5368.0 - International Trade in Goods and Services, Australia, Oct 2008  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 04/12/2008   
   Page tools: Print Print Page Print all pages in this productPrint All

ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services for October 2008 was a surplus of $1,858m, an increase of $425m (30%) on the revised surplus in September 2008.

In seasonally adjusted terms, the balance on goods and services in October 2008 was a surplus of $2,952m, an increase of $1,698m (135%) on the revised surplus in September 2008.

The Australian dollar depreciated against all major currencies between September and October 2008 (on a period average basis). The Australian dollar depreciated by 16% against the United States dollar over this period. About 80% of the value of goods exports for October 2008 were invoiced in United States dollars.


EXPORTS OF GOODS AND SERVICES

The trend estimate of goods and services credits rose $832m (3%) between September and October to $26,828m.

In seasonally adjusted terms, goods and services credits rose $1,763m (7%) to $28,141m. Non-rural goods rose $1,134m (6%), rural goods rose $296m (13%) and other goods rose $291m (19%). Services credits rose $44m (1%).


Exports of goods

GOODS CREDITS
Graph: Goods Credits


RURAL GOODS

The trend estimate of exports of rural goods rose $36m (2%) to $2,394m.

In seasonally adjusted terms, export of rural goods rose $296m (13%) to $2,593m.

All components contributed to the rise in the seasonally adjusted estimates with:
  • other rural, up $109m (11%)
  • meat and meat preparations, up $96m (15%)
  • cereal grains and cereal preparations, up $75m (18%).

In original terms, exports of rural goods rose $457m (20%) to $2,705m.

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $680m (4%) to $17,962m.

In seasonally adjusted terms, exports of non-rural goods rose $1,134m (6%) to $18,905m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • coal, coke and briquettes, up $1,056m (20%) primarily on prices
  • other mineral fuels, up $173m (10%) primarily on prices for gas.

Partly offsetting these increases was the metal ores and minerals component, down $255m (5%).

In original terms, exports of non-rural goods rose $1,800m (10%) to $19,798m.

OTHER GOODS

In trend terms, exports of other goods rose $81m (5%) to $1,667m.

In seasonally adjusted terms, exports of other goods rose $291m (19%) to $1,806m with non-monetary gold, up $212m (16%).

In original terms, exports of other goods rose $288m (19%) to $1,809m.


Exports of services
SERVICES CREDITS
Graph: Services Credits


In trend terms, services credits rose $33m (1%) to $4,804m.

In seasonally adjusted terms, services credits rose $44m (1%) to $4,838m.

Components contributing to the rise in the seasonally adjusted estimates were:
  • travel services, up $34m (1%)
  • other services, up $15m (1%).

Partly offsetting these increases was the transportation services component, down $5m (1%).

In seasonally adjusted terms, tourism related services credits rose $20m (1%) to $3,048m.


IMPORTS OF GOODS AND SERVICES

The trend estimate for goods and services debits rose $406m (2%) between September and October to $24,970m.

In seasonally adjusted terms, goods and services debits rose $66m to $25,189m. Consumption goods rose $153m (3%), intermediate and other merchandise goods rose $117m (1%), while other goods fell $165m (13%) and capital goods fell $97m (2%). Services debits rose $56m (1%).


Imports of goods
GOODS DEBITS
Graph: GOODS DEBITS


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $40m (1%) to $5,152m.

In seasonally adjusted terms, imports of consumption goods rose $153m (3%) to $5,261m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • textiles, clothing and footwear, up $74m (12%)
  • consumption goods n.e.s., up $64m (4%)
  • household electrical items, up $48m (12%).

Partly offsetting these increases was the non-industrial transport equipment component, down $40m (3%).

In original terms, imports of consumption goods rose $553m (10%) to $6,135m.

CAPITAL GOODS

In trend terms, imports of capital goods rose $97m (2%) to $4,413m.

In seasonally adjusted terms, imports of capital goods fell $97m (2%) to $4,358m.

The components contributing to the fall in the seasonally adjusted estimates were:
  • civil aircraft, down $327m (64%)
  • industrial transport equipment n.e.s., down $65m (8%).

Partly offsetting these decreases was the ADP equipment component, up $175m (30%).

In original terms, imports of capital goods rose $90m (2%) to $4,648m.

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $211m (2%) to $9,525m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $117m (1%) to $9,736m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • fuels and lubricants, up $187m (6%)
  • iron and steel, up $55m (9%).

Partly offsetting these increases was the other merchandise goods component, down $265m (72%).

In original terms, crude petroleum oils decreased $142m (8%) with volumes up 1% and prices down 9%, while refined petroleum oils increased $376m (28%) with volumes up 29%. Contributing to the increase in refined petroleum oils were:
  • gasoline, up $413m
  • diesel, up $96m.

Partly offsetting these increases was fuel oil, down $110m.

In original terms, imports of intermediate and other merchandise goods rose $488m (5%) to $10,378m.

OTHER GOODS

In trend terms, imports of other goods rose $14m (1%) to $1,160m.

In both original terms and seasonally adjusted terms, imports of other goods fell $165m (13%) to $1,075m. The main component contributing to the fall was non-monetary gold, down $160m (16%).


Imports of services
SERVICES DEBITS
Graph: SERVICES DEBITS


In trend terms, services debits rose $46m (1%) to $4,721m.

In seasonally adjusted terms, services debits rose $56m (1%) to $4,757m.

All components contributed to the rise in the seasonally adjusted estimates with:
  • transportation services, up $50m (3%)
  • other services, up $5m
  • travel services, up $2m.

In seasonally adjusted terms, tourism related services debits rose $27m (1%) to $2,334m.