5368.0 - International Trade in Goods and Services, Australia, Mar 2017 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 04/05/2017   
   Page tools: Print Print Page Print all pages in this productPrint All

ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a surplus of $3,804m in March 2017, an increase of $265m (7%) on the surplus in February 2017.

In seasonally adjusted terms, the balance on goods and services was a surplus of $3,107m in March 2017, a decrease of $550m (15%) on the surplus in February 2017.

The sum of seasonally adjusted balances for the three months to March 2017 was a surplus of $8,989m, an increase of $2,949m (49%) on the surplus of $6,040m for the three months to December 2016. However, if seasonal factors used in compiling the quarterly balance of payments are applied, the preliminary March quarter 2017 surplus was $8,977m, an increase of $2,900m (48%) on the December quarter 2016 surplus of $6,077m.

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

Change in:
Jan 2017
Feb 2017
Mar 2017
Mar 2017
Mar 2017
$m
$m
$m
$m
%

Seasonally Adjusted

BALANCE on goods and services
2 225
3 657
3 107
-550
-15
CREDITS
Total goods and services
32 547
32 567
33 343
776
2
Total goods
26 356
26 364
27 096
732
3
Rural goods(b)
4 144
3 871
4 142
271
7
Non-rural goods(b)
21 120
21 049
21 068
19
-
Net exports of goods under merchanting(c)
41
41
40
-1
-2
Non-monetary gold(c)
1 051
1 403
1 846
443
32
Total services
6 191
6 202
6 247
45
1
DEBITS
Total goods and services
-30 322
-28 910
-30 235
1 325
5
Total goods
-24 072
-22 633
-23 953
1 320
6
Consumption goods
-8 535
-7 708
-8 459
751
10
Capital goods
-5 739
-5 943
-5 729
-214
-4
Intermediate and other merchandise goods
-9 300
-8 482
-9 197
715
8
Non-monetary gold(c)
-498
-500
-568
68
14
Total services
-6 250
-6 276
-6 282
6
-

Trend(d)

BALANCE on goods and services
3 079
3 539
3 804
265
7
CREDITS
Total goods and services
32 644
33 294
33 716
422
1
Total goods
26 488
27 104
27 497
393
1
Rural goods(b)
3 982
4 065
4 126
61
2
Non-rural goods(b)
21 017
21 527
21 814
287
1
Net exports of goods under merchanting
43
44
44
-
-
Non-monetary gold
1 446
1 469
1 514
45
3
Total services
6 156
6 190
6 218
28
-
DEBITS
Total goods and services
-29 565
-29 755
-29 912
157
1
Total goods
-23 307
-23 483
-23 627
144
1
Consumption goods
-8 124
-8 192
-8 255
63
1
Capital goods
-5 772
-5 806
-5 826
20
-
Intermediate and other merchandise goods
-8 919
-8 988
-9 029
41
-
Non-monetary gold
-491
-497
-517
20
4
Total services
-6 258
-6 273
-6 285
12
-

- 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 February and March 2017, the trend estimate of goods and services credits rose $422m (1%) to $33,716m.

In seasonally adjusted terms, goods and services credits rose $776m (2%) to $33,343m. Non-monetary gold rose $443m (32%), rural goods rose $271m (7%) and non-rural goods rose $19m. Net exports of goods under merchanting fell $1m (2%). Services credits rose $45m (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:
Jan 2017
Feb 2017
Mar 2017
Mar 2017
Mar 2017
$m
$m
$m
$m
%

Total goods credits
26 356
26 364
27 096
732
3
General merchandise
25 264
24 920
25 210
290
1
Rural goods
4 144
3 871
4 142
271
7
Meat and meat preparations
978
938
949
11
1
Cereal grains and cereal preparations
872
817
831
14
2
Wool and sheepskins
327
270
333
63
23
Other rural(a)
1 966
1 847
2 029
182
10
Non-rural goods
21 120
21 049
21 068
19
-
Metal ores and minerals(b)
8 037
7 973
8 331
358
4
Coal, coke and briquettes(c)
5 775
5 941
5 600
-341
-6
Other mineral fuels(b)(d)
2 530
2 531
2 524
-7
-
Metals (excl. non-monetary gold)
767
831
835
4
-
Machinery
880
815
818
3
-
Transport equipment
427
372
390
18
5
Other manufactures
1 595
1 486
1 627
141
9
Other non-rural (incl. sugar and beverages)(a)
961
951
796
-155
-16
Goods procured in ports by carriers(d)
148
149
147
-2
-1
Net exports of goods under merchanting(e)
41
41
40
-1
-2
Non-monetary gold(e)
1 051
1 403
1 846
443
32

- nil or rounded to zero (including null cells)
(a) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.
(b) From July 2005, this component is seasonally adjusted using seasonal factors derived from a monthly volume series.
(c) 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.
(d) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(e) This component is not seasonally adjusted.


RURAL GOODS

In trend terms, exports of rural goods rose $61m (2%) to $4,126m.

In seasonally adjusted terms, exports of rural goods rose $271m (7%) to $4,142m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • other rural, up $182m (10%)
  • wool and sheepskins, up $63m (23%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $287m (1%) to $21,814m.

In seasonally adjusted terms, exports of non-rural goods rose $19m to $21,068m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • metal ores and minerals, up $358m (4%)
  • other manufactures, up $141m (9%).

Partly offsetting these rises were:
  • coal, coke and briquettes, down $341m (6%)
  • other non-rural (incl. sugar and beverages), down $155m (16%).

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 remained steady at $44m.

In seasonally adjusted terms, net exports of goods under merchanting fell $1m (2%) to $40m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $45m (3%) to $1,514m.

In original and seasonally adjusted terms, exports of non-monetary gold rose $443m (32%) to $1,846m.


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

SERVICES CREDITS, Seasonally Adjusted

Change in:
Jan 2017
Feb 2017
Mar 2017
Mar 2017
Mar 2017
$m
$m
$m
$m
%

Total services credits
6 191
6 202
6 247
45
1
Manufacturing services on physical inputs owned by others(a)
-
2
2
-
-
Maintenance and repair services n.i.e.(a)
4
4
3
-1
-25
Transport
640
620
622
2
-
Passenger(b)
243
222
223
1
-
Freight(c)
27
27
26
-1
-4
Other
236
237
239
2
1
Postal and courier services(d)
133
135
135
-
-
Travel
3 814
3 828
3 873
45
1
Other services
1 734
1 748
1 747
-1
-
Memorandum item
Tourism related services credits(e)
4 057
4 050
4 096
46
1

- 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 $28m to $6,218m.

In seasonally adjusted terms, services credits rose $45m (1%) to $6,247m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $45m (1%).

In seasonally adjusted terms, tourism related services credits rose $46m (1%) to $4,096m.

In seasonally adjusted terms, total services credits contributed 19% of total goods and services exported.


IMPORTS OF GOODS AND SERVICES

Between February and March 2017, the trend estimate of goods and services debits rose $157m (1%) to $29,912m.

In seasonally adjusted terms, goods and services debits rose $1,325m (5%) to $30,235m. Consumption goods rose $751m (10%), intermediate and other merchandise goods rose $715m (8%) and non-monetary gold rose $68m (14%). Capital goods fell $214m (4%). Services debits rose $6m.


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:
Jan 2017
Feb 2017
Mar 2017
Mar 2017
Mar 2017
$m
$m
$m
$m
%

Total goods debits
-24 072
-22 633
-23 953
1 320
6
General merchandise
-23 574
-22 133
-23 385
1 252
6
Consumption goods
-8 535
-7 708
-8 459
751
10
Food and beverages, mainly for consumption
-1 250
-1 144
-1 250
106
9
Household electrical items
-604
-490
-563
73
15
Non-industrial transport equipment
-1 955
-1 899
-2 048
149
8
Textiles, clothing and footwear
-1 479
-1 272
-1 472
200
16
Toys, books and leisure goods
-555
-497
-545
48
10
Consumption goods n.e.s.
-2 692
-2 407
-2 582
175
7
Capital goods
-5 739
-5 943
-5 729
-214
-4
Machinery and industrial equipment
-1 662
-1 615
-1 603
-12
-1
ADP equipment
-803
-828
-792
-36
-4
Telecommunications equipment
-939
-957
-889
-68
-7
Civil aircraft and confidentialised items(b)(c)
-146
-298
-170
-128
-43
Industrial transport equipment n.e.s.
-761
-935
-944
9
1
Capital goods n.e.s.(d)
-1 427
-1 310
-1 330
20
2
Intermediate and other merchandise goods
-9 300
-8 482
-9 197
715
8
Food and beverages, mainly for industry
-154
-151
-159
8
5
Primary industrial supplies n.e.s.(d)
-178
-146
-114
-32
-22
Fuels and lubricants(c)
-2 491
-2 236
-2 730
494
22
Parts for transport equipment
-1 101
-888
-1 025
137
15
Parts for ADP equipment
-54
-53
-50
-3
-6
Other parts for capital goods
-1 217
-1 159
-1 174
15
1
Organic and inorganic chemicals
-380
-364
-402
38
10
Paper and paperboard
-198
-181
-194
13
7
Textile yarn and fabrics
-131
-115
-127
12
10
Iron and steel
-264
-235
-234
-1
-
Plastics
-343
-317
-368
51
16
Processed industrial supplies n.e.s.
-2 646
-2 495
-2 498
3
-
Other merchandise goods(b)(e)
-52
-51
-32
-19
-37
Goods procured in ports by carriers(c)
-91
-91
-91
-
-
Non-monetary gold(c)
-498
-500
-568
68
14

- 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 $63m (1%) to $8,255m.

In seasonally adjusted terms, imports of consumption goods rose $751m (10%) to $8,459m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • textiles, clothing and footwear, up $200m (16%)
  • consumption goods n.e.s., up $175m (7%)
  • non-industrial transport equipment, up $149m (8%)
  • food and beverages, mainly for consumption, up $106m (9%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $20m to $5,826m.

In seasonally adjusted terms, imports of capital goods fell $214m (4%) to $5,729m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • civil aircraft and confidentialised items, down $128m (43%)
  • telecommunications equipment, down $68m (7%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $41m to $9,029m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $715m (8%) to $9,197m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • fuels and lubricants, up $494m (22%)
  • parts for transport equipment, up $137m (15%)
  • plastics, up $51m (16%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $20m (4%) to $517m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $68m (14%) to $568m.


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:
Jan 2017
Feb 2017
Mar 2017
Mar 2017
Mar 2017
$m
$m
$m
$m
%

Total services debits
-6 250
-6 276
-6 282
6
-
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-59
-63
-72
9
14
Transport
-1 349
-1 326
-1 342
16
1
Passenger(c)
-570
-566
-556
-10
-2
Freight
-705
-687
-712
25
4
Other(b)
-66
-66
-66
-
-
Postal and courier services(d)(e)
-8
-8
-8
-
-
Travel
-2 844
-2 888
-2 849
-39
-1
Other services
-1 999
-1 999
-2 020
21
1
Memorandum item
Tourism related services debits(f)
-3 414
-3 454
-3 405
-49
-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 $12m to $6,285m.

In seasonally adjusted terms, services debits rose $6m to $6,282m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • other services, up $21m (1%)
  • transport, up $16m (1%).

Partly offsetting these rises was travel, down $39m (1%).

In seasonally adjusted terms, tourism related services debits fell $49m (1%) to $3,405m.

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
Oct 2016
Nov 2016
Dec 2016
Jan 2017
Feb 2017
Mar 2017
%
%
%
%
%
%

Iron ore

Lump
Quantity
3
1
5
-22
17
-
Unit value
-2
16
10
-2
-2
6
Fines
Quantity
2
1
8
-14
-9
17
Unit value
-1
19
16
-
2
3

Coal

Hard coking
Quantity
-12
11
11
-16
-8
10
Unit value
38
p40
p-20
p4
p-5
p1
Semi-soft
Quantity
-3
16
12
-38
20
-6
Unit value
28
p28
p-3
p4
p4
p-7
Thermal
Quantity
-13
-1
23
-16
-9
11
Unit value
11
18
5
-5
-4
p-

Gas

LNG
Quantity
7
-
-
3
-9
6
Unit value
1
6
3
5
-2
-2

- 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 February and March 2017 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $89m (6%), with unit values up 6%. Exports to:
  • China (excluding SARs and Taiwan) rose $162m (15%), with quantities up 8% and unit values up 7%
  • Taiwan rose $23m (31%), with quantities up 22% and unit values up 7%
  • the Republic of Korea fell $56m (66%), with quantities down 59% and unit values down 17%
  • Japan fell $41m (17%), with quantities down 17% and unit values up 1%.

Iron ore fines, up $796m (20%), with quantities up 17% and unit values up 3%. Exports to:
  • China (excluding SARs and Taiwan) rose $639m (19%), with quantities up 17% and unit values up 2%
  • the Republic of Korea rose $71m (34%), with quantities up 17% and unit values up 15%
  • Japan rose $49m (23%), with quantities up 11% and unit values up 11%
  • Indonesia rose $21m, with unit values up 3%
  • Taiwan rose $16m (30%), with quantities up 17% and unit values up 10%.

Hard coking coal, up $221m (11%), with quantities up 10% and unit values up 1%. Exports to:
  • China (excluding SARs and Taiwan) rose $301m (70%), with quantities up 70%
  • the Republic of Korea fell $58m (34%), with quantities down 44% and unit values up 18%.

Semi-soft coal, down $117m (13%), with quantities down 6% and unit values down 7%. Exports to:
  • the Republic of Korea fell $83m (36%), with quantities down 29% and unit values down 10%
  • Brazil fell $44m (90%), with quantities down 86% unit values down 29%.

Thermal coal, up $162m (11%), with quantities up 11%. Exports to:
  • China (excluding SARs and Taiwan) rose $39m (18%), with quantities up 17%
  • Taiwan rose $39m (29%), with quantities up 25% and unit values up 3%
  • the Republic of Korea rose $37m (18%), with quantities up 17% and unit values up 1%
  • Malaysia rose $28m (61%), with quantities up 64% and unit values down 2%.

Liquefied natural gas (LNG), up $74m (4%), with quantities up 6% and unit values down 2%.