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5368.0 - International Trade in Goods and Services, Australia, Oct 2013 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/12/2013   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $547m in October 2013, a decrease of $126m (19%) on the deficit in September 2013.

In seasonally adjusted terms, the balance on goods and services was a deficit of $529m in October 2013, an increase of $258m (95%) on the deficit in September 2013.


EXPORTS OF GOODS AND SERVICES

Between September and October 2013, the trend estimate of goods and services credits rose $236m (1%) to $27,311m.

In seasonally adjusted terms, goods and services credits fell $26m to $27,273m. Rural goods fell $80m (3%) and non-rural goods fell $51m. Non-monetary gold rose $146m (12%) and net exports of goods under merchanting rose $15m (50%). Services credits fell $57m (1%).


Exports of goods

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


RURAL GOODS

In trend terms, exports of rural goods fell $27m (1%) to $3,124m.

In seasonally adjusted terms, exports of rural goods fell $80m (3%) to $3,047m.

The main component contributing to the fall in seasonally adjusted estimates was cereal grains and cereal preparations, down $118m (17%).

Partly offsetting this fall was the other rural component, up $58m (4%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $214m (1%) to $18,334m.

In seasonally adjusted terms, exports of non-rural goods fell $51m to $18,254m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • other mineral fuels, down $249m (11%)
  • metal ores and minerals, down $59m (1%).

Partly offsetting these falls was the coal, coke and briquettes component, up $243m (7%).

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 rose $2m (6%) to $37m.

In seasonally adjusted terms, net exports of goods under merchanting rose $15m (50%) to $45m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $25m (2%) to $1,256m.

In original and seasonally adjusted terms, exports of non-monetary gold rose $146m (12%) to $1,395m.


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


In trend terms, services credits rose $22m to $4,560m.

In seasonally adjusted terms, services credits fell $57m (1%) to $4,531m.

The main component contributing to the fall in seasonally adjusted estimates was travel, down $57m (2%).

In seasonally adjusted terms, tourism related services credits fell $53m (2%) to $2,885m.


IMPORTS OF GOODS AND SERVICES

Between September and October 2013, the trend estimate of goods and services debits rose $110m to $27,858m.

In seasonally adjusted terms, goods and services debits rose $231m (1%) to $27,802m. Intermediate and other merchandise goods rose $83m (1%), consumption goods rose $78m (1%), capital goods rose $23m and non-monetary gold rose $1m. Services debits rose $48m (1%).


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


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $68m (1%) to $6,961m.

In seasonally adjusted terms, imports of consumption goods rose $78m (1%) to $6,888m.

The main component contributing to the rise in seasonally adjusted estimates was non-industrial transport equipment, up $128m (8%).

Partly offsetting this rise was the household electrical items component, down $34m (8%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $85m (2%) to $5,441m.

In seasonally adjusted terms, imports of capital goods rose $23m to $5,425m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • capital goods n.e.s., up $95m (9%)
  • industrial transport equipment n.e.s., up $67m (10%).

Partly offsetting these rises were:
  • machinery and industrial equipment, down $79m (5%)
  • telecommunications equipment, down $41m (6%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $122m (1%) to $9,609m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $83m (1%) to $9,641m.

The main component contributing to the rise in seasonally adjusted estimates was fuels and lubricants, up $314m (9%).

Partly offsetting this rise were:
  • parts for transport equipment, down $71m (8%)
  • other parts for capital goods, down $47m (4%)
  • processed industrial supplies n.e.s., down $44m (2%)
  • primary industrial supplies n.e.s., down $40m (31%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $11m (3%) to $390m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $1m to $361m.


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


In trend terms, services debits rose $15m to $5,456m.

In seasonally adjusted terms, services debits rose $48m (1%) to $5,488m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • travel, up $25m (1%)
  • other services, up $20m (1%).

In seasonally adjusted terms, tourism related services debits rose $12m to $2,786m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) - Original terms

Change in
May 2013
Jun 2013
Jul 2013
Aug 2013
Sep 2013
Oct 2013
%
%
%
%
%
%

Iron ore

Lump
Quantity
-11
-1
4
-
5
5
Unit value
1
-4
4
7
-1
-5
Fines
Quantity
8
-7
2
14
-1
2
Unit value
-
-6
4
7
-
-3

Coal

Hard coking
Quantity
4
11
-16
4
10
7
Unit value
1
-
-4
-1
1
-1
Semi-soft
Quantity
37
-26
4
23
-2
8
Unit value
4
4
-2
-4
-5
-1
Thermal
Quantity
-6
26
1
-11
-6
12
Unit value
5
1
1
1
-3
-3

- nil or rounded to zero (including null cells)
(a) Data in this table are on a revised international merchandise trade basis and exclude value adjustments applied to balance of payments series.


On an international merchandise trade basis, in original terms (noting the footnote in the above table), between September and October 2013 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $9m (1%), with quantities up 5% and unit values down 5%.
Exports to:
  • China rose $165m (17%), with quantities up 21% and unit values down 4%.

Partly offsetting this rise were exports to:
  • Japan, down $89m (22%), with quantities down 15% and unit values down 9%
  • the Republic of Korea, down $52m (40%), with quantities down 38% and unit values down 3%.

Iron ore fines fell $59m (1%), with quantities up 2% and unit values down 3%.
Exports to:
  • the Republic of Korea fell $212m (41%), with quantities down 37% and unit values down 7%
  • Japan fell $76m (17%), with quantities down 11% and unit values down 8%.

Partly offsetting these falls was exports to China, up $254m (7%), with quantities up 9% and unit values down 2%.

Hard coking coal rose $80m (6%), with quantities up 7% and unit values down 1%.
Exports to:
  • China rose $79m (27%), with quantities up 25% and unit values up 2%.

Semi-soft coal rose $45m (7%), with quantities up 8% and unit values down 1%.
Exports to:
  • Japan rose $43m (22%), with quantities up 31% and unit values down 7%.

Thermal coal rose $120m (9%), with quantities up 12% and unit values down 3%.
Exports to:
  • the Republic of Korea rose $116m (82%), with quantities up 86% and unit values down 2%.


COUNTRY BREAKDOWN

The following charts show Australia's major trading partners for the financial year 2012-13. The charts include both trade in goods (on an international merchandise 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 - 2012-13, Percentage share
Graph: TOTAL VALUE OF TWO-WAY TRADE, By major countries – 2012–13, Percentage share


EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries - 2012-13
Graph: EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries – 2012–13


Combining trade in goods (on an international merchandise 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.

From June 2013, exports data with the confidentiality restrictions 'no commodity details' or 'no value details' are now being excluded from the individual country and included in 'no country details'. These changes are presented in the detailed breakdown in the time series spreadsheet table 14a. In 2012-13, these restrictions represented 0.24% of the total exports value. This figure will vary across individual countries. In table 14 of this publication, the 'no country details' data is included in 'other countries'.

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 2012-13, these restrictions represented 1.89% of the total imports value, however this figure does vary across individual countries. In table 14 of this publication, the 'no country details' data is included in 'other countries'.

For further details about these restrictions see Explanatory Notes paragraphs 26-28.


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