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5368.0 - International Trade in Goods and Services, Australia, Jun 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 04/08/2010   
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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 $2,391m in June 2010, an increase of $333m on the revised surplus in May 2010.

In seasonally adjusted terms, the balance on goods and services was a surplus of $3,539m in June 2010, an increase of $1,714m on the revised surplus in May 2010. This is the highest surplus ever recorded.

The sum of the seasonally adjusted balances for the three months to June 2010 was a surplus of $6,628m, a turnaround of $9,921m on the deficit of $3,293m for the three months to March 2010. However, if the seasonal factors used in compiling quarterly Balance of Payments are applied, the June quarter 2010 surplus was $6,497m, a turnaround of $9,706m on the revised March quarter 2010 deficit of $3,209m.


EXPORTS OF GOODS AND SERVICES

Between May 2010 and June 2010 the trend estimate of goods and services credits rose $610m (2%) to $25,398m.

In seasonally adjusted terms, goods and services credits rose $1,771m (7%) to $26,679m. Non-rural goods rose $2,087m (13%) and rural goods rose $142m (6%). Non-monetary gold fell $473m (24%). Services credits rose $16m.


Exports of goods

GOODS CREDITS
Graph: GOODS CREDITS


RURAL GOODS

In trend terms, exports of rural goods rose $52m (2%) to $2,322m.

In seasonally adjusted terms, exports of rural goods rose $142m (6%) to $2,453m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • other rural, up $114m (11%). In original terms on a recorded trade basis, cotton increased $113m with volumes up 111%.
  • meat and meat preparations, up $48m (8%).

Partly offsetting these increases was the cereal grains and cereal preparations component, down $47m (10%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $465m (3%) to $17,160m.

In seasonally adjusted terms, exports of non-rural goods rose $2,087m (13%) to $18,400m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • metal ores and minerals, up $1,358m (23%) driven by iron ores and copper ores
  • coal, coke and briquettes, up $592m (15%) mainly on volumes
  • other mineral fuels, up $195m (11%)
  • other manufactures, up $65m (5%).

Partly offsetting these increases were:
  • other non-rural, down $70m (6%)
  • metals (excl. non-monetary gold), down $69m (7%).

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 rose $2m (9%) to $25m.

In seasonally adjusted terms, net exports of goods under merchanting fell $2m (8%) to $23m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $103m (7%) to $1,565m.

In seasonally adjusted terms, non-monetary gold fell $473m (24%) to $1,460m.


Exports of services
SERVICES CREDITS
Graph: SERVICES CREDITS


In trend terms, services credits fell $12m to $4,326m.

In seasonally adjusted terms, services credits rose $16m to $4,342m.

The main component contributing to the rise in the seasonally adjusted estimates was travel services, up $13m.

In seasonally adjusted terms, tourism related services credits rose $14m to $2,967m.


IMPORTS OF GOODS AND SERVICES

Between May 2010 and June 2010 the trend estimate of goods and services debits rose $278m (1%) to 23,008m.

In seasonally adjusted terms, goods and services debits rose $57m to $23,140m. Intermediate and other merchandise goods rose $351m (5%) and consumption goods rose $41m (1%). Non-monetary gold fell $240m (28%) and capital goods fell $147m (3%). Services debits rose $53m (1%).

Preliminary analysis shows that, in seasonally adjusted terms, goods imports volumes increased 3.5% during the June quarter 2010 and the implicit price deflator rose 1.8%. In original terms, the Chain Laspeyres price index rose 1.7% while the implicit price deflator rose 1.6%. The final volume and price outcomes will be published in the June quarter 2010 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).


Imports of goods
GOODS DEBITS
Graph: GOODS DEBITS


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $83m (2%) to $5,562m.

In seasonally adjusted terms, imports of consumption goods rose $41m (1%) to $5,606m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • food and beverages, mainly for consumption, up $32m (4%)
  • consumption goods n.e.s., up $28m (2%)
  • toys, books and leisure goods, up $22m (6%).

Partly offsetting these increases was the household electrical items component, down $46m (9%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $72m (2%) to $4,194m.

In seasonally adjusted terms, imports of capital goods fell $147m (3%) to $4,200m.

The main components contributing to the fall in the seasonally adjusted estimates were:
  • ADP equipment, down $83m (11%)
  • industrial transport equipment n.e.s., down $37m (5%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $60m (1%) to $7,778m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $351m (5%) to $7,985m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • fuels and lubricants, up $282m (13%). In original terms on a recorded trade basis, crude petroleum was up $270m with volumes up 25%
  • processed industrial supplies n.e.s., up $45m (3%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $29m (4%) to $776m.

In seasonally adjusted terms, non-monetary gold fell $240m (28%) to $617m.


Imports of services
SERVICES DEBITS
Graph: SERVICES DEBITS


In trend terms, services debits rose $33m (1%) to $4,698m.

In seasonally adjusted terms, services debits rose $53m (1%) to $4,733m.

The components contributing to the rise in the seasonally adjusted estimates were:
  • transport services, up $40m (3%)
  • travel services, up $18m (1%).

In seasonally adjusted terms, tourism related services debits rose $27m (1%) to $2,469m.


Selected commodities

Selected commodities, Price and volume analysis: Recorded Trade Basis(a)

Jan 2010
Feb 2010
Mar 2010
Apr 2010
May 2010
Jun 2010
%
%
%
%
%
%

Iron ore

Lump
Volumes
-13
-8
12
-9
4
1
Price
3
17
-3
40
11
np
Fines
Volumes
-1
-9
7
5
-3
13
Price
6
15
1
36
14
np

Coal

Hard coking
Volumes
1
-26
1
41
2
8
Price
-1
4
5
12
13
np
Semi-soft
Volumes
-8
-14
-7
15
11
-3
Price
-4
2
-3
28
20
np
Bituminous (Thermal)
Volumes
-6
-16
-4
22
-9
15
Price
4
4
-1
3
12
np

np not available for publication but included in totals where applicable, unless otherwise indicated
(a) The equivalent Balance of Payments series includes adjustments which impact on percentage change of prices for June 2010. For more information see the section on Commodity prices adjustment, for details.


Copper ore

In original terms, copper ore series contributed to a strong rise of 132%, in contrast to April to May fall of 56%.




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