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5368.0 - International Trade in Goods and Services, Australia, May 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/07/2010   
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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 $1,306m in May 2010, an increase of $19m on the revised surplus in April 2010.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,645m in May 2010, an increase of $522m on the revised surplus in April 2010.


EXPORTS OF GOODS AND SERVICES

Between April 2010 and May 2010 the trend estimate of goods and services credits rose $350m (1%) to $23,926m.

In seasonally adjusted terms, goods and services credits rose $1,397m (6%) to $24,725m. Non-monetary gold rose $772m (66%), non-rural goods rose $385m (2%), rural goods rose $235m (11%) and services credits rose $5m.


Exports of goods

GOODS CREDITS
Graph: GOODS CREDITS


RURAL GOODS

In trend terms, exports of rural goods rose $21m (1%) to $2,202m.

In seasonally adjusted terms, exports of rural goods rose $235m (11%) to $2,298m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • cereal grains and cereal preparations, up $104m (27%)
  • other rural, up $101m (11%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $216m (1%) to $15,880m.

In seasonally adjusted terms, exports of non-rural goods rose $385m (2%) to $16,137m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • coal, coke and briquettes, up $329m (10%)
  • metal ores and minerals, up $157m (3%)
  • other manufactures, up $52m (4%).

Partly offsetting these increases was the other mineral fuels component, down $219m (10%).

In original terms on a recorded trade basis, between April and May 2010, volumes of coal, not agglomerated decreased 1% and volumes of iron ores and concentrates increased 2%.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting rose $4m (13%) to $36m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $38m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $125m (9%) to $1,475m.

In seasonally adjusted terms, non-monetary gold rose $772m (66%) to $1,933m.


Exports of services
SERVICES CREDITS
Graph: SERVICES CREDITS


In trend terms, services credits fell $17m to $4,333m.

In seasonally adjusted terms, services credits rose $5m to $4,319m.

The main component contributing to the rise in the seasonally adjusted estimates was travel services, up $18m (1%).

Partly offsetting this increase was the manufacturing services on physical inputs owned by others component, down $11m (46%).

In seasonally adjusted terms, tourism related services credits rose $12m to $2,947m.


IMPORTS OF GOODS AND SERVICES

Between April 2010 and May 2010 the trend estimate of goods and services debits rose $330m (1%) to $22,619m.

In seasonally adjusted terms, goods and services debits rose $875m (4%) to $23,080m. Capital goods rose $408m (10%), consumption goods rose $214m (4%) and intermediate and other merchandise goods rose $182m (2%). Non-monetary gold fell $36m (4%). Services debits rose $108m (2%).


Imports of goods
GOODS DEBITS
Graph: GOODS DEBITS


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $70m (1%) to $5,432m.

In seasonally adjusted terms, imports of consumption goods rose $214m (4%) to $5,546m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • household electrical items, up $112m (28%)
  • consumption goods n.e.s., up $80m (5%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $96m (2%) to $4,115m.

In seasonally adjusted terms, imports of capital goods rose $408m (10%) to $4,343m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • civil aircraft and confidentialised items, up $166m (61%)
  • machinery and industrial equipment, up $116m (9%)
  • ADP equipment, up $99m (15%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $51m (1%) to $7,635m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $182m (2%) to $7,668m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • other parts for capital goods, up $160m (17%)
  • parts for transport equipment, up $82m (12%)
  • organic and inorganic chemicals, up $65m (20%)
  • processed industrial supplies n.e.s., up $56m (3%).

Partly offsetting these rises was the fuels and lubricants component, down $214m (9%). In original terms on a merchandise trade basis, crude petroleum decreased $274m (19%) with volumes down 19% and prices up 0.4%.

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $86m (12%) to $803m.

In seasonally adjusted terms, imports of non-monetary gold fell $36m (4%) to $858m.


Imports of services
SERVICES DEBITS
Graph: SERVICES DEBITS


In trend terms, services debits rose $28m (1%) to $4,635m.

In seasonally adjusted terms, services debits rose $108m (2%) to $4,666m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • transport services, up $67m (6%)
  • travel services, up $34m (2%).

Partly offsetting these increases was the other services component, down $13m (1%).

In seasonally adjusted terms, tourism related services debits rose $40m (2%) to $2,442m.


Country breakdown for the year 2009

The following charts show Australia's major trading partners for calendar year 2009. The charts include both trade in goods (on a recorded trade basis) and trade in services (on a balance of payments basis). The first chart shows the countries with the largest two-way trade, i.e., combined trade in both exports and imports of goods and services. The second chart shows the separate breakdown of total exports and total imports for these major countries.

TOTAL VALUE OF TWO-WAY TRADE, By major countries - 2009, Percentage share
Graph: TOTAL VALUE OF TWO-WAY TRADE, By major countries—2009, Percentage share


EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries - 2009
Graph: EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries—2009


Combining trade in goods (on a recorded trade basis) and trade in services (on a balance of payments basis) provides a good approximation of total trade. Some transactions will be excluded (e.g. Merchanting credits and Goods procured in ports by carriers debits) while the Manufacturing services on physical inputs owned by others component will be double counted. These transactions are unlikely to impact on the broad analysis.

Imports data with the confidentiality restrictions 'no commodity details' or ' no value details' are excluded from the individual country and included in 'no country details' in the detailed breakdown of the time series spreadsheet table 14b. In 2009, these restrictions represented 3% of total imports value. In table 14 of this publication, the 'no country details' data is included in 'other countries'.


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