5368.0 - International Trade in Goods and Services, Australia, Jul 2018 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/09/2018   
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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 $1,425m in July 2018, an increase of $17m on the surplus in June 2018.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,551m in July 2018, a decrease of $386m on the surplus in June 2018.

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

Change in:
May 2018
Jun 2018
Jul 2018
Jul 2018
Jul 2018
$m
$m
$m
$m
%

Seasonally Adjusted

BALANCE on goods and services
772
1 937
1 551
-386
-20
CREDITS
Total goods and services
35 529
36 432
36 070
-362
-1
Total goods
28 229
29 048
28 652
-396
-1
Rural goods(b)
3 980
4 140
4 064
-76
-2
Non-rural goods(b)
22 373
22 928
22 790
-138
-1
Net exports of goods under merchanting(c)
4
4
11
7
175
Non-monetary gold(c)
1 872
1 976
1 787
-189
-10
Total services
7 299
7 384
7 418
34
-
DEBITS
Total goods and services
-34 757
-34 495
-34 519
24
-
Total goods
-27 111
-26 859
-26 774
-85
-
Consumption goods
-8 953
-8 906
-8 577
-329
-4
Capital goods
-6 280
-6 602
-6 173
-429
-6
Intermediate and other merchandise goods
-11 128
-10 713
-11 318
605
6
Non-monetary gold(c)
-750
-638
-707
69
11
Total services
-7 646
-7 636
-7 745
109
1

Trend(d)

BALANCE on goods and services
1 242
1 408
1 425
17
1
CREDITS
Total goods and services
35 487
35 831
36 074
243
1
Total goods
28 188
28 479
28 678
199
1
Rural goods(b)
4 036
4 089
4 136
47
1
Non-rural goods(b)
22 340
22 563
22 723
160
1
Net exports of goods under merchanting
4
5
7
2
40
Non-monetary gold
1 808
1 821
1 812
-9
-
Total services
7 299
7 352
7 397
45
1
DEBITS
Total goods and services
-34 245
-34 424
-34 649
225
1
Total goods
-26 549
-26 746
-26 964
218
1
Consumption goods
-8 749
-8 751
-8 771
20
-
Capital goods
-6 313
-6 339
-6 364
25
-
Intermediate and other merchandise goods
-10 809
-10 955
-11 107
152
1
Non-monetary gold
-677
-701
-722
21
3
Total services
-7 696
-7 678
-7 685
7
-

- 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 2018, the trend estimate of goods and services credits rose $243m (1%) to $36,074m.

In seasonally adjusted terms, goods and services credits fell $362m (1%) to $36,070m. Non-monetary gold fell $189m (10%), non-rural goods fell $138m (1%) and rural goods fell $76m (2%). Net exports of goods under merchanting rose $7m. Services credits rose $34m.


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 2018
Jun 2018
Jul 2018
Jul 2018
Jul 2018
$m
$m
$m
$m
%

Total goods credits
28 229
29 048
28 652
-396
-1
General merchandise
26 353
27 068
26 854
-214
-1
Rural goods
3 980
4 140
4 064
-76
-2
Meat and meat preparations
1 140
1 166
1 178
12
1
Cereal grains and cereal preparations
672
730
653
-77
-11
Wool and sheepskins
395
380
350
-30
-8
Other rural(a)
1 773
1 865
1 884
19
1
Non-rural goods
22 373
22 928
22 790
-138
-1
Metal ores and minerals(b)
7 924
7 970
7 603
-367
-5
Coal, coke and briquettes(c)
5 394
5 431
5 612
181
3
Other mineral fuels(b)(d)
4 165
4 262
4 222
-40
-1
Metals (excl. non-monetary gold)
909
997
1 367
370
37
Machinery
911
901
936
35
4
Transport equipment
316
366
330
-36
-10
Other manufactures
1 800
1 886
1 883
-3
-
Other non-rural (incl. sugar and beverages)(a)
792
935
660
-275
-29
Goods procured in ports by carriers(d)
162
179
175
-4
-2
Net exports of goods under merchanting(e)
4
4
11
7
175
Non-monetary gold(e)
1 872
1 976
1 787
-189
-10

- 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 $47m (1%) to $4,136m.

In seasonally adjusted terms, exports of rural goods fell $76m (2%) to $4,064m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • cereal grains and cereal preparations, down $77m (11%)
  • wool and sheepskins, down $30m (8%).

Partly offsetting these falls were:
  • other rural, up $19m (1%)
  • meat and meat preparations, up $12m (1%).


NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $160m (1%) to $22,723m.

In seasonally adjusted terms, exports of non-rural goods fell $138m (1%) to $22,790m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • metal ores and minerals, down $367m (5%)
  • other non-rural (incl. sugar and beverages), down $275m (29%).

Partly offsetting these falls were:
  • metals (excl. non-monetary gold), up $370m (37%)
  • coal, coke and briquettes, up $181m (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 $2m (40%) to $7m.

In seasonally adjusted terms, net exports of goods under merchanting rose $7m to $11m.


NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $9m to $1,812m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $189m (10%) to $1,787m.


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 2018
Jun 2018
Jul 2018
Jul 2018
Jul 2018
$m
$m
$m
$m
%

Total services credits
7 299
7 384
7 418
34
-
Manufacturing services on physical inputs owned by others(a)
-
-
-
-
-
Maintenance and repair services n.i.e.(a)
4
4
4
-
-
Transport
610
610
627
17
3
Passenger(b)
246
244
249
5
2
Freight(c)
24
24
24
-
-
Other
219
218
224
6
3
Postal and courier services(d)
121
123
130
7
6
Travel
4 701
4 786
4 759
-27
-1
Other services
1 985
1 984
2 028
44
2
Memorandum item
Tourism related services credits(e)
4 946
5 030
5 008
-22
-

- 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 $45m (1%) to $7,397m.

In seasonally adjusted terms, services credits rose $34m to $7,418m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • other services, up $44m (2%)
  • transport, up $17m (3%).

Partly offsetting these rises was travel, down $27m (1%).

In seasonally adjusted terms, tourism related services credits fell $22m to $5,008m.

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


IMPORTS OF GOODS AND SERVICES

Between June and July 2018, the trend estimate of goods and services debits rose $225m (1%) to $34,649m.

In seasonally adjusted terms, goods and services debits rose $24m to $34,519m. Intermediate and other merchandise goods rose $605m (6%) and non-monetary gold rose $69m (11%). Capital goods fell $429m (6%) and consumption goods fell $329m (4%). Services debits rose $109m (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 2018
Jun 2018
Jul 2018
Jul 2018
Jul 2018
$m
$m
$m
$m
%

Total goods debits
-27 111
-26 859
-26 774
-85
-
General merchandise
-26 361
-26 221
-26 067
-154
-1
Consumption goods
-8 953
-8 906
-8 577
-329
-4
Food and beverages, mainly for consumption
-1 286
-1 309
-1 255
-54
-4
Household electrical items
-535
-540
-514
-26
-5
Non-industrial transport equipment
-2 076
-2 009
-2 001
-8
-
Textiles, clothing and footwear
-1 620
-1 639
-1 490
-149
-9
Toys, books and leisure goods
-612
-607
-580
-27
-4
Consumption goods n.e.s.
-2 823
-2 802
-2 737
-65
-2
Capital goods
-6 280
-6 602
-6 173
-429
-6
Machinery and industrial equipment
-2 049
-2 045
-2 001
-44
-2
ADP equipment
-913
-966
-929
-37
-4
Telecommunications equipment
-1 077
-1 087
-1 039
-48
-4
Civil aircraft and confidentialised items(b)(c)
-432
-488
-249
-239
-49
Industrial transport equipment n.e.s.
-1 172
-1 279
-1 243
-36
-3
Capital goods n.e.s.(d)
-637
-737
-712
-25
-3
Intermediate and other merchandise goods
-11 128
-10 713
-11 318
605
6
Food and beverages, mainly for industry
-151
-192
-145
-47
-24
Primary industrial supplies n.e.s.(d)
-115
-233
-183
-50
-21
Fuels and lubricants(c)
-3 397
-3 031
-3 743
712
23
Parts for transport equipment
-1 141
-1 084
-1 093
9
1
Parts for ADP equipment
-56
-49
-48
-1
-2
Other parts for capital goods
-1 569
-1 553
-1 536
-17
-1
Organic and inorganic chemicals
-311
-296
-324
28
9
Paper and paperboard
-202
-208
-200
-8
-4
Textile yarn and fabrics
-131
-132
-129
-3
-2
Iron and steel
-352
-332
-345
13
4
Plastics
-409
-399
-403
4
1
Processed industrial supplies n.e.s.
-3 137
-3 063
-3 007
-56
-2
Other merchandise goods(b)(e)
-41
-25
-39
14
56
Goods procured in ports by carriers(c)
-116
-116
-122
6
5
Non-monetary gold(c)
-750
-638
-707
69
11

- 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 $20m to $8,771m.

In seasonally adjusted terms, imports of consumption goods fell $329m (4%) to $8,577m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • textiles, clothing and footwear, down $149m (9%)
  • consumption goods n.e.s., down $65m (2%)
  • food and beverages, mainly for consumption, down $54m (4%).


CAPITAL GOODS

In trend terms, imports of capital goods rose $25m to $6,364m.

In seasonally adjusted terms, imports of capital goods fell $429m (6%) to $6,173m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • civil aircraft and confidentialised items, down $239m (49%)
  • telecommunications equipment, down $48m (4%)
  • machinery and industrial equipment, down $44m (2%)
  • ADP equipment, down $37m (4%)
  • industrial transport equipment n.e.s., down $36m (3%).


INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $152m (1%) to $11,107m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $605m (6%) to $11,318m.

The main component contributing to the rise was fuels and lubricants, up $712m (23%).


NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $21m (3%) to $722m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $69m (11%) to $707m.


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 2018
Jun 2018
Jul 2018
Jul 2018
Jul 2018
$m
$m
$m
$m
%

Total services debits
-7 646
-7 636
-7 745
109
1
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-32
-60
-60
-
-
Transport
-1 503
-1 460
-1 483
23
2
Passenger(c)
-566
-556
-585
29
5
Freight
-854
-822
-811
-11
-1
Other(b)
-70
-69
-78
9
13
Postal and courier services(d)(e)
-13
-12
-10
-2
-17
Travel
-3 761
-3 740
-3 807
67
2
Other services
-2 350
-2 376
-2 394
18
1
Memorandum item
Tourism related services debits(f)
-4 328
-4 297
-4 392
95
2

- 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 $7m to $7,685m.

In seasonally adjusted terms, services debits rose $109m (1%) to $7,745m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • travel, up $67m (2%)
  • transport, up $23m (2%)
  • other services, up $18m (1%).

In seasonally adjusted terms, tourism related services debits rose $95m (2%) to $4,392m.

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 2018
Mar 2018
Apr 2018
May 2018
Jun 2018
Jul 2018
%
%
%
%
%
%

Iron ore

Lump
Quantity
-2
10
2
3
-1
-3
Unit value
8
-3
-6
1
1
6
Fines
Quantity
-3
9
6
4
-2
-12
Unit value
3
-5
-6
-1
-2
1

Coal

Hard coking
Quantity
-15
8
-9
26
1
-9
Unit value
4
1
-6
-1
p-3
p1
Semi-soft
Quantity
-13
3
-15
21
5
-18
Unit value
7
6
2
-
p1
p-5
Thermal
Quantity
-8
7
7
-8
13
10
Unit value
4
1
-5
p3
2
p4

Gas

LNG
Quantity
-7
3
-2
-8
12
19
Unit value
8
1
3
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 June and July 2018 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $39m (3%), with quantities down 3% and unit values up 6%. Exports to:
  • China (excluding SARs and Taiwan) rose $64m (6%), with quantities down 1% and unit values up 7%
  • the Republic of Korea rose $20m (31%), with quantities up 33% and unit values down 1%
  • Taiwan fell $18m (25%), with quantities down 30% and unit values up 6%
  • Vietnam fell $17m (63%), with quantities down 65% and unit values up 5%.

Iron ore fines, down $410m (11%), with quantities down 12% and unit values up 1%. Exports to:
  • China (excluding SARs and Taiwan) fell $343m (11%), with quantities down 13% and unit values up 2%
  • Vietnam fell $36m (87%), with quantities down 86% and unit values down 4%
  • Japan fell $33m (13%), with quantities down 5% and unit values down 8%.

Hard coking coal, down $214m (8%), with quantities down 9% and unit values up 1%. Exports to:
  • China (excluding SARs and Taiwan) fell $354m (40%), with quantities down 42% and unit values up 4%
  • Japan rose $137m (52%), with quantities up 58% and unit values down 4%.

Semi-soft coal, down $217m (22%), with quantities down 18% and unit values down 5%. Exports to:
  • China (excluding SARs and Taiwan) fell $116m (63%), with quantities down 59% and unit values down 10%
  • Brazil fell $54m (73%), with quantities down 65% and unit values down 25%
  • the Republic of Korea fell $22m (13%), with quantities down 11% and unit values down 2%
  • Vietnam fell $14m, with no exports in July 2018.

Thermal coal, up $305m (14%), with quantities up 10% and unit values up 4%. Exports to:
  • Japan rose $312m (39%), with quantities up 37% and unit values up 1%
  • Taiwan rose $97m (44%), with quantities up 33% and unit values up 8%
  • the Republic of Korea rose $57m (24%), with quantities up 27% and unit values down 2%
  • China (excluding SARs and Taiwan) down $173m (27%), with quantities down 28% and unit values up 2%.

Liquefied natural gas (LNG), up $464m (14%), with quantities up 19% and unit values down 4%.