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1301.0 - Year Book Australia, 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 24/01/2003   
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Contents >> International Accounts and Trade >> International trade in goods and services (balance of payments basis)

Australia's international trade in goods and services for the six years to 2001-02 is shown in tables 30.5 (exports or credits) and 30.6 (imports or debits). The tables provide both current price and chain volume measures.

The components of merchandise goods shown in tables 30.5 and 30.6 are defined in terms of groupings of items in the United Nations (UN) Standard International Trade Classification Revision 3 (SITC Rev. 3) for credits, and the UN's Classification of Broad Economic Categories for debits.

Chain volume measures of exports and imports remove the effects of inflation. They provide measures, in dollar values, which indicate changes in the actual volume of exports and imports.

The current price value of a transaction may be expressed conceptually as the product of a price and quantity. The value of the transaction in chain volume measures may then be thought of as being derived by substituting, for the current price, the corresponding price in the chosen reference year.

There are, however, many transactions recorded in statistics of international trade in goods and services for which it is not possible to apply such an approach. In such cases it is necessary to make assumptions and approximations (e.g. revaluing by means of the price index which is considered to be most closely related to the commodity involved). The published chain volume measures should be viewed in this light. For more information on chain volume measures refer to Information Paper: Introduction of Chain Volume Measures in the Australian National Accounts (5248.0).

The balance on goods and services recorded a deficit of $2.0b in 2001-02, a turnaround on the $0.9b surplus recorded in 2000-01. Goods credits rose $0.9b (0.7%) to $121.2b, with the largest increases recorded in coal, coke and briquettes (up $2.6b) and other non-rural (up $1.1b).

Goods debits increased $1.6b (1%) to $121.9b. The most significant increase occurred in consumption goods (up $1.7b) and capital goods (up $1.7b). Intermediate and other merchandise goods fell 5% to $52.1b, with decreases recorded in fuels and lubricants (down $1.5b) and other parts for capital goods (down $0.8).

Exports and imports of goods, on a merchandise trade basis without adjustment for balance of payments purposes, are shown by country in table 30.29.

Table 30.7 presents various price indexes for Australia's trade in goods and services. The implicit price deflators (IPDs) are derived by dividing the current price measures by the corresponding chain volume measures. These IPDs reflect not only price change, but compositional effects from year to year.

Unlike IPDs, chain price indexes measure only the impact of a price change. The chain Laspeyres price index for goods and services credits rose 1.3% in 2001-02 to 101.3. The rise resulted from increasing commodity prices in 2001-02 and a weaker Australian dollar. The chain Laspeyres price index for goods and services debits fell 1.0% in 2001-02 to 99.0.

Australia's terms of trade IPD (derived by dividing the IPD for credits by the IPD for debits) rose by 2.6% in 2001-02, resulting from a 1.2% rise in the IPD for goods and services credits, offset by a 1.4% fall in the IPD for goods and services debits (table 30.7).


30.5 GOODS AND SERVICES CREDITS

1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
$m
$m
$m
$m
$m
$m

AT CURRENT PRICES

Goods and services credits
105,160
113,744
112,025
125,972
153,511
152,219
Goods credits
80,934
88,538
85,783
97,655
120,307
121,180
General merchandise
73,379
80,571
78,323
90,100
112,897
113,562
Rural goods
21,045
22,130
21,862
23,617
29,061
29,306
Meat and meat preparations
2,957
3,731
4,008
4,467
5,796
6,213
Cereal grains and cereal preparations
5,954
5,094
5,046
4,941
5,834
5,846
Wool and sheepskins
3,744
4,020
2,583
2,963
3,897
3,693
Other rural
8,390
9,285
10,225
11,246
13,534
13,554
Non-rural goods
52,334
58,441
56,461
66,483
83,836
84,256
Metal ores and minerals
9,407
10,835
11,037
11,760
15,205
14,780
Coal, coke and briquettes
8,005
9,586
9,288
8,336
10,844
13,422
Other mineral fuels
5,154
5,309
4,461
9,082
13,464
10,956
Metals (excluding non-monetary gold)
6,054
7,185
6,984
8,810
10,146
9,643
Machinery
7,001
7,549
6,569
7,133
8,797
7,974
Transport equipment
3,649
3,412
3,343
4,597
5,041
5,773
Other manufactures
9,108
9,834
10,273
11,529
13,530
13,775
Other non-rural (including sugar)
3,956
4,731
4,506
5,236
6,809
7,933
Sugar, sugar preparations and honey
1,694
1,939
1,472
1,229
1,330
n.p.
Other
2,262
2,792
3,034
4,007
5,479
n.p.
Other goods
7,555
7,967
7,460
7,555
7,410
7,618
Services credits
24,226
25,206
26,242
28,317
33,204
31,039

CHAIN VOLUME MEASURES(a)(b)

Goods and services credits
123,707
128,277
130,897
143,193
153,511
150,468
Goods credits
96,903
100,871
102,624
113,478
120,307
120,374
General merchandise
88,304
91,484
94,065
104,866
112,897
113,210
Rural goods
23,870
23,569
25,229
27,792
29,061
27,417
Meat and meat preparations
4,162
4,732
5,023
5,126
5,796
5,492
Cereal grains and cereal preparations
6,405
5,359
6,189
6,177
5,834
5,746
Wool and sheepskins
4,014
3,751
3,181
3,732
3,896
3,397
Other rural
9,172
9,770
10,980
12,806
13,534
12,783
Non-rural goods
64,419
67,997
68,828
77,086
83,837
85,792
Metal ores and minerals
13,065
13,244
13,597
13,905
15,205
15,386
Coal, coke and briquettes
8,227
9,129
9,452
9,895
10,843
11,106
Other mineral fuels
9,916
11,053
10,590
12,520
13,464
13,246
Metals (excluding non-monetary gold)
7,929
8,217
9,159
10,071
10,146
10,644
Machinery
6,561
7,149
6,451
7,294
8,797
8,249
Transport equipment
4,412
3,892
3,751
5,118
5,041
5,564
Other manufactures
9,832
10,286
10,731
12,315
13,529
13,827
Other non-rural (including sugar)
4,527
5,067
4,983
6,074
6,808
7,771
Sugar, sugar preparations and honey
1,735
1,854
1,562
1,685
1,330
n.p.
Other
2,784
3,222
3,480
4,481
5,479
n.p.
Other goods
7,495
8,081
8,362
8,548
7,411
7,165
Services credits
26,790
27,421
28,275
29,715
33,205
30,093

(a) Reference year for chain volume measures is 2000-01.
(b) Chain volume measures are not additive for most periods; the component measures do not sum to a total in the same way as the corresponding current price components do.

Source: Balance of Payments and International Investment Position, Australia (5302.0).


30.6 GOODS AND SERVICES DEBITS

1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
$m
$m
$m
$m
$m
$m

AT CURRENT PRICES

Goods and services debits
-103,590
-118,482
-126,453
-140,323
-152,636
-154,194
Goods debits
-79,438
-92,084
-98,427
-110,610
-120,337
-121,937
General merchandise
-77,205
-87,521
-94,389
-106,549
-115,979
-116,772
Consumption goods
-21,293
-25,899
-28,041
-30,781
-35,775
-37,433
Food and beverages, mainly for consumption
-2,879
-3,282
-3,606
-3,943
-4,483
-4,686
Household electrical items
-1,890
-2,062
-2,245
-2,456
-3,000
-3,174
Non-industrial transport equipment
-5,143
-7,102
-7,231
-7,735
-9,627
-9,931
Textiles, clothing and footwear
-2,880
-3,456
-3,739
-4,232
-4,811
-4,850
Toys, books and leisure goods
-2,567
-2,956
-3,184
-3,238
-3,359
-3,495
Consumption goods n.e.s.
-5,934
-7,041
-8,036
-9,177
-10,495
-11,297
Capital goods
-18,884
-21,168
-23,055
-26,695
-25,552
-27,261
Machinery and industrial equipment
-8,020
-8,862
-9,226
-8,912
-8,876
-9,507
ADP equipment
-3,719
-4,345
-4,496
-4,912
-5,260
-5,054
Telecommunications equipment
-1,748
-2,070
-2,812
-4,150
-4,379
-3,754
Civil aircraft
-784
-464
-649
-1,414
-609
-1,513
Industrial transport equipment n.e.s.
-2,178
-2,560
-2,860
-3,981
-2,753
-3,553
Capital goods n.e.s.
-2,435
-2,867
-3,012
-3,326
-3,675
-3,880
Intermediate and other merchandise goods
-37,028
-40,454
-43,293
-49,073
-54,652
-52,078
Food and beverages, mainly for industry
-641
-746
-758
-731
-592
-576
Primary industrial supplies n.e.s.
-839
-950
-882
-1,117
-1,133
-1,117
Fuels and lubricants
-5,004
-4,276
-4,428
-7,450
-10,358
-8,824
Parts for transport equipment
-4,609
-5,346
-6,085
-6,874
-7,089
-6,889
Parts for ADP equipment
-1,759
-1,993
-1,944
-1,936
-2,255
-2,161
Other parts for capital goods
-6,507
-7,193
-7,692
-8,008
-9,072
-8,233
Organic and inorganic chemicals
-2,743
-2,814
-3,139
-3,572
-3,777
-3,448
Paper and paperboard
-1,713
-1,901
-1,978
-2,207
-2,311
-2,225
Textile yarn and fabrics
-1,817
-2,005
-2,006
-1,987
-1,863
-1,831
Iron and steel
-1,297
-1,623
-1,470
-1,509
-1,437
-1,765
Plastics
-1,577
-1,814
-1,889
-2,037
-2,193
-2,181
Processed industrial supplies n.e.s.
-8,212
-9,431
-10,140
-10,772
-11,252
-11,450
Other merchandise goods
-310
-362
-882
-873
-1,320
-1,378
Other goods
-2,233
-4,563
-4,038
-4,061
-4,358
-5,165
Services debits
-24,152
-26,398
-28,026
-29,713
-32,299
-32,257

CHAIN VOLUME MEASURES(a)(b)

Goods and services debits
-119,505
-131,124
-137,452
-154,607
-152,636
-156,408
Goods debits
-89,558
-100,604
-106,620
-121,598
-120,337
-124,808
General merchandise
-86,928
-95,368
-102,134
-117,002
-115,979
-119,802
Consumption goods
-24,289
-28,239
-29,204
-32,878
-35,774
-36,936
Food and beverages, mainly for consumption
-3,106
-3,338
-3,670
-4,104
-4,483
-4,684
Household electrical items
-2,065
-2,155
-2,296
-2,592
-3,000
-3,206
Non-industrial transport equipment
-5,898
-7,887
-7,690
-8,178
-9,627
-9,500
Textiles, clothing and footwear
-3,442
-3,859
-3,961
-4,638
-4,811
-4,635
Toys, books and leisure goods
-3,291
-3,469
-3,383
-3,577
-3,358
-3,509
Consumption goods n.e.s.
-6,575
-7,618
-8,250
-9,820
-10,495
-11,405
Capital goods
-18,495
-20,412
-22,771
-28,128
-25,551
-28,102
Machinery and industrial equipment
-10,029
-10,194
-9,757
-9,677
-8,876
-9,386
ADP equipment
-1,961
-2,612
-3,531
-4,923
-5,260
-6,190
Telecommunications equipment
-1,461
-1,821
-2,728
-4,216
-4,379
-3,833
Civil aircraft
-1,193
-599
-718
-1,567
-609
-1,434
Industrial transport equipment n.e.s.
-2,554
-2,856
-3,026
-4,210
-2,752
-3,499
Capital goods n.e.s.
-2,921
-3,273
-3,296
-3,634
-3,675
-3,758
Intermediate and other merchandise goods
-44,592
-47,090
-50,440
-56,021
-54,652
-54,764
Food and beverages, mainly for industry
-517
-486
-511
-633
-592
-572
Primary industrial supplies n.e.s.
-895
-952
-911
-1,220
-1,132
-1,136
Fuels and lubricants
-10,422
-9,635
-11,020
-10,507
-10,358
-11,010
Parts for transport equipment
-5,813
-6,312
-6,621
-7,446
-7,090
-6,714
Parts for ADP equipment
-933
-1,207
-1,526
-1,940
-2,256
-2,639
Other parts for capital goods
-6,968
-7,254
-7,578
-8,567
-9,073
-8,399
Organic and inorganic chemicals
-2,990
-2,937
-3,316
-4,086
-3,778
-3,417
Paper and paperboard
-2,157
-2,304
-2,217
-2,508
-2,311
-2,195
Textile yarn and fabrics
-1,969
-2,085
-2,141
-2,228
-1,863
-1,836
Iron and steel
-1,401
-1,724
-1,523
-1,563
-1,437
-1,755
Plastics
-2,019
-2,188
-2,308
-2,544
-2,192
-2,149
Processed industrial supplies n.e.s.
-9,739
-10,481
-10,933
-11,895
-11,251
-11,561
Other merchandise goods
-357
-393
-926
-959
-1,320
-1,380
Other goods
-2,707
-5,271
-4,441
-4,587
-4,358
-5,007
Services debits
-30,272
-30,614
-30,860
-33,011
-32,300
-31,600

(a) Reference year for chain volume measures is 2000-01.
(b) Chain volume measures are not additive for most periods; the component measures do not sum to a total in the same way as the corresponding current price components do.

Source: Balance of Payments and International Investment Position, Australia (5302.0).


30.7 IMPLICIT PRICE DEFLATORS AND TERMS OF TRADE(a)

1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02

Implicit price deflators(b)
Goods and services credits
88.5
85.0
88.7
85.6
88.1
100.0
101.2
Goods credits
88.3
83.5
87.8
83.6
86.1
100.0
100.7
Services credits
89.3
90.4
91.9
92.8
95.3
100.0
103.1
Goods and services debits
93.0
86.7
90.4
92.0
90.8
100.0
98.6
Goods debits
96.4
88.7
91.5
92.3
91.0
100.0
97.7
Services debits
81.9
79.8
86.2
90.8
90.0
100.0
102.1
Chain Laspeyres price indexes
Goods and services credits
87.5
84.6
88.4
85.5
87.6
100.0
101.3
Goods credits
87.2
83.1
87.6
83.6
85.6
100.0
100.8
Services credits
89.0
90.1
91.6
92.6
95.1
100.0
103.2
Goods and services debits
89.5
84.1
88.2
90.6
90.2
100.0
99.0
Goods debits
92.3
85.7
89.0
90.7
90.4
100.0
98.2
Services debits
81.1
78.9
85.6
90.3
89.6
100.0
102.3
Terms of trade(c)
Goods and services
95.2
98.1
98.1
93.0
97.0
100.0
102.6
Goods
91.6
94.2
95.9
90.5
94.6
100.0
103.0
Services
109.0
113.3
106.6
102.2
105.9
100.0
101.0

(a) Reference year for price and terms of trade indexes is 2000-01.
(b) Derived by dividing the estimates at current prices in tables 30.5 and 30.6 by the chain volume measures in those tables.
(c) Derived by dividing the IPDs for credits by the IPDs for debits.

Source: Balance of Payments and International Investment Position, Australia (5302.0).


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