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5368.0 - International Trade in Goods and Services, Australia, Jun 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/08/2007   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services in June 2007 was a deficit of $1,373m, an increase of $59m on the deficit in May.


In seasonally adjusted terms, the balance on goods and services in June 2007 was a deficit of $1,751m, an increase of $781m on the deficit in May.


The sum of the seasonally adjusted balances for the three months to June 2007 was a deficit of $3,771m, an increase of $378m on the deficit of $3,393m for the three months to March 2007. However, if the seasonal factors used in compiling quarterly Balance of Payments are applied, the June quarter 2007 deficit was $3,798m, an increase of $264m on the revised March quarter 2007 deficit of $3,534m.



EXPORTS OF GOODS AND SERVICES

The trend estimate of goods and services credits fell $5m between May and June to $18,219m.


In seasonally adjusted terms, goods and services credits fell $632m (3%) to $17,962m. Non-rural goods fell $655m (6%) and rural goods fell $82m (4%) while other goods rose $79m (7%). Services credits rose $26m (1%).



Exports of goods

GOODS CREDITS
Graph: Goods Credits



RURAL GOODS

The trend estimate of rural goods exports fell $29m (1%) to $1,912m.


In seasonally adjusted terms, exports of rural goods fell $82m (4%) to $1,870m.


All components contributed to the fall in the seasonally adjusted series with:

  • cereal grains and cereal preparations, down $39m (14%)
  • meat and meat preparations, down $26m (5%)
  • other rural, down $16m (2%)
  • wool and sheepskins, down $3m (1%).

In original terms, exports of rural goods fell $159m (8%) to $1,926m.


NON-RURAL GOODS

The trend estimate of non-rural goods exports fell $31m to $11,087m.


In seasonally adjusted terms, exports of non-rural goods fell $655m (6%) to $10,778m.


The main components contributing to the fall in the seasonally adjusted series were:

  • metals (excluding non-monetary gold), down $339m (25%)
  • metal ores and minerals, down $179m (6%)
  • coal, coke and briquettes, down $80m (4%)
  • transport equipment, down $50m (12%)
  • other manufactures, down $20m (1%).

Partly offsetting these effects was the other mineral fuels component, up $19m (1%).


In original terms, exports of non-rural goods fell $673m (6%) to $10,904m.


Movements in the original series contributing to the fall in the seasonally adjusted series are detailed below. The severe weather conditions affecting the east coast of Australia in June hampered the export volumes of some of these commodities. In addition, a number of regular exporters did not report exports during June while movements in some other commodities are not unusual as they tend to be intermittent exports.


Metals (excluding non-monetary gold), down $347m (24%), of which:

  • aluminium, down $170m (28%), with volumes down 27% and prices down 2%
  • nickel, down $94m (45%), with volumes down 41% and prices down 6%
  • zinc, down $31m (24%), with volumes down 27% and prices up 4%.

Metal ores and minerals, down $257m (8%), of which:
  • nickel ore, down $184m (73%) on decreased volumes
  • alumina, down $115m (21%), with volumes down 13% and prices down 10%
  • non-agglomerated iron ore, down $84m (6%), with both volumes and prices down 3%;

partly offset by:
  • copper ore, up $50m (22%), with volumes up 7% and prices up 14%
  • zinc ore, up $48m (22%), with volumes up 16% and prices up 5%.

Coal, coke and briquettes, down $65m (4%) with non-metallurgical coal, down $80m (14%), on decreased volumes, partly offset by metallurgical coal, up $18m (2%) with volumes down 6% and prices up 7%.


OTHER GOODS

The trend estimate of other goods exports rose $39m (3%) to $1,212m.

In seasonally adjusted terms, exports of other goods rose $79m (7%) to $1,294m.

The main component contributing to the rise in the seasonally adjusted series was non-monetary gold, up $87m (8%), partly offset by goods for processing, down $12m (22%).

In original terms, exports of other goods rose $82m (7%) to $1,298m.



Exports of services

SERVICES CREDITS
Graph: Services Credits



In trend terms, services credits rose $16m to $4,008m.


Seasonally adjusted, services credits rose $26m (1%) to $4,020m.


The components that contributed to the rise in the seasonally adjusted estimates were:

  • travel services, up $26m (1%)
  • transportation services, up $3m.

Partly offsetting these effects was the other services component, down $2m.


Seasonally adjusted, tourism related services credits rose $29m (1%) to $2,600m. This series is seasonally adjusted independently to the series that comprise services credits.



IMPORTS OF GOODS AND SERVICES

The trend estimate of goods and services debits rose $53m between May and June to $19,592m.


In seasonally adjusted terms, goods and services debits rose $149m (1%) to $19,713m. Other goods rose $301m (55%) and intermediate and other merchandise goods rose $41m (1%) while capital goods fell $186m (5%) and consumption goods fell $18m. Services debits rose $10m.


Preliminary analysis shows that goods imports volumes, in seasonally adjusted terms, rose about 0.5% during the June quarter 2007. The Chain Laspeyres price index rose about 0.2% and the implicit price deflator rose about 0.2%. The final volume and price outcomes will be published in the June quarter 2007 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).



Imports of goods

GOODS DEBITS
Graph: Goods Debits



CONSUMPTION GOODS

The trend estimate of imports of consumption goods fell $34m (1%) to $4,608m.


In seasonally adjusted terms, imports of consumption goods fell $18m to $4,569m.


The main components contributing to the fall in the seasonally adjusted estimates were:

  • food and beverages, mainly for consumption, down $26m (4%)
  • non-industrial transport equipment, down $16m (1%).

Partly offsetting these effects were:
  • textiles, clothing and footwear, up $15m (3%)
  • household electrical items, up $11m (3%).

In original terms, imports of consumption goods fell $74m (2%) to $4,343m.


CAPITAL GOODS

The trend estimate of imports of capital goods was unchanged at $3,541m.


In seasonally adjusted terms, imports of capital goods fell $186m (5%) to $3,535m.


The components contributing to the fall in the seasonally adjusted estimates were:

  • civil aircraft, down $152m
  • industrial transport equipment n.e.s., down $32m (5%)
  • ADP equipment, down $18m (3%).

Partly offsetting these effects was the telecommunications equipment component, up $12m (3%).


In original terms, imports of capital goods fell $75m (2%) to $3,742m.


INTERMEDIATE AND OTHER MERCHANDISE GOODS

The trend estimate of imports of intermediate and other merchandise goods rose $47m (1%) to $6,936m.


In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $41m (1%) to $6,933m.


The main components contributing to the rise in the seasonally adjusted estimates were:

  • other merchandise goods, up $76m (71%)
  • primary industrial supplies n.e.s., up $41m (46%)
  • iron and steel, up $30m (10%)
  • parts for transport equipment, up $29m (4%).

Partly offsetting these effects were:
  • fuels and lubricants, down $66m (3%), with volumes of crude oil imports down 10% and prices up 3%
  • other parts for capital goods, down $34m (3%).

In original terms, intermediate and other merchandise goods fell $317m (4%) to $6,730m.


OTHER GOODS

The trend estimate of imports of other goods rose $31m (5%) to $685m.


In both original and seasonally adjusted terms, other goods debits rose $301m (55%) to $849m.


The main component contributing to the rise in these estimates was non-monetary gold, up $302m (72%).



Imports of services

SERVICES DEBITS
Graph: Services Debits



In trend terms, services debits rose $10m to $3,822m.


Seasonally adjusted, services debits rose $10m to $3,826m.


The components that contributed to the rise in the seasonally adjusted estimates were:

  • travel services, up $11m (1%)
  • other services, up $9m (1%).

Partly offsetting these effects was the transportation services component, down $10m (1%).


Seasonally adjusted, tourism related services debits rose $40m (2%) to $2,021m. This series is seasonally adjusted independently to the series that comprise services debits.


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