5368.0 - International Trade in Goods and Services, Australia, Aug 2019 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/10/2019   
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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 $6,925m in August 2019, an increase of $73m on the surplus in July 2019.

In seasonally adjusted terms, the balance on goods and services was a surplus of $5,926m in August 2019, a decrease of $1,327m on the surplus in July 2019.

Goods and services summary(a), Seasonally adjusted and Trend

Change in:
Jun 2019
Jul 2019
Aug 2019
Aug 2019
Aug 2019
$m
$m
$m
$m
%

Seasonally adjusted

Balance on goods and services
7 947
7 253
5 926
-1 327
-18
Credits
Total goods and services
42 294
42 446
40 982
-1 464
-3
Total goods
33 860
34 050
32 533
-1 517
-4
Rural goods(b)
3 775
3 726
3 777
51
1
Non-rural goods(b)
28 417
27 577
26 606
-971
-4
Net exports of goods under merchanting(c)
18
12
15
3
25
Non-monetary gold(c)
1 650
2 736
2 135
-601
-22
Total services
8 434
8 396
8 449
53
1
Debits
Total goods and services
-34 347
-35 193
-35 056
-137
-
Total goods
-25 782
-26 704
-26 402
-302
-1
Consumption goods
-8 414
-8 766
-8 690
-76
-1
Capital goods
-6 217
-6 128
-6 013
-115
-2
Intermediate and other merchandise goods
-10 541
-11 024
-10 600
-424
-4
Non-monetary gold(c)
-610
-787
-1 100
313
40
Total services
-8 565
-8 489
-8 653
164
2

Trend(d)

Balance on goods and services
6 688
6 852
6 925
73
1
Credits
Total goods and services
41 773
41 880
41 933
53
-
Total goods
33 377
33 452
33 486
34
-
Rural goods(b)
3 845
3 785
3 741
-44
-1
Non-rural goods(b)
27 565
27 578
27 507
-71
-
Net exports of goods under merchanting
16
15
14
-1
-7
Non-monetary gold
1 951
2 074
2 224
150
7
Total services
8 396
8 428
8 448
20
-
Debits
Total goods and services
-35 084
-35 028
-35 008
-20
-
Total goods
-26 516
-26 436
-26 408
-28
-
Consumption goods
-8 691
-8 664
-8 655
-9
-
Capital goods
-6 346
-6 233
-6 144
-89
-1
Intermediate and other merchandise goods
-10 823
-10 767
-10 722
-45
-
Non-monetary gold
-656
-773
-886
113
15
Total services
-8 568
-8 592
-8 601
9
-

- 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 2019, the trend estimate of goods and services credits rose $53m to $41,933m.

In seasonally adjusted terms, goods and services credits fell $1,464m (3%) to $40,982m. Non-rural goods fell $971m (4%) and non-monetary gold fell $601m (22%). Rural goods rose $51m (1%) and net exports of goods under merchanting rose $3m (25%). Services credits rose $53m (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 2019
Jul 2019
Aug 2019
Aug 2019
Aug 2019
$m
$m
$m
$m
%

Total goods credits
33 860
34 050
32 533
-1 517
-4
General merchandise
32 192
31 302
30 383
-919
-3
Rural goods
3 775
3 726
3 777
51
1
Meat and meat preparations
1 312
1 340
1 404
64
5
Cereal grains and cereal preparations
376
405
425
20
5
Wool and sheepskins
272
293
208
-85
-29
Other rural(a)
1 814
1 687
1 741
54
3
Non-rural goods
28 417
27 577
26 606
-971
-4
Metal ores and minerals(b)
11 900
11 936
10 719
-1 217
-10
Coal, coke and briquettes(c)
6 117
5 490
5 249
-241
-4
Other mineral fuels(b)(d)
4 517
4 606
5 076
470
10
Metals (excl. non-monetary gold)
1 314
885
1 066
181
20
Machinery
962
973
969
-4
-
Transport equipment
464
449
326
-123
-27
Other manufactures
2 080
2 032
2 078
46
2
Other non-rural (incl. sugar and beverages)(a)
918
1 059
979
-80
-8
Goods procured in ports by carriers(d)
146
147
144
-3
-2
Net exports of goods under merchanting(e)
18
12
15
3
25
Non-monetary gold(e)
1 650
2 736
2 135
-601
-22

- 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 fell $44m (1%) to $3,741m.

In seasonally adjusted terms, exports of rural goods rose $51m (1%) to $3,777m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • meat and meat preparations, up $64m (5%)
  • other rural, up $54m (3%).

Partly offsetting these rises was wool and sheepskins, down $85m (29%).


Non-rural goods

In trend terms, exports of non-rural goods fell $71m to $27,507m.

In seasonally adjusted terms, exports of non-rural goods fell $971m (4%) to $26,606m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • metal ores and minerals, down $1,217m (10%)
  • coal, coke and briquettes, down $241m (4%).

Partly offsetting these falls were:
  • other mineral fuels, up $470m (10%)
  • metals (excl. non-monetary gold), up $181m (20%).

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 fell $1m (7%) to $14m.

In seasonally adjusted terms, net exports of goods under merchanting rose $3m (25%) to $15m.


Non-monetary gold

In trend terms, exports of non-monetary gold rose $150m (7%) to $2,224m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $601m (22%) to $2,135m.


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 2019
Jul 2019
Aug 2019
Aug 2019
Aug 2019
$m
$m
$m
$m
%

Total services credits
8 434
8 396
8 449
53
1
Manufacturing services on physical inputs owned by others(a)
-
-
-
-
-
Maintenance and repair services n.i.e.(a)
4
4
4
-
-
Transport
656
656
659
3
-
Passenger(b)
264
265
266
1
-
Freight(c)
21
23
23
-
-
Other
252
257
259
2
1
Postal and courier services(d)
119
112
111
-1
-1
Travel
5 464
5 434
5 472
38
1
Other services
2 310
2 302
2 315
13
1
Memorandum item
Tourism related services credits(e)
5 728
5 699
5 738
39
1

- 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 $20m to $8,448m.

In seasonally adjusted terms, services credits rose $53m (1%) to $8,449m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • travel, up $38m (1%)
  • other services, up $13m (1%).

In seasonally adjusted terms, tourism related services credits rose $39m (1%) to $5,738m.

In seasonally adjusted terms, total services credits contributed 21% of total goods and services exported.


Imports of goods and services

Between July and August 2019, the trend estimate of goods and services debits fell $20m to $35,008m.

In seasonally adjusted terms, goods and services debits fell $137m to $35,056m. Intermediate and other merchandise goods fell $424m (4%), capital goods fell $115m (2%) and consumption goods fell $76m (1%). Non-monetary gold rose $313m (40%). Services debits rose $164m (2%).


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 2019
Jul 2019
Aug 2019
Aug 2019
Aug 2019
$m
$m
$m
$m
%

Total goods debits
-25 782
-26 704
-26 402
-302
-1
General merchandise
-25 172
-25 917
-25 302
-615
-2
Consumption goods
-8 414
-8 766
-8 690
-76
-1
Food and beverages, mainly for consumption
-1 435
-1 465
-1 456
-9
-1
Household electrical items
-485
-493
-477
-16
-3
Non-industrial transport equipment
-1 687
-1 931
-1 917
-14
-1
Textiles, clothing and footwear
-1 512
-1 526
-1 514
-12
-1
Toys, books and leisure goods
-527
-543
-548
5
1
Consumption goods n.e.s.
-2 768
-2 809
-2 778
-31
-1
Capital goods
-6 217
-6 128
-6 013
-115
-2
Machinery and industrial equipment
-2 045
-2 107
-1 994
-113
-5
ADP equipment
-925
-908
-867
-41
-5
Telecommunications equipment
-1 038
-1 184
-1 164
-20
-2
Civil aircraft and confidentialised items(b)(c)
-364
-233
-294
61
26
Industrial transport equipment n.e.s.
-979
-962
-1 002
40
4
Capital goods n.e.s.(d)
-866
-734
-693
-41
-6
Intermediate and other merchandise goods
-10 541
-11 024
-10 600
-424
-4
Food and beverages, mainly for industry
-218
-187
-165
-22
-12
Primary industrial supplies n.e.s.(d)
-135
-186
-203
17
9
Fuels and lubricants(c)
-2 976
-3 337
-3 096
-241
-7
Parts for transport equipment
-1 096
-1 094
-1 044
-50
-5
Parts for ADP equipment
-53
-58
-60
2
3
Other parts for capital goods
-1 628
-1 625
-1 576
-49
-3
Organic and inorganic chemicals
-250
-269
-249
-20
-7
Paper and paperboard
-207
-219
-198
-21
-10
Textile yarn and fabrics
-117
-117
-115
-2
-2
Iron and steel
-271
-250
-255
5
2
Plastics
-358
-378
-365
-13
-3
Processed industrial supplies n.e.s.
-3 106
-3 153
-3 035
-118
-4
Other merchandise goods(b)(e)
-20
-38
-125
87
229
Goods procured in ports by carriers(c)
-105
-112
-112
-
-
Non-monetary gold(c)
-610
-787
-1 100
313
40

- 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 $9m to $8,655m.

In seasonally adjusted terms, imports of consumption goods fell $76m (1%) to $8,690m.

The main component contributing to the fall in seasonally adjusted estimates was consumption goods n.e.s., down $31m (1%).


Capital goods

In trend terms, imports of capital goods fell $89m (1%) to $6,144m.

In seasonally adjusted terms, imports of capital goods fell $115m (2%) to $6,013m.

The main component contributing to the fall in seasonally adjusted estimates was machinery and industrial equipment, down $113m (5%).


Intermediate and other merchandise goods

In trend terms, imports of intermediate and other merchandise goods fell $45m to $10,722m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $424m (4%) to $10,600m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • fuels and lubricants, down $241m (7%)
  • processed industrial supplies n.e.s., down $118m (4%).


Non-monetary gold

In trend terms, imports of non-monetary gold rose $113m (15%) to $886m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $313m (40%) to $1,100m.


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 2019
Jul 2019
Aug 2019
Aug 2019
Aug 2019
$m
$m
$m
$m
%

Total services debits
-8 565
-8 489
-8 653
164
2
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-74
-53
-172
119
225
Transport
-1 538
-1 536
-1 528
-8
-1
Passenger(c)
-649
-649
-644
-5
-1
Freight
-804
-795
-791
-4
-1
Other(b)
-75
-82
-82
-
-
Postal and courier services(d)(e)
-10
-10
-10
-
-
Travel
-4 293
-4 259
-4 291
32
1
Other services
-2 659
-2 641
-2 662
21
1
Memorandum item
Tourism related services debits(f)
-4 943
-4 908
-4 936
28
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 $9m to $8,601m.

In seasonally adjusted terms, services debits rose $164m (2%) to $8,653m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • maintenance and repair services n.i.e., up $119m
  • travel, up $32m (1%).

In seasonally adjusted terms, tourism related services debits rose $28m (1%) to $4,936m.

In seasonally adjusted terms, total services debits contributed 25% 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 2019
Apr 2019
May 2019
Jun 2019
Jul 2019
Aug 2019
%
%
%
%
%
%

Iron ore

Lump
Quantity
-15
17
20
-5
-11
15
Unit value
2
6
4
8
4
-12
Fines
Quantity
-14
20
11
-2
-5
5
Unit value
7
5
7
7
3
-13

Coal

Hard coking
Quantity
54
-25
27
18
-21
-
Unit value
3
p -
p2
p -
p5
p -
Semi-soft
Quantity
19
-3
3
23
-20
-5
Unit value
-2
1
1
p-4
p-4
p4
Thermal
Quantity
9
8
-3
7
16
-18
Unit value
-2
-8
1
-4
p-9
p8

Gas

LNG
Quantity
7
7
-1
-3
13
2
Unit value
-4
-16
1
-6
5
7

- 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 Home Affairs (Home Affairs). For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Home Affairs. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to Home Affairs. 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 Home Affairs 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 to August 2019 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $39m (2%), with quantities up 15% and unit values down 12%. Exports to:
  • the Republic of Korea rose $45m (41%), with quantities up 64% and unit values down 14%
  • China (excluding SARs and Taiwan) rose $30m (2%), with quantities up 14% and unit values down 11%
  • Japan fell $15m (5%), with quantities up 8% and unit values down 12%.

Iron ore fines, down $578m (9%), with quantities up 5% and unit values down 13%. Exports to:
  • China (excluding SARs and Taiwan) fell $391m (7%), with quantities up 7% and unit value down 13%
  • the Republic of Korea fell $131m (26%), with quantities down 12% and unit values down 16%
  • Japan fell $105m (26%), with quantities down 22% and unit values down 6%.

Hard coking coal, up $14m (1%). Exports to:
  • Japan rose $122m (40%), with quantities up 40% and unit values down 1%
  • China (excluding SARs and Taiwan) rose $115m (15%), with quantities up 14% and unit values up 1%
  • India fell $99m (14%), with quantities down 12% and unit values down 2%
  • France fell $92m (70%), with quantities down 71% and unit values up 5%.

Semi-soft coal, down $15m (2%), with quantities down 5% and unit values up 4%. Exports to:
  • Taiwan fell $30m (32%), with quantities down 33% and unit values up 2%
  • Ukraine fell $18m, with no exports in August 2019
  • Netherlands rose $18m, with unit values up 1%
  • India rose $17m (13%), with quantities up 3% and unit values up 10%.

Thermal coal, down $231m (11%), with quantities down 18% and unit values up 8%. Exports to:
  • China (excluding SARs and Taiwan) fell $188m (38%), with quantities down 39% and unit values up 2%
  • the Republic of Korea fell $44m (18%), with quantities down 26% and unit values up 12%.

Liquefied natural gas (LNG), up $362m (9%), with quantities up 2% and unit values up 7%.