5368.0 - International Trade in Goods and Services, Australia, Feb 2018 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/04/2018   
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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 $262m in February 2018, an increase of $62m on the surplus in January 2018.

In seasonally adjusted terms, the balance on goods and services was a surplus of $825m in February 2018, a decrease of $127m on the surplus in January 2018.

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

Change in:
Dec 2017
Jan 2018
Feb 2018
Feb 2018
Feb 2018
$m
$m
$m
$m
%

Seasonally Adjusted

BALANCE on goods and services
-1 445
952
825
-127
-13
CREDITS
Total goods and services
32 648
34 227
34 229
2
-
Total goods
25 451
27 048
27 006
-42
-
Rural goods(b)
3 715
3 336
3 888
552
17
Non-rural goods(b)
20 294
21 508
21 418
-90
-
Net exports of goods under merchanting(c)
14
7
7
-
-
Non-monetary gold(c)
1 428
2 198
1 693
-505
-23
Total services
7 197
7 179
7 224
45
1
DEBITS
Total goods and services
-34 093
-33 275
-33 405
130
-
Total goods
-26 263
-25 579
-25 598
19
-
Consumption goods
-8 978
-8 403
-8 950
547
7
Capital goods
-6 212
-6 153
-6 213
60
1
Intermediate and other merchandise goods
-10 568
-10 612
-9 955
-657
-6
Non-monetary gold(c)
-505
-410
-480
70
17
Total services
-7 830
-7 696
-7 806
110
1

Trend(d)

BALANCE on goods and services
177
200
262
62
31
CREDITS
Total goods and services
32 978
33 440
33 863
423
1
Total goods
25 756
26 233
26 670
437
2
Rural goods(b)
3 730
3 663
3 621
-42
-1
Non-rural goods(b)
20 321
20 799
21 216
417
2
Net exports of goods under merchanting
12
9
6
-3
-33
Non-monetary gold
1 692
1 762
1 827
65
4
Total services
7 223
7 207
7 193
-14
-
DEBITS
Total goods and services
-32 801
-33 240
-33 601
361
1
Total goods
-25 180
-25 541
-25 841
300
1
Consumption goods
-8 632
-8 744
-8 842
98
1
Capital goods
-6 025
-6 079
-6 142
63
1
Intermediate and other merchandise goods
-10 110
-10 288
-10 409
121
1
Non-monetary gold
-413
-430
-447
17
4
Total services
-7 621
-7 699
-7 760
61
1

- 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 January and February 2018, the trend estimate of goods and services credits rose $423m (1%) to $33,863m.

In seasonally adjusted terms, goods and services credits rose $2m to $34,229m. Rural goods rose $552m (17%). Non-monetary gold fell $505m (23%) and non-rural goods fell $90m. Net exports of goods under merchanting remained steady at $7m. Services credits rose $45m (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:
Dec 2017
Jan 2018
Feb 2018
Feb 2018
Feb 2018
$m
$m
$m
$m
%

Total goods credits
25 451
27 048
27 006
-42
-
General merchandise
24 009
24 843
25 306
463
2
Rural goods
3 715
3 336
3 888
552
17
Meat and meat preparations
1 022
1 035
1 060
25
2
Cereal grains and cereal preparations
629
557
512
-45
-8
Wool and sheepskins
377
303
379
76
25
Other rural(a)
1 687
1 441
1 937
496
34
Non-rural goods
20 294
21 508
21 418
-90
-
Metal ores and minerals(b)
7 525
7 620
7 820
200
3
Coal, coke and briquettes(c)
4 965
5 246
5 304
58
1
Other mineral fuels(b)(d)
3 123
3 453
3 543
90
3
Metals (excl. non-monetary gold)
860
999
977
-22
-2
Machinery
859
871
815
-56
-6
Transport equipment
274
475
303
-172
-36
Other manufactures
1 670
1 767
1 640
-127
-7
Other non-rural (incl. sugar and beverages)(a)
867
924
874
-50
-5
Goods procured in ports by carriers(d)
153
152
141
-11
-7
Net exports of goods under merchanting(e)
14
7
7
-
-
Non-monetary gold(e)
1 428
2 198
1 693
-505
-23

- 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 $42m (1%) to $3,621m.

In seasonally adjusted terms, exports of rural goods rose $552m (17%) to $3,888m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • other rural, up $496m (34%)
  • wool and sheepskins, up $76m (25%).

Partly offsetting these rises was cereal grains and cereal preparations, down $45m (8%).


NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $417m (2%) to $21,216m.

In seasonally adjusted terms, exports of non-rural goods fell $90m to $21,418m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • transport equipment, down $172m (36%)
  • other manufactures, down $127m (7%).

Partly offsetting these falls were:
  • metal ores and minerals, up $200m (3%)
  • other mineral fuels, up $90m (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 fell $3m (33%) to $6m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $7m.


NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $65m (4%) to $1,827m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $505m (23%) to $1,693m.


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

SERVICES CREDITS, Seasonally Adjusted

Change in:
Dec 2017
Jan 2018
Feb 2018
Feb 2018
Feb 2018
$m
$m
$m
$m
%

Total services credits
7 197
7 179
7 224
45
1
Manufacturing services on physical inputs owned by others(a)
-
-
-
-
-
Maintenance and repair services n.i.e.(a)
5
5
5
-
-
Transport
632
648
654
6
1
Passenger(b)
237
244
246
2
1
Freight(c)
22
25
25
-
-
Other
232
233
234
1
-
Postal and courier services(d)
140
146
150
4
3
Travel
4 626
4 573
4 597
24
1
Other services
1 934
1 953
1 967
14
1
Memorandum item
Tourism related services credits(e)
4 863
4 817
4 844
27
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 fell $14m to $7,193m.

In seasonally adjusted terms, services credits rose $45m (1%) to $7,224m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • travel, up $24m (1%)
  • other services, up $14m (1%).

In seasonally adjusted terms, tourism related services credits rose $27m (1%) to $4,844m.

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


IMPORTS OF GOODS AND SERVICES

Between January and February 2018, the trend estimate of goods and services debits rose $361m (1%) to $33,601m.

In seasonally adjusted terms, goods and services debits rose $130m to $33,405m. Consumption goods rose $547m (7%), non-monetary gold rose $70m (17%) and capital goods rose $60m (1%). Intermediate and other merchandise goods fell $657m (6%). Services debits rose $110m (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:
Dec 2017
Jan 2018
Feb 2018
Feb 2018
Feb 2018
$m
$m
$m
$m
%

Total goods debits
-26 263
-25 579
-25 598
19
-
General merchandise
-25 758
-25 169
-25 118
-51
-
Consumption goods
-8 978
-8 403
-8 950
547
7
Food and beverages, mainly for consumption
-1 274
-1 232
-1 277
45
4
Household electrical items
-550
-551
-560
9
2
Non-industrial transport equipment
-2 150
-1 948
-2 334
386
20
Textiles, clothing and footwear
-1 613
-1 384
-1 467
83
6
Toys, books and leisure goods
-555
-576
-565
-11
-2
Consumption goods n.e.s.
-2 836
-2 713
-2 747
34
1
Capital goods
-6 212
-6 153
-6 213
60
1
Machinery and industrial equipment
-1 992
-1 932
-2 221
289
15
ADP equipment
-833
-834
-886
52
6
Telecommunications equipment
-1 318
-1 033
-924
-109
-11
Civil aircraft and confidentialised items(b)(c)
-524
-696
-559
-137
-20
Industrial transport equipment n.e.s.
-869
-964
-1 081
117
12
Capital goods n.e.s.(d)
-676
-695
-543
-152
-22
Intermediate and other merchandise goods
-10 568
-10 612
-9 955
-657
-6
Food and beverages, mainly for industry
-160
-138
-155
17
12
Primary industrial supplies n.e.s.(d)
-232
-287
-195
-92
-32
Fuels and lubricants(c)
-3 108
-3 138
-2 537
-601
-19
Parts for transport equipment
-1 139
-1 063
-1 003
-60
-6
Parts for ADP equipment
-61
-65
-61
-4
-6
Other parts for capital goods
-1 484
-1 477
-1 518
41
3
Organic and inorganic chemicals
-304
-289
-330
41
14
Paper and paperboard
-206
-197
-200
3
2
Textile yarn and fabrics
-129
-123
-128
5
4
Iron and steel
-330
-311
-370
59
19
Plastics
-371
-371
-373
2
1
Processed industrial supplies n.e.s.
-2 900
-2 925
-2 946
21
1
Other merchandise goods(b)(e)
-38
-129
-41
-88
-68
Goods procured in ports by carriers(c)
-107
-99
-99
-
-
Non-monetary gold(c)
-505
-410
-480
70
17

- 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 rose $98m (1%) to $8,842m.

In seasonally adjusted terms, imports of consumption goods rose $547m (7%) to $8,950m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • non-industrial transport equipment, up $386m (20%)
  • textiles, clothing and footwear, up $83m (6%)
  • food and beverages, mainly for consumption, up $45m (4%).


CAPITAL GOODS

In trend terms, imports of capital goods rose $63m (1%) to $6,142m.

In seasonally adjusted terms, imports of capital goods rose $60m (1%) to $6,213m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • machinery and industrial equipment, up $289m (15%)
  • industrial transport equipment n.e.s., up $117m (12%).

Partly offsetting these rises were:
  • capital goods n.e.s., down $152m (22%)
  • civil aircraft and confidentialised items, down $137m (20%).


INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $121m (1%) to $10,409m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $657m (6%) to $9,955m.

The main component contributing to the fall in seasonally adjusted estimates was fuels and lubricants, down $601m (19%).


NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $17m (4%) to $447m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $70m (17%) to $480m.


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:
Dec 2017
Jan 2018
Feb 2018
Feb 2018
Feb 2018
$m
$m
$m
%
%

Total services debits
-7 830
-7 696
-7 806
110
1
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-46
-34
-46
12
35
Transport
-1 514
-1 493
-1 523
30
2
Passenger(c)
-611
-616
-608
-8
-1
Freight
-826
-801
-838
37
5
Other(b)
-68
-66
-66
-
-
Postal and courier services(d)(e)
-9
-11
-11
-
-
Travel
-3 983
-3 925
-3 982
57
1
Other services
-2 287
-2 244
-2 255
11
-
Memorandum item
Tourism related services debits(f)
-4 593
-4 541
-4 590
49
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 $61m (1%) to $7,760m.

In seasonally adjusted terms, services debits rose $110m (1%) to $7,806m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • travel, up $57m (1%)
  • transport, up $30m (2%).

In seasonally adjusted terms, tourism related services debits rose $49m (1%) to $4,590m.

In seasonally adjusted terms, total services debits contributed 23% of total goods and services imported.


Selected commodities

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

Change in
Sep 2017
Oct 2017
Nov 2017
Dec 2017
Jan 2018
Feb 2018
%
%
%
%
%
%

Iron ore

Lump
Quantity
10
-6
1
12
-17
1
Unit value
7
-10
-6
1
-1
8
Fines
Quantity
1
-2
-3
15
-17
-3
Unit value
-7
-13
4
7
6
3

Coal

Hard coking
Quantity
2
-19
3
14
2
-21
Unit value
14
4
p-3
1
p9
p-17
Semi-soft
Quantity
-16
2
-13
33
-14
-11
Unit value
4
2
-
6
p-3
p-1
Thermal
Quantity
4
-2
-4
13
-9
-8
Unit value
2
5
4
-1
-3
p4

Gas

LNG
Quantity
-20
18
5
2
8
-6
Unit value
-2
-1
4
5
2
4

- 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 January and February 2018 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $113m (9%), with quantities up 1% and unit values up 8%. Exports to:
  • China (excluding SARs and Taiwan) rose $142m (14%), with quantities up 7% and unit values up 7%
  • the Republic of Korea fell $18m (29%), with quantities down 38% and unit values up 15%.

Iron ore fines, down $12m, with quantities down 3% and unit values up 3%. Exports to:
  • China (excluding SARs and Taiwan) fell $35m (1%), with quantities down 4% and unit values up 3%
  • Taiwan fell $20m (43%), with quantities down 43% and unit values up 1%
  • the Republic of Korea rose $26m (16%), with quantities up 6% and unit values up 10%
  • Vietnam rose $22m, with unit values up 28%.

Hard coking coal, down $901m (35%), with quantities down 21% and unit values down 17%. Exports to:
  • India fell $229m (34%), with quantities down 16% and unit values down 21%
  • China (excluding SARs and Taiwan) fell $196m (46%), with quantities down 30% and unit values down 22%
  • Japan fell $158m (33%), with quantities down 28% and unit values down 7%
  • the Netherlands fell $124m (56%), with quantities down 33% and unit values down 34%
  • Brazil fell $92m (85%), with quantities down 80% and unit values down 24%.

Semi-soft coal, down $102m (12%), with quantities down 11% and unit values down 1%. Exports to:
  • India fell $92m (39%), with quantities down 42% and unit values up 5%
  • Japan fell $53m (19%), with quantities down 16% and unit values down 3%
  • China (excluding SARs and Taiwan) fell $15m (17%), with quantities down 24% and unit values up 10%.

Thermal coal, down $88m (5%), with quantities down 8% and unit values up 4%. Exports to:
  • the Republic of Korea fell $74m (27%), with quantities down 24% and unit values down 5%
  • Japan fell $55m (6%), with quantities down 10% and unit values up 3%
  • Taiwan fell $46m (27%), with quantities down 34% and unit values up 10%
  • China (excluding SARs and Taiwain) rose $112m (34%), with quantities up 22% and unit values up 9%.

Liquefied natural gas (LNG), down $47m (2%), with quantities down 6% and unit values up 4%.