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5368.0 - International Trade in Goods and Services, Australia, Oct 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/12/2010   
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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 $2,446m in October 2010, an increase of $28m on the surplus in September 2010.

In seasonally adjusted terms, the balance on goods and services was a surplus of $2,625m in October 2010, an increase of $811m on the surplus in September 2010.


EXPORTS OF GOODS AND SERVICES

Between September 2010 and October 2010 the trend estimate of goods and services credits fell $192m (1%) to $24,476m.

In seasonally adjusted terms, goods and services credits rose $253m (1%) to $24,324m. Non-monetary gold rose $414m (36%) and rural goods rose $181m (8%). Non-rural goods fell $245m (2%) and net exports of goods under merchanting fell $23m (79%). Services credits fell $73m (2%).


Exports of goods

GOODS CREDITS
Graph: Graph This graph shows the Trend and Seasonally adjusted estimate for Goods Credits


RURAL GOODS

In trend terms, exports of rural goods fell $3m to $2,403m.

In seasonally adjusted terms, exports of rural goods rose $181m (8%) to $2,417m.

The main component contributing to the rise in the seasonally adjusted estimates was cereal grains and cereal preparations, up $171m (30%). In original terms on a merchandise trade basis, exports of wheat and meslin increased $156m (45%) in October 2010.

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $211m (1%) to $16,398m.

In seasonally adjusted terms, exports of non-rural goods fell $245m (2%) to $15,989m.

The main components contributing to the fall in the seasonally adjusted estimates were:
  • coal, coke and briquettes, down $172m (4%), on both volumes and prices
  • other non rural (incl. sugar and beverages), down $72m (6%).

For price and volume details, see the section Selected commodities for details.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting fell $3m (14%) to $19m.

In seasonally adjusted terms, net exports of goods under merchanting fell $23m (79%) to $6m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $36m (3%) to $1,258m.

In seasonally adjusted terms, exports of non-monetary gold rose $414m (36%) to $1,560m.

In original terms, on merchandise trade basis, this increase was driven by exports to the United Kingdom and India.


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


In trend terms, services credits fell $12m to $4,397m.

In seasonally adjusted terms, services credits fell $73m (2%) to $4,353m.

The main component contributing to the decrease in the seasonally adjusted estimates was travel services, down $78m (3%).

In seasonally adjusted terms, tourism related services credits fell $83m (3%) to $2,901m.


IMPORTS OF GOODS AND SERVICES

Between September 2010 and October 2010 the trend estimate of goods and services debits fell $222m (1%) to $22,029m.

In seasonally adjusted terms, goods and services debits fell $558m (3%) to $21,699m. Intermediate and other merchandise goods fell $411m (5%), consumption goods fell $111m (2%) and non-monetary gold fell $48m (8%). Capital goods rose $5m. Services debits rose $8m.


Imports of goods
GOODS DEBITS
Graph: Graph This graph shows the Trend and Seasonally adjusted estimate for Goods Debits


CONSUMPTION GOODS

In trend terms, imports of consumption goods fell $31m (1%) to $5,438m.

In seasonally adjusted terms, imports of consumption goods fell $111m (2%) to $5,361m.

The main components contributing to the fall in the seasonally adjusted estimates were:
  • consumption goods n.e.s., down $69m (4%)
  • textiles, clothing and footwear, down $27m (4%)
  • food and beverages, mainly for consumption, down $27m (3%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $75m (2%) to $3,863m.

In seasonally adjusted terms, imports of capital goods rose $5m to $3,819m.

The main component contributing to the rise in the seasonally adjusted estimates was industrial transport equipment n.e.s., up $111m (23%).

Partly offsetting this rise were the following components:
  • ADP equipment, down $54m (8%)
  • civil aircraft and confidentialised items, down $52m (16%)
  • machinery and industrial equipment, down $50m (4%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $93m (1%) to $7,613m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $411m (5%) to $7,318m.

The main components contributing to the fall in the seasonally adjusted estimates were:
  • fuels and lubricants, down $196m (9%)
  • processed industrial supplies n.e.s., down $63m (4%)
  • other merchandise goods, down $57m (42%)
  • parts for transport equipment, down $40m (6%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $22m (5%) to $430m.

In seasonally adjusted terms, imports of non-monetary gold fell $48m (8%) to $555m.


Imports of services
SERVICES DEBITS
Graph: Graph This graph shows the Trend and Seasonally adjusted estimate for Services Debits


In trend terms, services debits fell $1m to $4,684m.

In seasonally adjusted terms, services debits rose $8m to $4,647m.

The components contributing to the rise in the seasonally adjusted estimates were:
  • other services, up $26m (2%)
  • maintenance and repair services n.i.e., up $19m
  • travel, up $19m (1%).

Partly offsetting these rises was the transport component, down $58m (5%) with freight transport down $57m (8%).

In seasonally adjusted terms, tourism related services debits rose $20m (1%) to $2,550m.


Selected commodities
Selected commodities, Price and volume analysis: Recorded Trade Basis

May 2010
Jun 2010
Jul 2010
Aug 2010
Sep 2010
Oct 2010
%
%
%
%
%
%

Iron ore(a)

Lump
Volumes
5
-4
2
-5
8
11
Price
10
5
9
-2
-1
np
Fines
Volumes
-3
11
-9
1
5
10
Price
13
4
5
-3
-2
np

Coal

Hard coking
Volumes
2
9
-28
38
-11
-6
Price
13
5
2
3
-5
-8
Semi-soft
Volumes
11
-3
-1
-11
-8
15
Price
20
9
-
2
-12
-
Bituminous (Thermal)
Volumes
-9
15
4
4
7
-1
Price
12
5
-2
-2
-1
-6

- nil or rounded to zero (including null cells)
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 September 2010. For more information see Commodity prices adjustment for details.


On a recorded trade basis, between September and October 2010 exports of hard coking coal fell $276m (14%), on both volume and prices, and bituminous (thermal) coal fell $91m (7%), primarily on prices. These falls were partly offset by exports of semi-soft coal which rose $109m (16%) on volumes.


COUNTRY BREAKDOWN

The following charts show Australia's major trading partners for the financial year 2009-10. 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 separately total exports and total imports, for the ten countries in the first chart.

TOTAL VALUE OF TWO-WAY TRADE, By major countries - 2009-10, Percentage share
Graph: TOTAL VALUE OF TWO-WAY TRADE, By major countries—2009–10, Percentage share


EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries - 2009-10
Graph: EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries—2009–10


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 components 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 components 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 presented in the time series spreadsheet table 14b. In 2009-10, these restrictions represented 3% of the total imports value. In table 14 of this publication, the 'no country details' data is included in 'other countries'.


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