5368.0 - International Trade in Goods and Services, Australia, Jan 2017 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 02/03/2017   
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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 $2,176m in January 2017, an increase of $520m (31%) on the surplus in December 2016.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,302m in January 2017, a decrease of $2,032m (61%) on the surplus in December 2016.

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

Change in:
Nov 2016
Dec 2016
Jan 2017
Jan 2017
Jan 2017
$m
$m
$m
$m
%

Seasonally Adjusted

BALANCE on goods and services
1 658
3 334
1 302
-2 032
-61
CREDITS
Total goods and services
31 014
32 741
31 796
-945
-3
Total goods
24 851
26 563
25 547
-1 016
-4
Rural goods(b)
3 995
4 117
4 174
57
1
Non-rural goods(b)
19 448
20 718
20 315
-403
-2
Net exports of goods under merchanting(c)
5
6
7
1
17
Non-monetary gold(c)
1 403
1 722
1 051
-671
-39
Total services
6 163
6 177
6 249
72
1
DEBITS
Total goods and services
-29 356
-29 406
-30 494
1 088
4
Total goods
-22 956
-22 952
-24 036
1 084
5
Consumption goods
-7 799
-7 988
-8 531
543
7
Capital goods
-5 962
-5 597
-5 777
180
3
Intermediate and other merchandise goods
-8 723
-8 890
-9 230
340
4
Non-monetary gold(c)
-472
-476
-498
22
5
Total services
-6 400
-6 455
-6 458
3
-

Trend(d)

BALANCE on goods and services
945
1 656
2 176
520
31
CREDITS
Total goods and services
30 240
31 254
32 086
832
3
Total goods
24 065
25 052
25 868
816
3
Rural goods(b)
3 776
3 910
4 035
125
3
Non-rural goods(b)
18 755
19 718
20 540
822
4
Net exports of goods under merchanting
4
4
6
2
50
Non-monetary gold
1 529
1 420
1 288
-132
-9
Total services
6 176
6 202
6 217
15
-
DEBITS
Total goods and services
-29 296
-29 598
-29 910
312
1
Total goods
-22 899
-23 172
-23 453
281
1
Consumption goods
-7 943
-8 025
-8 148
123
2
Capital goods
-5 693
-5 777
-5 837
60
1
Intermediate and other merchandise goods
-8 752
-8 883
-9 004
121
1
Non-monetary gold
-511
-487
-464
-23
-5
Total services
-6 397
-6 426
-6 457
31
-

- 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 December 2016 and January 2017, the trend estimate of goods and services credits rose $832m (3%) to $32,086m.

In seasonally adjusted terms, goods and services credits fell $945m (3%) to $31,796m. Non-monetary gold fell $671m (39%) and non-rural goods fell $403m (2%). Rural goods rose $57m (1%) and net exports of goods under merchanting rose $1m (17%). Services credits rose $72m (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:
Nov 2016
Dec 2016
Jan 2017
Jan 2017
Jan 2017
$m
$m
$m
$m
%

Total goods credits
24 851
26 563
25 547
-1 016
-4
General merchandise
23 443
24 835
24 489
-346
-1
Rural goods
3 995
4 117
4 174
57
1
Meat and meat preparations
944
978
999
21
2
Cereal grains and cereal preparations
636
755
873
118
16
Wool and sheepskins
306
299
330
31
10
Other rural(a)
2 108
2 085
1 971
-114
-5
Non-rural goods
19 448
20 718
20 315
-403
-2
Metal ores and minerals
7 109
7 734
7 583
-151
-2
Coal, coke and briquettes(b)
5 124
5 915
5 509
-406
-7
Other mineral fuels(c)
2 371
2 300
2 438
138
6
Metals (excl. non-monetary gold)
821
793
735
-58
-7
Machinery
854
799
880
81
10
Transport equipment
445
427
445
18
4
Other manufactures
1 567
1 613
1 600
-13
-1
Other non-rural (incl. sugar and beverages)(a)
1 021
996
977
-19
-2
Goods procured in ports by carriers(c)
137
141
149
8
6
Net exports of goods under merchanting(d)
5
6
7
1
17
Non-monetary gold(d)
1 403
1 722
1 051
-671
-39

(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 rose $125m (3%) to $4,035m.

In seasonally adjusted terms, exports of rural goods rose $57m (1%) to $4,174m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • cereal grains and cereal preparations, up $118m (16%)
  • wool and sheepskins, up $31m (10%)
  • meat and meat preparations, up $21m (2%).

Partly offsetting these rises was other rural, down $114m (5%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $822m (4%) to $20,540m.

In seasonally adjusted terms, exports of non-rural goods fell $403m (2%) to $20,315m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • coal, coke and briquettes, down $406m (7%)
  • metal ores and minerals, down $151m (2%).

Partly offsetting these falls were:
  • other mineral fuels, up $138m (6%)
  • machinery, up $81m (10%).

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 (50%) to $6m.

In seasonally adjusted terms, net exports of goods under merchanting rose $1m (17%) to $7m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $132m (9%) to $1,288m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $671m (39%) to $1,051m.


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

SERVICES CREDITS, Seasonally Adjusted

Change in:
Nov 2016
Dec 2016
Jan 2017
Jan 2017
Jan 2017
$m
$m
$m
$m
%

Total services credits
6 163
6 177
6 249
72
1
Manufacturing services on physical inputs owned by others(a)
2
2
2
-
-
Maintenance and repair services n.i.e.(a)
4
3
4
1
33
Transport
647
646
658
12
2
Passenger(b)
245
242
248
6
2
Freight(c)
24
25
25
-
-
Other
244
244
245
1
-
Postal and courier services(d)
134
134
140
6
4
Travel
3 773
3 769
3 783
14
-
Other services
1 736
1 757
1 803
46
3
Memorandum item
Tourism related services credits(e)
4 018
4 011
4 030
19
-

- 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 rose $15m to $6,217m.

In seasonally adjusted terms, services credits rose $72m (1%) to $6,249m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • other services, up $46m (3%)
  • travel, up $14m
  • transport, up $12m (2%).

In seasonally adjusted terms, tourism related services credits rose $19m to $4,030m.

In seasonally adjusted terms, total services credits contributed 20% of total goods and services exported.


IMPORTS OF GOODS AND SERVICES

Between December 2016 and January 2017, the trend estimate of goods and services debits rose $312m (1%) to $29,910m.

In seasonally adjusted terms, goods and services debits rose $1,088m (4%) to $30,494m. Consumption goods rose $543m (7%), intermediate and other merchandise goods rose $340m (4%), capital goods rose $180 (3%) and non-monetary gold rose $22m (5%). Services debits rose $3m.


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:
Nov 2016
Dec 2016
Jan 2017
Jan 2017
Jan 2017
$m
$m
$m
$m
%

Total goods debits
-22 956
-22 952
-24 036
1 084
5
General merchandise
-22 484
-22 476
-23 538
1 062
5
Consumption goods
-7 799
-7 988
-8 531
543
7
Food and beverages, mainly for consumption
-1 168
-1 181
-1 240
59
5
Household electrical items
-498
-475
-615
140
29
Non-industrial transport equipment
-1 782
-1 862
-1 939
77
4
Textiles, clothing and footwear
-1 405
-1 419
-1 483
64
5
Toys, books and leisure goods
-533
-521
-554
33
6
Consumption goods n.e.s.
-2 413
-2 530
-2 700
170
7
Capital goods
-5 962
-5 597
-5 777
180
3
Machinery and industrial equipment
-1 550
-1 668
-1 665
-3
-
ADP equipment
-772
-769
-804
35
5
Telecommunications equipment
-910
-896
-936
40
4
Civil aircraft and confidentialised items(b)(c)
-310
-248
-147
-101
-41
Industrial transport equipment n.e.s.
-829
-850
-763
-87
-10
Capital goods n.e.s.(d)
-1 591
-1 167
-1 463
296
25
Intermediate and other merchandise goods
-8 723
-8 890
-9 230
340
4
Food and beverages, mainly for industry
-151
-147
-154
7
5
Primary industrial supplies n.e.s.(d)
-217
-220
-191
-29
-13
Fuels and lubricants(c)
-2 247
-2 270
-2 394
124
5
Parts for transport equipment
-1 000
-1 010
-1 098
88
9
Parts for ADP equipment
-51
-56
-54
-2
-4
Other parts for capital goods
-1 136
-1 181
-1 218
37
3
Organic and inorganic chemicals
-308
-348
-374
26
7
Paper and paperboard
-190
-191
-198
7
4
Textile yarn and fabrics
-121
-114
-132
18
16
Iron and steel
-243
-274
-270
-4
-1
Plastics
-315
-326
-342
16
5
Processed industrial supplies n.e.s.
-2 595
-2 583
-2 668
85
3
Other merchandise goods(b)(e)
-56
-75
-51
-24
-32
Goods procured in ports by carriers(c)
-94
-95
-85
-10
-11
Non-monetary gold(c)
-472
-476
-498
22
5

- 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 rose $123m (2%) to $8,148m.

In seasonally adjusted terms, imports of consumption goods rose $543m (7%) to $8,531m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • consumption goods n.e.s., up $170m (7%)
  • household electrical items, up $140m (29%)
  • non-industrial transport equipment, up $77m (4%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $60m (1%) to $5,837m.

In seasonally adjusted terms, imports of capital goods rose $180m (3%) to $5,777m.

The main component contributing to the rise in seasonally adjusted estimates was capital goods n.e.s., up $296m (25%).

Partly offsetting this rise was civil aircraft and confidentialised items, down $101m (41%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $121m (1%) to $9,004m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $340m (4%) to $9,230m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • fuels and lubricants, up $124m (5%)
  • parts for transport equipment, up $88m (9%)
  • processed industrial supplies n.e.s., up $85m (3%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $23m (5%) to $464m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $22m (5%) to $498m.


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:
Nov 2016
Dec 2016
Jan 2017
Jan 2017
Jan 2017
$m
$m
$m
$m
%

Total services debits
-6 400
-6 455
-6 458
3
-
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-58
-57
-53
-4
-7
Transport
-1 430
-1 445
-1 414
-31
-2
Passenger(c)
-592
-586
-614
28
5
Freight
-682
-706
-727
21
3
Other(b)
-144
-142
-61
-81
-57
Postal and courier services(d)(e)
-12
-11
-12
1
9
Travel
-2 842
-2 850
-2 871
21
1
Other services
-2 069
-2 103
-2 120
17
1
Memorandum item
Tourism related services debits(f)
-3 434
-3 435
-3 485
50
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 $31m to $6,457m.

In seasonally adjusted terms, services debits rose $3m to $6,458m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • travel, up $21m (1%)
  • other services, up $17m (1%).

Partly offsetting these rises was transport, down $31m (2%).

In seasonally adjusted terms, tourism related services debits rose $50m (1%) to $3,485m.

In seasonally adjusted terms, total services debits contributed 21% of total goods and services imported.


Selected commodities

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

Change in
Aug 2016
Sep 2016
Oct 2016
Nov 2016
Dec 2016
Jan 2017
%
%
%
%
%
%

Iron ore

Lump
Quantity
7
-4
3
1
5
-21
Unit value
6
-2
-3
13
10
-
Fines
Quantity
9
-4
2
1
7
-14
Unit value
5
-1
-2
16
17
-2

Coal

Hard coking
Quantity
6
2
-12
9
12
-18
Unit value
6
16
38
p-14
p29
p2
Semi-soft
Quantity
20
-5
-3
15
14
-37
Unit value
-
10
28
p4
p19
p3
Thermal
Quantity
-11
15
-13
-1
23
-16
Unit value
5
9
11
p18
p6
p-5

Gas

LNG
Quantity
8
-1
5
1
-
4
Unit value
6
4
3
5
2
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 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 December 2016 and January 2017 the largest movements recorded for the following selected commodities were:

Iron ore lump, down $348m (21%), with quantities down 21%. Exports to:
  • China (excluding SARs and Taiwan) fell $193m (15%), with quantities down 16% and unit values up 1%
  • Japan fell $94m (43%), with quantities down 40% and unit values down 5%
  • Taiwan fell $34m (41%), with quantities down 40% and unit values down 2%
  • the Republic of Korea fell $25m (33%), with quantities down 28% and unit values down 7%.

Iron ore fines, down $755m (16%), with quantities down 14% and unit values down 2%. Exports to:
  • China (excluding SARs and Taiwan) fell $594m (14%), with quantities down 13% and unit values down 2%
  • Japan fell $90m (33%), with quantities down 30% and unit values down 5%
  • the Republic of Korea fell $60m (21%), with quantities down 16% and unit values down 6%.

Hard coking coal, down $418m (17%), with quantities down 18% and unit values up 2%. Exports to:
  • China (excluding SARs and Taiwan) fell $262m (40%), with quantities down 35% and unit values down 8%
  • Netherlands fell $80m (38%), with quantities down 17% and unit values down 25%
  • France fell $45m (36%), with quantities down 45% and unit values up 16%.

Semi-soft coal, down $402m (35%), with quantities down 37% and unit values up 3%. Exports to:
  • Japan fell $155m (38%), with quantities down 42% and unit values up 8%
  • China (excluding SARs and Taiwan) fell $119m (55%), with quantities down 49% and unit values down 11%
  • the Republic of Korea fell $94m (52%), with quantities down 56% and unit values up 11%.

Thermal coal, down $448m (21%), with quantities down 16% and unit values down 5%. Exports to:
  • Japan fell $166m (17%), with quantities down 14% and unit values down 4%
  • China (excluding SARs and Taiwan) fell $154m (35%), with quantities down 26% and unit values down 12%
  • Taiwan fell $95m (33%), with quantities down 28% and unit values down 7%.

Liquefied natural gas (LNG), up $190m (10%), with quantities up 4% and unit values up 5%.