5368.0 - International Trade in Goods and Services, Australia, Aug 2017 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 05/10/2017   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a surplus of $735m in August 2017, a decrease of $282m on the surplus in July 2017.

In seasonally adjusted terms, the balance on goods and services was a surplus of $989m in August 2017, an increase of $181m on the surplus in July 2017.

GOODS AND SERVICES SUMMARY(a), Seasonally Adjusted and Trend

Change in:
Jun 2017
Jul 2017
Aug 2017
Aug 2017
Aug 2017
$m
$m
$m
$m
%

Seasonally Adjusted

BALANCE on goods and services
1 003
808
989
181
22
CREDITS
Total goods and services
32 566
32 063
32 229
166
1
Total goods
25 362
24 805
24 865
60
-
Rural goods(b)
4 097
4 195
4 164
-31
-1
Non-rural goods(b)
19 292
18 973
19 371
398
2
Net exports of goods under merchanting(c)
52
47
47
-
-
Non-monetary gold(c)
1 921
1 591
1 283
-308
-19
Total services
7 204
7 258
7 364
106
1
DEBITS
Total goods and services
-31 564
-31 255
-31 240
-15
-
Total goods
-24 382
-23 993
-23 894
-99
-
Consumption goods
-8 470
-8 264
-7 958
-306
-4
Capital goods
-6 319
-6 287
-6 118
-169
-3
Intermediate and other merchandise goods
-9 043
-8 983
-9 369
386
4
Non-monetary gold(c)
-551
-459
-450
-9
-2
Total services
-7 181
-7 262
-7 346
84
1

Trend(d)

BALANCE on goods and services
1 268
1 017
735
-282
-28
CREDITS
Total goods and services
32 552
32 396
32 226
-170
-1
Total goods
25 321
25 101
24 878
-223
-1
Rural goods(b)
4 115
4 144
4 177
33
1
Non-rural goods(b)
19 538
19 309
19 115
-194
-1
Net exports of goods under merchanting
49
51
52
1
2
Non-monetary gold
1 619
1 597
1 534
-63
-4
Total services
7 231
7 295
7 348
53
1
DEBITS
Total goods and services
-31 284
-31 379
-31 490
111
-
Total goods
-24 044
-24 101
-24 180
79
-
Consumption goods
-8 279
-8 246
-8 231
-15
-
Capital goods
-6 137
-6 209
-6 258
49
1
Intermediate and other merchandise goods
-9 180
-9 198
-9 241
43
-
Non-monetary gold
-448
-448
-450
2
-
Total services
-7 240
-7 278
-7 310
32
-

- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) For all time periods, estimates for sugar, sugar preparations and honey are included in Non-rural goods.
(c) This component is not seasonally adjusted.
(d) Caution should be used when interpreting recent trend estimates as they may be affected by unusual economic factors. For more details on trend estimates, see paragraph 19 of the Explanatory Notes.



EXPORTS OF GOODS AND SERVICES

Between July and August 2017, the trend estimate of goods and services credits fell $170m (1%) to $32,226m.

In seasonally adjusted terms, goods and services credits rose $166m (1%) to $32,229m. Non-rural goods rose $398m (2%). Non-monetary gold fell $308m (19%) and rural goods fell $31m (1%). Net exports of goods under merchanting remained steady at $47m. Services credits rose $106m (1%).

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

GOODS CREDITS, Seasonally Adjusted

Change in:
Jun 2017
Jul 2017
Aug 2017
Aug 2017
Aug 2017
$m
$m
$m
$m
%

Total goods credits
25 362
24 805
24 865
60
-
General merchandise
23 389
23 167
23 535
368
2
Rural goods
4 097
4 195
4 164
-31
-1
Meat and meat preparations
1 025
1 055
1 057
2
-
Cereal grains and cereal preparations
889
769
768
-1
-
Wool and sheepskins
264
338
326
-12
-4
Other rural(a)
1 919
2 033
2 012
-21
-1
Non-rural goods
19 292
18 973
19 371
398
2
Metal ores and minerals(b)
6 421
6 634
7 284
650
10
Coal, coke and briquettes(c)
4 948
4 718
4 599
-119
-3
Other mineral fuels(b)(d)
3 047
2 722
2 711
-11
-
Metals (excl. non-monetary gold)
982
1 009
886
-123
-12
Machinery
859
839
880
41
5
Transport equipment
449
426
431
5
1
Other manufactures
1 626
1 632
1 630
-2
-
Other non-rural (incl. sugar and beverages)(a)
831
867
819
-48
-6
Goods procured in ports by carriers(d)
128
124
130
6
5
Net exports of goods under merchanting(e)
52
47
47
-
-
Non-monetary gold(e)
1 921
1 591
1 283
-308
-19

- nil or rounded to zero (including null cells)
(a) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.
(b) From July 2005, this component is seasonally adjusted using seasonal factors derived from a monthly volume series.
(c) From July 1971 to June 2005, only a length-of-month adjustment has been applied to this component. From July 2005, this component is seasonally adjusted using seasonal factors derived from a monthly volume series.
(d) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(e) This component is not seasonally adjusted.


RURAL GOODS

In trend terms, exports of rural goods rose $33m (1%) to $4,177m.

In seasonally adjusted terms, exports of rural goods fell $31m (1%) to $4,164m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • other rural, down $21m (1%)
  • wool and sheepskins, down $12m (4%).


NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $194m (1%) to $19,115m.

In seasonally adjusted terms, exports of non-rural goods rose $398m (2%) to $19,371m.

The main component contributing to the rise in seasonally adjusted estimates was metal ores and minerals, up $650m (10%).

Partly offsetting this rise were:
  • metals (excl. non-monetary gold), down $123m (12%)
  • coal, coke and briquettes, down $119m (3%).

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 $1m (2%) to $52m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $47m.


NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $63m (4%) to $1,534m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $308m (19%) to $1,283m.

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

SERVICES CREDITS, Seasonally Adjusted

Change in:
Jun 2017
Jul 2017
Aug 2017
Aug 2017
Aug 2017
$m
$m
$m
$m
%

Total services credits
7 204
7 258
7 364
106
1
Manufacturing services on physical inputs owned by others(a)
3
3
3
-
-
Maintenance and repair services n.i.e.(a)
3
2
2
-
-
Transport
659
671
675
4
1
Passenger(b)
254
258
259
1
-
Freight(c)
21
20
20
-
-
Other
247
251
253
2
1
Postal and courier services(d)
137
142
143
1
1
Travel
4 648
4 701
4 801
100
2
Other services
1 891
1 881
1 883
2
-
Memorandum item
Tourism related services credits(e)
4 902
4 959
5 060
101
2

- nil or rounded to zero (including null cells)
(a) This component is not seasonally adjusted.
(b) Passenger services includes agency fees and commissions for air transport.
(c) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(d) Postal and courier services includes indirect commissions for sea transport.
(e) For a more detailed explanation of tourism related services, see paragraph 29 of the Explanatory Notes.


In trend terms, services credits rose $53m (1%) to $7,348m.

In seasonally adjusted terms, services credits rose $106m (1%) to $7,364m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $100m (2%).

In seasonally adjusted terms, tourism related services credits rose $101m (2%) to $5,060m.

In seasonally adjusted terms, total services credits contributed 23% of total goods and services exported.


IMPORTS OF GOODS AND SERVICES

Between July and August 2017, the trend estimate of goods and services debits rose $111m to $31,490m.

In seasonally adjusted terms, goods and services debits fell $15m to $31,240m. Consumption goods fell $306m (4%), capital goods fell $169m (3%) and non-monetary gold fell $9m (2%). Intermediate and other merchandise goods rose $386m (4%). Services debits rose $84m (1%).

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

GOODS DEBITS(a), Seasonally Adjusted

Change in:
Jun 2017
Jul 2017
Aug 2017
Aug 2017
Aug 2017
$m
$m
$m
$m
%

Total goods debits
-24 382
-23 993
-23 894
-99
-
General merchandise
-23 831
-23 534
-23 444
-90
-
Consumption goods
-8 470
-8 264
-7 958
-306
-4
Food and beverages, mainly for consumption
-1 275
-1 242
-1 148
-94
-8
Household electrical items
-521
-515
-494
-21
-4
Non-industrial transport equipment
-2 062
-2 036
-1 916
-120
-6
Textiles, clothing and footwear
-1 460
-1 407
-1 390
-17
-1
Toys, books and leisure goods
-558
-530
-526
-4
-1
Consumption goods n.e.s.
-2 594
-2 534
-2 484
-50
-2
Capital goods
-6 319
-6 287
-6 118
-169
-3
Machinery and industrial equipment
-1 738
-1 642
-1 733
91
6
ADP equipment
-886
-886
-847
-39
-4
Telecommunications equipment
-1 025
-973
-907
-66
-7
Civil aircraft and confidentialised items(b)(c)
-500
-293
-266
-27
-9
Industrial transport equipment n.e.s.
-954
-969
-930
-39
-4
Capital goods n.e.s.(d)
-1 216
-1 523
-1 435
-88
-6
Intermediate and other merchandise goods
-9 043
-8 983
-9 369
386
4
Food and beverages, mainly for industry
-151
-155
-160
5
3
Primary industrial supplies n.e.s.(d)
-199
-181
-200
19
10
Fuels and lubricants(c)
-2 071
-2 225
-2 469
244
11
Parts for transport equipment
-1 073
-1 001
-1 001
-
-
Parts for ADP equipment
-53
-58
-57
-1
-2
Other parts for capital goods
-1 324
-1 290
-1 326
36
3
Organic and inorganic chemicals
-375
-377
-307
-70
-19
Paper and paperboard
-199
-195
-184
-11
-6
Textile yarn and fabrics
-128
-125
-123
-2
-2
Iron and steel
-247
-256
-249
-7
-3
Plastics
-349
-342
-339
-3
-1
Processed industrial supplies n.e.s.
-2 751
-2 677
-2 744
67
3
Other merchandise goods(b)(e)
-45
-17
-125
108
635
Goods procured in ports by carriers(c)
-79
-84
-84
-
-
Non-monetary gold(c)
-551
-459
-450
-9
-2

- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) From July 2008, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Civil aircraft and confidentialised items. For earlier periods, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Other merchandise goods.
(c) This component is not seasonally adjusted.
(d) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(e) From July 1981, this component is not seasonally adjusted.



CONSUMPTION GOODS

In trend terms, imports of consumption goods fell $15m to $8,231m.

In seasonally adjusted terms, imports of consumption goods fell $306m (4%) to $7,958m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • non-industrial transport equipment, down $120m (6%)
  • food and beverages, mainly for consumption, down $94m (8%)
  • consumption goods n.e.s., down $50m (2%).


CAPITAL GOODS

In trend terms, imports of capital goods rose $49m (1%) to $6,258m.

In seasonally adjusted terms, imports of capital goods fell $169m (3%) to $6,118m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • capital goods n.e.s., down $88m (6%)
  • telecommunications equipment, down $66m (7%).


INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $43m to $9,241m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $386m (4%) to $9,369m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • fuels and lubricants, up $244m (11%)
  • other merchandise goods, up $108m
  • processed industrial supplies n.e.s., up $67m (3%).


NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $2m to $450m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $9m (2%) to $450m.

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

SERVICES DEBITS(a), Seasonally Adjusted

Change in:
Jun 2017
Jul 2017
Aug 2017
Aug 2017
Aug 2017
$m
$m
$m
$m
%

Total services debits
-7 181
-7 262
-7 346
84
1
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-42
-63
-89
26
41
Transport
-1 384
-1 399
-1 399
-
-
Passenger(c)
-583
-589
-597
8
1
Freight
-722
-721
-713
-8
-1
Other(b)
-65
-73
-73
-
-
Postal and courier services(d)(e)
-14
-16
-16
-
-
Travel
-3 495
-3 520
-3 552
32
1
Other services
-2 260
-2 280
-2 306
26
1
Memorandum item
Tourism related services debits(f)
-4 078
-4 109
-4 149
40
1

- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) This component is not seasonally adjusted.
(c) Passenger services includes agency fees and commissions for air transport.
(d) Postal and courier services includes indirect commissions for sea transport.
(e) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(f) For a more detailed explanation of tourism related services, see paragraph 29 of the Explanatory Notes.


In trend terms, services debits rose $32m to $7,310m.

In seasonally adjusted terms, services debits rose $84m (1%) to $7,346m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • travel, up $32m (1%)
  • maintenance and repair services n.i.e., up $26m (41%)
  • other services, up $26m (1%).

In seasonally adjusted terms, tourism related services debits rose $40m (1%) to $4,149m.

In seasonally adjusted terms, total services debits contributed 24% of total goods and services imported.

Selected commodities

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

Change in
Mar 2017
Apr 2017
May 2017
Jun 2017
Jul 2017
Aug 2017
%
%
%
%
%
%

Iron ore

Lump
Quantity
2
6
1
-1
-
-3
Unit value
1
-10
-11
-2
9
8
Fines
Quantity
16
-
5
-9
2
7
Unit value
2
-14
-14
-11
12
11

Coal

Hard coking
Quantity
8
-63
176
4
-2
3
Unit value
-6
-1
10
-5
p-20
p-6
Semi-soft
Quantity
-4
-32
64
6
-20
28
Unit value
-4
6
1
-11
p-10
p-2
Thermal
Quantity
13
-6
1
1
16
-14
Unit value
2
-
3
-4
-2
p3

Gas

LNG
Quantity
6
-8
23
6
5
-1
Unit value
-2
7
-3
5
-6
-1

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


International merchandise trade exports data presented in the above table are based on information reported by exporters to the Department of Immigration and Border Protection (DIBP). For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to DIBP. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to DIBP. When additional information for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Unit values in this publication are presented in Australian dollar terms. Movements in the unit values for some commodities incorporate movements in the United States dollar prices reported to DIBP and movements in the Australian dollar to United States dollar exchange rate.

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between July and August 2017 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $65m (5%), with quantities down 3% and unit values up 8%. Exports to:
  • China (excluding SARs and Taiwan) rose $31m (3%), with quantities down 6% and unit values up 9%
  • Taiwan rose $27m (52%), with quantities up 40% and unit values up 9%
  • Japan rose $25m (12%), with quantities up 4% and unit values up 8%.

Iron ore fines, up $645m (19%), with quantities up 7% and unit values up 11%. Exports to:
  • China (excluding SARs and Taiwan) rose $705m (25%), with quantities up 12% and unit values up 12%
  • Japan fell $63m (22%), with quantities down 22%.

Hard coking coal, down $55m (3%), with quantities up 3% and unit values down 6%. Exports to:
  • Japan fell $74m (21%), with quantities down 14% and unit values down 9%
  • France fell $40m (52%), with quantities down 43% and unit values down 16%
  • China (excluding SARs and Taiwan) rose $108m (23%), with quantities up 30% and unit values down 6%
  • the Republic of Korea rose $61m (60%), with quantities up 59% and unit values up 1%.

Semi-soft coal, up $181m (26%), with quantities up 28% and unit values down 2%. Exports to:
  • Japan rose $94m (47%), with quantities up 48%
  • India rose $61m (40%), with quantities up 40%
  • the Republic of Korea rose $42m (33%), with quantities up 42% and unit values down 6%.

Thermal coal, down $213m (11%), with quantities down 14% and unit values up 3%. Exports to:
  • the Republic of Korea fell $143m (42%), with quantities down 37% and unit values down 7%
  • China (excluding SARs and Taiwan) fell $99m (27%), with quantities down 29% and unit values up 3%.

Liquefied natural gas (LNG), down $41m (2%), with quantities down 1% and unit values down 1%.