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1301.0 - Year Book Australia, 2002  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 25/01/2002   
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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 2000-01 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 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: Australian National Accounts, Introduction of Chain Volume and Price Indexes (5248.0).

The balance on goods and services recorded a surplus of $0.7b in 2000-01, a turnaround of $15.1b on the deficit recorded in 1999-2000. Goods credits rose $22.7b (23%) to $120.3b, with the largest increases recorded in other mineral fuels (up $4.4b), metal ores and minerals (up $3.5b) and coal (up $2.5b). All of these increases were mostly due to price rises.

Goods debits increased $9.6b (9%) to $120.2b. The most significant increase occurred in intermediate and other merchandise goods (up $5.5b, mainly due to price rises), with fuels and lubricants (up $2.8b) being the largest contributor to the increase. Consumption goods also rose strongly (up $5.0b), with non-industrial transport equipment up $1.9b, due to strong volume increases. Capital goods fell 5% to $25.4b, with decreases recorded in industrial transport equipment (down $1.2b) and civil aircraft (down $0.8b).

Exports and imports of goods, on a recorded 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 implicit price deflators, chain price indexes measure only the impact of a price change. The chain Laspeyres price index for goods and services credits rose 14.2% in 2000-01 to 114.2. The rise resulted from increasing commodity prices in 2000-01 and a weaker Australian dollar. The chain Laspeyres price index for goods and services debits rose 10.8% in 2000-01 to 110.8.

Australia's terms of trade IPD (derived by dividing the IPD for credits by the IPD for debits) rose by 3.1% in 2000-01, resulting from a 13.5% rise in the IPD for goods and services credits, offset by a 10.2% rise in the IPD for goods and services debits (table 30.7).


30.5 GOODS AND SERVICES CREDITS

1995-96

$m
1996-97

$m
1997-98

$m
1998-99

$m
1999-2000

$m
2000-01

$m

AT CURRENT PRICES

Goods and services credits
99,095
105,160
113,744
112,025
125,972
153,131
Goods credits
76,146
80,934
88,538
85,783
97,655
120,337
General merchandise
69,609
73,379
80,571
78,323
90,100
112,932

Rural goods
19,588
21,045
22,130
21,862
23,617
28,467
- Meat and meat preparations
3,292
2,957
3,731
4,008
4,467
5,777
- Cereal grains and cereal preparations
4,926
5,954
5,094
5,046
4,941
5,333
- Wool and sheepskins
3,664
3,744
4,020
2,583
2,963
3,892
- Other rural
7,706
8,390
9,285
10,225
11,246
13,465
Non-rural goods
50,021
52,334
58,441
56,461
66,483
84,465
- Metal ores and minerals
9,088
9,407
10,835
11,037
11,760
15,273
- Coal, coke and briquettes
7,843
8,005
9,586
9,288
8,336
10,825
- Other mineral fuels
4,165
5,154
5,309
4,461
9,082
13,443
- Metals (excluding non-monetary gold)
6,799
6,054
7,185
6,984
8,810
10,153
- Machinery
7,119
7,001
7,549
6,569
7,133
8,802
- Transport equipment
2,500
3,649
3,412
3,343
4,597
5,046
- Other manufactures
8,755
9,108
9,834
10,273
11,529
13,495
- Other non-rural (including sugar)
3,752
3,956
4,731
4,506
5,236
7,428
- Sugar, sugar preparations and honey
1,712
1,694
1,939
1,472
1,229
n.p.
- Other
2,040
2,262
2,792
3,034
4,007
n.p.
Other goods
6,537
7,555
7,967
7,460
7,555
7,405
Services credits
22,949
24,226
25,206
26,242
28,317
32,794

CHAIN VOLUME MEASURES(a)(b)

Goods and services credits
98,591
108,926
112,950
115,255
125,972
134,863
Goods credits
74,218
83,387
86,802
88,308
97,655
103,614
General merchandise
68,393
75,865
78,598
80,814
90,100
97,080
Rural goods
17,173
20,285
20,029
21,440
23,618
24,264
- Meat and meat preparations
3,705
3,626
4,124
4,376
4,467
5,036
- Cereal grains and cereal preparations
3,550
5,124
4,287
4,951
4,942
4,307
- Wool and sheepskins
2,935
3,186
2,979
2,524
2,963
3,090
- Other rural
7,033
8,055
8,580
9,643
11,246
11,832

Non-rural goods
51,386
55,553
58,640
59,356
66,482
72,815
- Metal ores and minerals
10,459
11,051
11,201
11,500
11,761
12,915
- Coal, coke and briquettes
6,627
6,931
7,691
7,962
8,337
9,121
- Other mineral fuels
6,564
7,192
8,018
7,682
9,083
9,750
- Metals (excluding non-monetary gold)
6,814
6,937
7,188
8,012
8,810
8,883
- Machinery
6,040
6,416
6,991
6,309
7,133
8,609
- Transport equipment
2,664
3,962
3,496
3,370
4,598
4,532
- Other manufactures
8,497
9,204
9,629
10,045
11,529
12,633
- Other non-rural (including sugar)
3,635
3,900
4,364
4,290
5,236
6,372
- Sugar, sugar preparations and honey
1,218
1,260
1,347
1,136
1,229
n.p.
- Other
2,254
2,490
2,881
3,113
4,007
n.p.
Other goods
5,930
7,499
8,171
7,414
7,555
6,533
Services credits
24,482
25,529
26,130
26,945
28,317
31,249

(a) Reference year for chain volume measures is 1999-2000.
(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

1995-96

$m
1996-97

$m
1997-98

$m
1998-99

$m
1999-2000

$m
2000-01

$m

AT CURRENT PRICES

Goods and services debits
-101,078
-103,590
-118,482
-126,453
-140,323
-152,424
Goods debits
-77,729
-79,438
-92,084
-98,427
-110,610
-120,191
General merchandise
-76,007
-77,205
-87,521
-94,389
-106,549
-115,782
Consumption goods
-19,860
-21,293
-25,899
-28,041
-30,781
-35,778
- Food and beverages, mainly for consumption
-2,760
-2,879
-3,282
-3,606
-3,943
-4,483
- Household electrical items
-1,766
-1,890
-2,062
-2,245
-2,456
-2,999
- Non-industrial transport equipment
-4,436
-5,143
-7,102
-7,231
-7,735
-9,626
- Textiles, clothing and footwear
-2,726
-2,880
-3,456
-3,739
-4,232
-4,811
- Toys, books and leisure goods
-2,534
-2,567
-2,956
-3,184
-3,238
-3,361
- Consumption goods n.e.s.
-5,638
-5,934
-7,041
-8,036
-9,177
-10,498

Capital goods
-19,183
-18,884
-21,168
-23,055
-26,695
-25,393
- Machinery and industrial equipment
-8,326
-8,020
-8,862
-9,226
-8,912
-8,874
- ADP equipment
-3,593
-3,719
-4,345
-4,496
-4,912
-5,258
- Telecommunications equipment
-1,996
-1,748
-2,070
-2,812
-4,150
-4,378
- Civil aircraft
-688
-784
-464
-649
-1,414
-609
- Industrial transport equipment n.e.s.
-2,214
-2,178
-2,560
-2,860
-3,981
-2,753
- Capital goods n.e.s.
-2,366
-2,435
-2,867
-3,012
-3,326
-3,521
Intermediate and other merchandise goods
-36,964
-37,028
-40,454
-43,293
-49,073
-54,611
- Food and beverages, mainly for industry
-700
-641
-746
-758
-731
-593
- Primary industrial supplies n.e.s.
-879
-839
-950
-882
-1,117
-1,139
- Fuels and lubricants
-4,163
-5,004
-4,276
-4,428
-7,450
-10,290
- Parts for transport equipment
-4,600
-4,609
-5,346
-6,085
-6,874
-7,090
- Parts for ADP equipment
-1,857
-1,759
-1,993
-1,944
-1,936
-2,255
- Other parts for capital goods
-6,393
-6,507
-7,193
-7,692
-8,008
-9,082
- Organic and inorganic chemicals
-2,754
-2,743
-2,814
-3,139
-3,572
-3,774
- Paper and paperboard
-1,868
-1,713
-1,901
-1,978
-2,207
-2,311
- Textile yarn and fabrics
-1,922
-1,817
-2,005
-2,006
-1,987
-1,862
- Iron and steel
-1,408
-1,297
-1,623
-1,470
-1,509
-1,437
- Plastics
-1,685
-1,577
-1,814
-1,889
-2,037
-2,194
- Processed industrial supplies n.e.s.
-8,398
-8,212
-9,431
-10,140
-10,772
-11,264
- Other merchandise goods
-337
-310
-362
-882
-873
-1,320
Other goods
-1,722
-2,233
-4,563
-4,038
-4,061
-4,409
Services debits
-23,349
-24,152
-26,398
-28,026
-29,713
-32,233

CHAIN VOLUME MEASURES(a)(b)

Goods and services debits
-98,667
-108,464
-119,010
-124 752
-140,323
-138,357
Goods debits
-73,362
-81,464
-91,511
-96,984
-110,611
-109,339
General merchandise
-71,669
-79,162
-86,848
-93,008
-106,549
-105,449

Consumption goods
-20,270
-22,740
-26,437
-27,342
-30,781
-33,493
- Food and beverages, mainly for consumption
-2,813
-2,985
-3,207
-3,527
-3,943
-4,307
- Household electrical items
-1,703
-1,956
-2,042
-2,174
-2,456
-2,841
- Non-industrial transport equipment
-4,478
-5,580
-7,460
-7,274
-7,735
-9,105
- Textiles, clothing and footwear
-2,927
-3,140
-3,521
-3,614
-4,232
-4,390
- Toys, books and leisure goods
-2,869
-2,978
-3,140
-3,062
-3,239
-3,042
- Consumption goods n.e.s.
-5,550
-6,145
-7,119
-7,709
-9,176
-9,808
Capital goods
-15,315
-17,551
-19,372
-21,610
-26,695
-24,112
- Machinery and industrial equipment
-8,979
-9,235
-9,388
-8,985
-8,912
-8,172
- ADP equipment
-1,364
-1,956
-2,605
-3,524
-4,912
-5,251
- Telecommunications equipment
-1,143
-1,439
-1,793
-2,686
-4,150
-4,309
- Civil aircraft
-918
-1,075
-540
-647
-1,413
-550
- Industrial transport equipment n.e.s.
-2,242
-2,416
-2,701
-2,862
-3,981
-2,596
- Capital goods n.e.s.
-2,468
-2,674
-2,997
-3,018
-3,325
-3,236
Intermediate and other merchandise goods
-36,379
-39,062
-41,250
-44,186
-49,073
-47,844
- Food and beverages, mainly for industry
-591
-598
-560
-589
-731
-684
- Primary industrial supplies n.e.s.
-823
-820
-871
-834
-1,117
-1,043
- Fuels and lubricants
-6,927
-7,390
-6,832
-7,813
-7,450
-7,291
- Parts for transport equipment
-4,928
-5,366
-5,828
-6,113
-6,874
-6,545
- Parts for ADP equipment
-710
-930
-1,203
-1,522
-1,936
-2,253
- Other parts for capital goods
-5,856
-6,512
-6,780
-7,084
-8,008
-8,488
- Organic and inorganic chemicals
-2,441
-2,616
-2,568
-2,900
-3,572
-3,300
- Paper and paperboard
-1,786
-1,897
-2,026
-1,950
-2,208
-2,032
- Textile yarn and fabrics
-1,602
-1,757
-1,859
-1,909
-1,987
-1,661
- Iron and steel
-1,368
-1,353
-1,666
-1,471
-1,508
-1,387
- Plastics
-1,588
-1,617
-1,753
-1,848
-2,036
-1,757
- Processed industrial supplies n.e.s.
-8,586
-8,820
-9,493
-9,901
-10,772
-10,199
- Other merchandise goods
-372
-325
-358
-842
-873
-1,201

Other goods
-1,748
-2,363
-4,667
-3,941
-4,061
-3,891
Services debits
-25,652
-27,248
-27,556
-27,776
-29,713
-29,020

(a) Reference year for chain volume measures is 1999-2000.
(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

Implicit price deflators(b)
Goods and services credits
100.5
96.5
100.7
97.2
100.0
113.5
- Goods credits
102.6
97.1
102.0
97.1
100.0
116.1
- Services credits
93.7
94.9
96.5
97.4
100.0
104.9
- Goods and services debits
102.4
95.5
99.6
101.4
100.0
110.2
- Goods debits
106.0
97.5
100.6
101.5
100.0
109.9
- Services debits
91.0
88.6
95.8
100.9
100.0
111.1
Chain Laspeyres price indexes
Goods and services credits
99.9
96.5
100.9
97.6
100.0
114.2
- Goods credits
101.9
97.1
102.3
97.6
100.0
116.9
- Services credits
93.6
94.8
96.3
97.3
100.0
105.2
Goods and services debits
99.2
93.2
97.8
100.4
100.0
110.8
- Goods debits
102.0
94.8
98.4
100.3
100.0
110.6
- Services debits
90.5
88.1
95.6
100.8
100.0
111.6
Terms of trade(c)
Goods and services
98.1
101.1
101.2
95.9
100.0
103.1
- Goods
96.8
99.5
101.4
95.7
100.0
105.7
- Services
103.0
107.1
100.7
96.5
100.0
94.5

(a) Reference year for price and terms of trade indexes is 1999-2000.
(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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