
-11
-4
10
-6
-39
Price
3
-4
-6
-6
-
-1
Semi-soft
Volumes
-10
-8
8
-5
3
-32
Price
2
-10
-
-6
-2
-2
Bituminous (Thermal)
Volumes
4
7
-1
-19
15
-10
Price
-2
-1
-6
-
2
4

- nil or rounded to zero (including null cells)
np not available for publication but included in totals where applicable, unless otherwise indicated


On a revised recorded trade basis, between December 2010 and January 2011, large value decreases were recorded for the following selected commodities:
  • hard coking coal fell $713m (40%) with exports to India down $230m (49%) and China down $149m (53%), driven by decreases in volumes of 47% and 49%, respectively
  • semi-soft coal fell $230m (33%) with exports to China down $106m (85%) and India down $41m (58%), driven by decreases in volumes of 83% and 53%, respectively
  • bituminous (thermal) coal fell $75m (6%) with exports to China down $120m (63%) and Taiwan down $53m (36%), driven by decreases in volumes of 64% and 40%, respectively. These decreases were partly offset by a rise in exports to Republic of Korea up $81m (46%), driven by an increase in volumes of 37%.

See the Impact of the Floods on January 2011 exports for details.


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