5368.0 - International Trade in Goods and Services, Australia, Jul 2016 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 08/09/2016   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $2,485m in July 2016, an increase of $62m (3%) on the deficit in June 2016.

In seasonally adjusted terms, the balance on goods and services was a deficit of $2,410m in July 2016, a decrease of $840m (26%) on the deficit in June 2016.

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

Change in:
May 2016
Jun 2016
Jul 2016
Jul 2016
Jul 2016
$m
$m
$m
$m
%

Seasonally Adjusted

BALANCE on goods and services
-2 434
-3 250
-2 410
840
26
CREDITS
Total goods and services
25 982
25 706
26 425
719
3
Total goods
20 265
19 990
20 701
711
4
Rural goods(b)
3 352
3 398
3 440
42
1
Non-rural goods(b)
15 141
15 090
14 841
-249
-2
Net exports of goods under merchanting(c)
28
28
34
6
21
Non-monetary gold(c)
1 744
1 474
2 386
912
62
Total services
5 717
5 716
5 724
8
-
DEBITS
Total goods and services
-28 416
-28 957
-28 835
-122
-
Total goods
-22 156
-22 723
-22 551
-172
-1
Consumption goods
-7 932
-8 520
-8 009
-511
-6
Capital goods
-5 058
-5 197
-5 275
78
2
Intermediate and other merchandise goods
-8 615
-8 512
-8 743
231
3
Non-monetary gold(c)
-551
-494
-524
30
6
Total services
-6 260
-6 234
-6 284
50
1

Trend(d)

BALANCE on goods and services
-2 418
-2 423
-2 485
-62
-3
CREDITS
Total goods and services
25 922
26 089
26 214
125
-
Total goods
20 218
20 376
20 485
109
1
Rural goods(b)
3 383
3 377
3 389
12
-
Non-rural goods(b)
14 999
15 056
15 059
3
-
Net exports of goods under merchanting
30
30
30
-
-
Non-monetary gold
1 807
1 913
2 007
94
5
Total services
5 704
5 713
5 728
15
-
DEBITS
Total goods and services
-28 340
-28 511
-28 698
187
1
Total goods
-22 101
-22 277
-22 448
171
1
Consumption goods
-8 100
-8 142
-8 173
31
-
Capital goods
-5 071
-5 111
-5 156
45
1
Intermediate and other merchandise goods
-8 434
-8 508
-8 585
77
1
Non-monetary gold
-495
-515
-533
18
3
Total services
-6 239
-6 235
-6 251
16
-

- 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 June and July 2016, the trend estimate of goods and services credits rose $125m to $26,214m.

In seasonally adjusted terms, goods and services credits rose $719m (3%) to $26,425m. Non-monetary gold rose $912m (62%), rural goods rose $42m (1%) and net exports of goods under merchanting rose $6m (21%). Non-rural goods fell $249m (2%). Services credits rose $8m.


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

GOODS CREDITS, Seasonally Adjusted

Change in:
May 2016
Jun 2016
Jul 2016
Jul 2016
Jul 2016
$m
$m
$m
$m
%

Total goods credits
20 265
19 990
20 701
711
4
General merchandise
18 493
18 488
18 281
-207
-1
Rural goods
3 352
3 398
3 440
42
1
Meat and meat preparations
963
1 004
877
-127
-13
Cereal grains and cereal preparations
557
592
639
47
8
Wool and sheepskins
280
280
259
-21
-8
Other rural(a)
1 551
1 523
1 665
142
9
Non-rural goods
15 141
15 090
14 841
-249
-2
Metal ores and minerals
5 901
5 944
5 663
-281
-5
Coal, coke and briquettes(b)
2 893
2 746
2 774
28
1
Other mineral fuels(c)
1 748
1 777
1 829
52
3
Metals (excl. non-monetary gold)
742
783
696
-87
-11
Machinery
854
896
883
-13
-1
Transport equipment
439
422
429
7
2
Other manufactures
1 576
1 583
1 572
-11
-1
Other non-rural (incl. sugar and beverages)(a)
858
795
859
64
8
Goods procured in ports by carriers(c)
128
144
137
-7
-5
Net exports of goods under merchanting(d)
28
28
34
6
21
Non-monetary gold(d)
1 744
1 474
2 386
912
62

(a) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.
(b) 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.
(c) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(d) This component is not seasonally adjusted.


RURAL GOODS

In trend terms, exports of rural goods rose $12m to $3,389m.

In seasonally adjusted terms, exports of rural goods rose $42m (1%) to $3,440m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • other rural, up $142m (9%)
  • cereal grains and cereal preparations, up $47m (8%).

Partly offsetting these rises was meat and meat preparations, down $127m (13%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $3m to $15,059m.

In seasonally adjusted terms, exports of non-rural goods fell $249m (2%) to $14,841m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • metal ores and minerals, down $281m (5%)
  • metals (excl. non-monetary gold), down $87m (11%).

Partly offsetting these falls were:
  • other non-rural (incl. sugar and beverages), up $64m (8%)
  • other mineral fuels, up $52m (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 remained steady at $30m.

In seasonally adjusted terms, net exports of goods under merchanting rose $6m (21%) to $34m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $94m (5%) to $2,007m.

In original and seasonally adjusted terms, exports of non-monetary gold rose $912m (62%) to $2,386m.


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

SERVICES CREDITS, Seasonally Adjusted

Change in:
May 2016
Jun 2016
Jul 2016
Jul 2016
Jul 2016
$m
$m
$m
$m
%

Seasonally Adjusted

Total services credits
5 717
5 716
5 724
8
-
Manufacturing services on physical inputs owned by others(a)
1
1
-
-1
-100
Maintenance and repair services n.i.e.(a)
5
5
7
2
40
Transport
566
568
561
-7
-1
Passenger(b)
209
209
205
-4
-2
Freight(c)
22
25
25
-
-
Other
230
231
236
5
2
Postal and courier services(d)
104
103
95
-8
-8
Travel
3 473
3 474
3 488
14
-
Other services
1 673
1 668
1 667
-1
-
Memorandum item
Tourism related service credits(e)
3 682
3 683
3 693
10
-

- 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, service credits rose $15m to $5,728m.

In seasonally adjusted terms, services credits rose $8m to $5,724m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $14m.

In seasonally adjusted terms, tourism related service credits rose $10m to $3,693m.

In seasonally adjusted terms, total services credits contributed 22% of total goods and services exported.


IMPORTS OF GOODS AND SERVICES

Between June and July 2016, the trend estimate of goods and services debits rose $187m (1%) to $28,698m.

In seasonally adjusted terms, goods and services debits fell $122m to $28,835m. Consumption goods fell $511m (6%). Intermediate and other merchandise goods rose $231m (3%), capital goods rose $78m (2%) and non-monetary gold rose $30m (6%). Services debits rose $50m (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:
May 2016
Jun 2016
Jul 2016
Jul 2016
Jul 2016
$m
$m
$m
$m
%

Total goods debits
-22 156
-22 723
-22 551
-172
-1
General merchandise
-21 605
-22 229
-22 027
-202
-1
Consumption goods
-7 932
-8 520
-8 009
-511
-6
Food and beverages, mainly for consumption
-1 182
-1 238
-1 204
-34
-3
Household electrical items
-464
-495
-471
-24
-5
Non-industrial transport equipment
-1 920
-2 041
-2 083
42
2
Textiles, clothing and footwear
-1 377
-1 405
-1 321
-84
-6
Toys, books and leisure goods
-504
-509
-515
6
1
Consumption goods n.e.s.
-2 485
-2 833
-2 416
-417
-15
Capital goods
-5 058
-5 197
-5 275
78
2
Machinery and industrial equipment
-1 626
-1 716
-1 602
-114
-7
ADP equipment
-725
-721
-713
-8
-1
Telecommunications equipment
-928
-947
-897
-50
-5
Civil aircraft and confidentialised items(b)(c)
-125
-127
-268
141
111
Industrial transport equipment n.e.s.
-727
-749
-738
-11
-1
Capital goods n.e.s.(d)
-926
-937
-1 056
119
13
Intermediate and other merchandise goods
-8 615
-8 512
-8 743
231
3
Food and beverages, mainly for industry
-149
-141
-143
2
1
Primary industrial supplies n.e.s.(d)
-246
-131
-156
25
19
Fuels and lubricants(c)
-2 023
-1 968
-2 263
295
15
Parts for transport equipment
-980
-1 030
-960
-70
-7
Parts for ADP equipment
-52
-55
-56
1
2
Other parts for capital goods
-1 180
-1 221
-1 175
-46
-4
Organic and inorganic chemicals
-333
-334
-307
-27
-8
Paper and paperboard
-199
-208
-199
-9
-4
Textile yarn and fabrics
-124
-122
-122
-
-
Iron and steel
-180
-183
-177
-6
-3
Plastics
-339
-345
-336
-9
-3
Processed industrial supplies n.e.s.
-2 576
-2 637
-2 707
70
3
Other merchandise goods(b)(e)
-146
-50
-53
3
6
Goods procured in ports by carriers(c)
-88
-87
-90
3
3
Non-monetary gold(c)
-551
-494
-524
30
6

- 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 $31m to $8,173m.

In seasonally adjusted terms, imports of consumption goods fell $511m (6%) to $8,009m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • consumption goods n.e.s., down $417m (15%)
  • textiles, clothing and footwear, down $84m (6%).

Partly offsetting these falls was non-industrial transport equipment, up $42m (2%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $45m (1%) to $5,156m.

In seasonally adjusted terms, imports of capital goods rose $78m (2%) to $5,275m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • civil aircraft and confidentialised items, up $141m
  • capital goods n.e.s., up $119m (13%).

Partly offsetting these rises were:
  • machinery and industrial equipment, down $114m (7%)
  • telecommunications equipment, down $50m (5%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $77m (1%) to $8,585m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $231m (3%) to $8,743m.

The main component contributing to the rise in seasonally adjusted estimates was fuels and lubricants, up $295m (15%).

Partly offsetting this rise was parts for transport equipment, down $70m (7%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $18m (3%) to $533m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $30m (6%) to $524m.


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:
May 2016
Jun 2016
Jul 2016
Jul 2016
Jul 2016
$m
$m
$m
$m
%

Seasonally Adjusted

Total services debits
-6 260
-6 234
-6 284
50
1
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-50
-40
-58
18
45
Transport
-1 308
-1 285
-1 273
-12
-1
Passenger(c)
-493
-475
-468
-7
-1
Freight
-748
-747
-730
-17
-2
Other(b)
-59
-57
-68
11
19
Postal and courier services(d)(e)
-8
-6
-7
1
17
Travel
-2 766
-2 773
-2 780
7
-
Other services
-2 136
-2 136
-2 173
37
2
Memorandum item
Tourism related service debits(f)
-3 259
-3 248
-3 248
-
-

- 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 $16m to $6,251m.

In seasonally adjusted terms, services debits rose $50m (1%) to $6,284m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • other services, up $37m (2%)
  • maintenance and repair services n.i.e., up $18m (45%).

Partly offsetting these rises was transport, down $12m (1%).

In seasonally adjusted terms, tourism related services debits remained steady at $3,248m.

In seasonally adjusted terms, total services debits contributed 22% of total goods and services imported.


Selected commodities

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

Change in
Feb 2016
Mar 2016
Apr 2016
May 2016
Jun 2016
Jul 2016
%
%
%
%
%
%

Iron ore

Lump
Quantity
16
2
-5
13
-4
2
Unit value
9
13
4
3
-10
5
Fines
Quantity
7
9
-3
2
1
-5
Unit value
7
12
3
1
-9
2

Coal

Hard coking
Quantity
-17
13
3
18
-5
-9
Unit value
-2
-4
p1
p5
p2
p-2
Semi-soft
Quantity
-26
52
-12
-6
9
-21
Unit value
-2
-5
-1
6
-
p-2
Thermal
Quantity
-3
4
-6
3
3
6
Unit value
-
-7
-2
7
-2
2

Gas

LNG
Quantity
3
12
-8
-13
23
9
Unit value
-5
-9
-13
-2
-1
6

- 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 June and July 2016 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $69m (6%), with quantities up 2% and unit values up 5%. Exports to:
  • China (excluding SARs and Taiwan) rose $50m (6%), with quantities up 5% and unit values up 1%
  • Japan rose $7m (4%), with quantities down 15% and unit values up 23%
  • Viet Nam rose $7m, following no exports in June 2016
  • the Republic of Korea rose $6m (14%), with quantities up 5% and unit values up 9%.

Iron ore fines, down $82m (3%), with quantities down 5% and unit values up 2%. Exports to China (excluding SARs and Taiwan) fell $82m (3%), with quantities down 4% and unit values up 1%.

Hard coking coal, down $125m (11%), with quantities down 9% and unit values down 2%. Exports to India fell $128m (38%), with quantities down 37% and unit values down 2%.

Semi-soft coal, down $123m (22%), with quantities down 21% and unit values down 2%. Exports to:
  • China (excluding SARs and Taiwan) fell $62m (56%), with quantities down 53% and unit values down 6%
  • Taiwan fell $40m (92%), with quantities down 92%
  • India fell $26m (24%), with quantities down 22% and unit values down 3%.

Thermal coal, up $93m (8%), with quantities up 6% and unit values up 2%. Exports to:
  • Japan rose $43m (9%), with quantities up 10% and unit values down 1%
  • Taiwan rose $28m (19%), with quantities up 3% and unit values up 16%
  • the Republic of Korea rose $25m (17%), with quantities up 13% and unit values up 4%.

Liquefied natural gas (LNG), up $193m (16%), with quantities up 9% and unit values up 6%.