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5368.0 - International Trade in Goods and Services, Australia, Nov 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/01/2007   
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NOVEMBER KEY FIGURES

September 2006
October 2006
November 2006
Oct 06 to Nov 06
$m
$m
$m
% change

TREND

Balance on goods and services
-808
-883
-922
. .
Credits (exports of goods & services)
17 880
17 901
17 943
-
Debits (imports of goods & services)
18 688
18 784
18 865
-

SEASONALLY ADJUSTED

Balance on goods and services
-796
-1 508
-843
. .
Credits (exports of goods & services)
17 586
17 922
18 026
1
Debits (imports of goods & services)
18 382
19 430
18 869
-3

. . not applicable
- nil or rounded to zero (including null cells)

Balance on goods and services
Graph: Balance on goods and services



NOVEMBER KEY POINTS


TREND ESTIMATES
  • The provisional trend estimate of the balance on goods and services was a deficit of $922m in November 2006, an increase of $39m on the revised deficit in October.
  • Goods and services credits rose $42m to $17,943m. Goods and services debits rose $81m to $18,865m.


SEASONALLY ADJUSTED ESTIMATES
  • In seasonally adjusted terms, the balance on goods and services was a deficit of $843m in November, a decrease of $665m on the revised deficit in October.
  • Goods and services credits rose $104m (1%) to $18,026m. Rural goods rose $51m (2%) and non-rural and other goods rose $42m. Services credits rose $11m.
  • Goods and services debits fell $561m (3%) to $18,869m. Intermediate and other goods fell $479m (6%), capital goods fell $103m (3%) and consumption goods fell $4m. Services debits rose $25m (1%).


ORIGINAL ESTIMATES
  • In original terms, the November balance on goods and services was a deficit of $1,602m, a decrease of $306m on the revised deficit in October. Goods and services credits fell $655m (4%) while goods and services debits fell $961m (5%).
  • In the five months to November, exports of non-rural and other goods were up $9.7b (19%) and rural goods were up $0.9b (9%) on the corresponding period in 2005-06.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
December 2006 2 February 2007
January 2007 6 March 2007
February 2007 3 April 2007
March 2007 4 May 2007
April 2007 31 May 2007
May 2007 4 July 2007



REVISIONS

Revisions were made to both the balance of payments and merchandise trade series to incorporate the latest available administrative and survey data. Trade in services data for some previously forecast periods have been replaced with reported data. In original terms, revisions have:
  • increased the deficit on goods and services for October 2006 by $159m
  • increased the deficit on good and services for the four months to October by $424m
  • increased the deficit on goods and services for 2005-06 by $71m.


CHANGES TO THIS ISSUE

There are no changes to this issue.



AVAILABILITY OF DETAILED SERVICES DATA

The trade in services data cubes on a calendar year basis, listed under Time Series Data on page 4, have been updated on the ABS web site to incorporate historical revisions that were detailed in the August issue of this publication.



CHANGES TO EXPORT AND IMPORT STATISTICAL CODES

As advised in the previous issue, statistical codes in the Australian Harmonized Export Commodity Classification (AHECC) and the Customs Tariff will be revised from 1 January 2007. The changes result from the implementation of an update to the international Harmonized Commodity Description and Coding System. The changes will not impact directly on the presentation of statistics in this publication but will impact on detailed import and export statistics provided via ABS Client Services. Further details will be provided in future issues.


More information about these changes is available from the ABS web site Information Paper: Changes on 1 January 2007 to Statistical Codes in the AHECC and the Customs Tariff, 2007 (cat. no. 1233.0.55.001). Included with the information paper are correspondences between the codes of the current and the updated versions of the AHECC and the Customs Tariff, and correspondences between the updated versions of the AHECC and the Customs Tariff, and related classifications. The correspondences can be used by clients to understand the impact on statistics.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Olivia Lam on Canberra (02) 62525540.



SUMMARY COMMENTARY


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services in November 2006 was a deficit of $922m, an increase of $39m on the deficit in October.


In seasonally adjusted terms, the balance on goods and services in November 2006 was a deficit of $843m, a decrease of $665m on the deficit in October.



EXPORTS OF GOODS AND SERVICES

The trend estimate of goods and services credits rose $42m between October and November to $17,943m.


In seasonally adjusted terms, goods and services credits rose $104m (1%) to $18,026m. Non-rural goods rose $247m (2%), rural goods rose $51m (2%) while other goods fell $205m (20%). Services credits rose $11m.


Exports of goods

GOODS CREDITS
Graph: Goods Credits



RURAL GOODS

The trend estimate of rural goods exports rose $12m (1%) to $2,254m.


In seasonally adjusted terms, exports of rural goods rose $51m (2%) to $2,270m.


The components contributing to the rise in the seasonally adjusted estimates were:

  • other rural, up $60m (6%)
  • meat and meat preparations, up $22m (4%).

Partly offsetting these effects was cereal grains and cereal preparations, down $30m (7%).


In original terms, exports of rural goods fell $30m (1%) to $2,247m.


NON-RURAL GOODS

The trend estimate of non-rural goods exports rose $46m to $10,987m.


In seasonally adjusted terms, exports of non-rural goods rose $247m (2%) to $11,126m.


The components contributing to the rise in the seasonally adjusted estimates were:

  • other non-rural, up $256m (24%)
  • other manufactures, up $165m (13%)
  • coal, coke and briquettes, up $88m (5%).

Partly offsetting these effects were:
  • other mineral fuels, down $183m (13%), largely on reduced volumes and partly on reduced prices
  • metal ores and minerals, down $30m (1%)
  • metals (excl. non-monetary gold), down $20m (2%).

In original terms, exports of non-rural goods fell $361m (3%) to $11,055m.


OTHER GOODS

The trend estimate of other goods exports fell $42m (4%) to $909m.


In seasonally adjusted terms, exports of other goods fell $205m (20%) to $836m.


The main component contributing to the fall in the seasonally adjusted series was non-monetary gold, down $268m (29%).


Partly offsetting this effect were:

  • goods for processing, up $47m
  • goods procured in ports by carriers, up $15m (16%).

In original terms, exports of other goods fell $213m (20%) to $836m.


Exports of services

SERVICES CREDITS
Graph: Services Credits



In trend terms, services credits rose $26m (1%) to $3,793m.


Seasonally adjusted, services credits rose $11m to $3,794m.


The components that contributed to the rise in the seasonally adjusted series were:

  • travel services, up $12m (1%)
  • other services, up $5m (1%).

Partly offsetting these effects was transportation services, down $6m (1%).


Seasonally adjusted, tourism related services credits rose $10m to $2,440m.



IMPORTS OF GOODS AND SERVICES

The trend estimate of goods and services debits rose $81m between October and November to $18,865m.


In seasonally adjusted terms, goods and services debits fell $561m (3%) to $18,869m. Other goods fell $433m (47%), capital goods fell $103m (3%), intermediate and other merchandise goods fell $46m (1%), and consumption goods fell $4m. Services debits rose $25m (1%).


Imports of goods

GOODS DEBITS
Graph: Goods Debits



CONSUMPTION GOODS

The trend estimate of imports of consumption goods rose $48m (1%) to $4,593m.


In seasonally adjusted terms, imports of consumption goods fell $4m to $4,643m.


The components contributing to the fall in the seasonally adjusted estimates were:

  • consumption goods n.e.s., down $42m (3%)
  • non-industrial transport equipment, down $36m (3%)
  • household electrical items, down $25m (6%).

Largely offsetting these effects was food and beverages, mainly for consumption, up $89m (16%).


In original terms, imports of consumption goods fell $127m (2%) to $5,142m.


CAPITAL GOODS

The trend estimate of imports of capital goods rose $27m (1%) to $3,353m.


In seasonally adjusted terms, imports of capital goods fell $103m (3%) to $3,355m.


The components contributing to the fall in the seasonally adjusted estimates were:

  • ADP equipment, down $57m (9%)
  • civil aircraft, down $52m
  • machinery and industrial equipment, down $29m (2%).

Partly offsetting these effects were:
  • telecommunications equipment, up $15m (3%)
  • industrial transport equipment, up $10m (2%)
  • capital goods n.e.s., up $10m (2%).

In original terms, imports of capital goods fell $36m (1%) to $3,613m.


INTERMEDIATE AND OTHER MERCHANDISE GOODS

The trend estimate of imports of intermediate and other merchandise goods fell $8m to $6,590m.


In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $46m (1%) to $6,628m.


The main components contributing to the fall in the seasonally adjusted estimates were:

  • fuels and lubricants, down $193m (11%), with prices of crude oil imports down 12%
  • primary industrial supplies n.e.s., down $70m (39%)
  • parts for transport equipment, down $23m (3%).

Partly offsetting these effects were:
  • organic and inorganic chemicals, up $199m (52%)
  • iron and steel, up $39m (12%).

In original terms, intermediate and other merchandise goods fell $128m (2%) to $6,723m.


OTHER GOODS

The trend estimate of imports of other goods fell $17m (3%) to $601m.


In both original and seasonally adjusted terms, other goods imports fell $433m (47%) to $484m.


The main component contributing to the fall in the estimates was non-monetary gold, down $424m (57%).


Imports of services

SERVICES DEBITS
Graph: Services Debits



In trend terms, services debits rose $31m (1%) to $3,728m.


Seasonally adjusted, services debits rose $25m (1%) to $3,759m.


All components contributed to the rise in the seasonally adjusted estimates with:

  • transportation services, up $10m (1%)
  • travel services, up $10m (1%)
  • other services, up $5m.

Seasonally adjusted, tourism related services debits rose $51m (3%) to $1,961m.

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