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5368.0 - International Trade in Goods and Services, Australia, Jan 2012 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/03/2012   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a surplus of $373m in January 2012, a fall of $371m on the surplus in December 2011.

In seasonally adjusted terms, the balance on goods and services was a deficit of $673m in January 2012, a turnaround of $1,998m on the surplus in December 2011.


EXPORTS OF GOODS AND SERVICES

Between December 2011 and January 2012 the trend estimate of goods and services credits fell $258m (1%) to $26,612m.

In seasonally adjusted terms, goods and services credits fell $2,279m (8%) to $25,372m. Non-rural goods fell $1,193m (6%), non-monetary gold fell $1,070m (56%) and rural goods fell $137m (5%). Net exports of goods under merchanting rose $3m (50%). Services credits rose $118m (3%).


Exports of goods

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


RURAL GOODS

In trend terms, exports of rural goods fell $9m to $2,987m.

In seasonally adjusted terms, exports of rural goods fell $137m (5%) to $2,886m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • other rural, down $91m (7%)
  • cereal grains and cereal preparations, down $71m (8%).

Offsetting these falls was the wool and sheepskins component, up $28m (10%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $188m (1%) to $18,207m.

In seasonally adjusted terms, exports of non-rural goods fell $1,193m (6%) to $17,481m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • metal ores and minerals, down $1,071m (15%). In original terms, on a merchandise trade basis, iron ore and concentrates fell $1,227m (23%) with quantities down 21% and unit values down 3%
  • coal, coke and briquettes, down $439m (9%).

Partly offsetting these falls were:
  • other mineral fuels, up $144m (7%)
  • transport equipment, up $106m (29%).

For quantity and unit value details, see the Selected commodities at the end of this section.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting remained steady at -$5m.

In seasonally adjusted terms, net exports of goods under merchanting rose $3m (50%) to -$3m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $64m (5%) to $1,329m.

In seasonally adjusted terms, exports of non-monetary gold fell $1,070m (56%) to $856m.


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


In trend terms, services credits rose $3m to $4,094m.

In seasonally adjusted terms, services credits rose $118m (3%) to $4,152m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • travel, up $84m (4%)
  • other services, up $34m (3%).

In seasonally adjusted terms, tourism related services credits rose $89m (3%) to $2,655m.


IMPORTS OF GOODS AND SERVICES

Between December 2011 and January 2012 the trend estimate of goods and services debits rose $113m to $26,239m.

In seasonally adjusted terms, goods and services debits fell $281m (1%) to $26,045m. Intermediate and other merchandise goods fell $477m (5%) and capital goods fell $75m (1%). Consumption goods rose $164m (3%) and non-monetary gold rose $28m (6%). Services debits rose $79m (2%).


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


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $53m (1%) to $5,623m.

In seasonally adjusted terms, imports of consumption goods rose $164m (3%) to $5,773m.

The main component contributing to the rise in seasonally adjusted estimates was non-industrial transport equipment, up $66m (5%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $38m (1%) to $5,753m.

In seasonally adjusted terms, imports of capital goods fell $75m (1%) to $5,643m.

The component contributing to the fall in seasonally adjusted estimates was civil aircraft and confidentialised items, down $472m (59%).

Partly offsetting this fall were:
  • machinery and industrial equipment, up $245m (15%)
  • industrial transport equipment n.e.s., up $108m (17%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $41m to $9,167m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $477m (5%) to $8,945m.

The main component contributing to the fall in the seasonally adjusted estimates was fuels and lubricants, down $669m (18%), after rising $666m (22%) between November and December 2011.

Partly offsetting this fall were:
  • iron and steel, up $81m (26%)
  • primary industrial supplies n.e.s., up $51m (53%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $36m (6%) to $597m.

In seasonally adjusted terms, non-monetary gold rose $28m (6%) to $526m.


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


In trend terms, services debits rose $16m to $5,099m.

In seasonally adjusted terms, services debits rose $79m (2%) to $5,158m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • other services, up $68m (5%)
  • transport, up $49m (4%), with freight up $47m (7%).

In seasonally adjusted terms, tourism related services debits fell $20m (1%) to $2,768m.


Selected commodities

Selected commodities, Quantity and unit value analysis: Recorded Trade Basis(a)

Change in
Aug 2011
Sep 2011
Oct 2011
Nov 2011
Dec 2011
Jan 2012
%
%
%
%
%
%

Iron ore

Lump
Quantity
19
-4
-
-7
21
-25
Unit value
3
3
-3
-15
-2
-3
Fines
Quantity
6
-1
4
-9
13
-20
Unit value
2
4
-3
-16
-5
-2

Coal

Hard coking
Quantity
22
-7
-2
-3
13
4
Unit value
-
-
-3
-2
-1
-2
Semi-soft
Quantity
23
13
-8
8
3
-7
Unit value
-1
-3
4
-4
-4
-2
Thermal
Quantity
3
-6
5
-7
24
-12
Unit value
4
-
5
1
-1
-2

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


On a recorded trade basis (noting the footnote in the above table), between December 2011 and January 2012, large value movements were recorded for the following selected commodities:
  • Iron ore lump fell $414m (27%), with quantities down 25% and unit values down 3%. Exports to China fell $218m (24%), with quantities down 24%. Exports to Japan fell $132m (34%), with quantities down 26% and unit values down 10%.
  • Iron ore fines fell $831m (22%), with quantities down 20% and unit values down 2%. Exports to China fell $709m (25%), with quantities down 23% and unit values down 2%. Exports to Republic of Korea, down $65m (20%), with quantities down 9% and unit values down 12%.
  • Hard coking coal rose $42m (2%), with quantities up 4% and unit values down 2%. Exports to China rose $61m (23%), with quantities up 14% and unit values up 8%. Exports to Taiwan rose $57m (92%), with quantities up 113% and unit values down 10%. Partly offsetting these rises was exports to Japan which fell $72m (11%), with quantities down 10% and unit values down 2%.
  • Semi-soft coal fell $78m (9%), with quantities down 7% and unit values down 2%. Exports to China fell $108m (49%), with quantities down 48% and unit values down 2%.
  • Thermal coal fell $235m (14%), with quantities down 12% and unit values down 2%. Exports to China fell $145m (51%), with quantities down 45% and unit values down 11%.


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