5368.0 - International Trade in Goods and Services, Australia, Mar 2019 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 07/05/2019   
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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 $5,874m in March 2019, an increase of $676m on the surplus in February 2019.

In seasonally adjusted terms, the balance on goods and services was a surplus of $4,949m in March 2019, a decrease of $191m on the surplus in February 2019.

The sum of seasonally adjusted balances for the three months to March 2019 was a surplus of $14,742m, an increase of $5,768m on the surplus of $8,974m for the three months to December 2018. However, if seasonal factors used in compiling the quarterly balance of payments are applied, the preliminary March quarter 2019 surplus was $14,151m, an increase of $5,561m on the December quarter 2018 surplus of $8,590m.

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

Change in:
Jan 2019
Feb 2019
Mar 2019
Mar 2019
Mar 2019
$m
$m
$m
$m
%

Seasonally Adjusted

BALANCE on goods and services
4 653
5 140
4 949
-191
-4
CREDITS
Total goods and services
39 813
40 043
39 340
-703
-2
Total goods
31 831
31 866
31 182
-684
-2
Rural goods(b)
4 144
4 070
4 199
129
3
Non-rural goods(b)
25 514
25 768
25 579
-189
-1
Net exports of goods under merchanting(c)
10
10
11
1
10
Non-monetary gold(c)
2 163
2 019
1 393
-626
-31
Total services
7 981
8 176
8 158
-18
-
DEBITS
Total goods and services
-35 159
-34 903
-34 391
-512
-1
Total goods
-26 908
-26 447
-26 025
-422
-2
Consumption goods
-8 856
-8 904
-8 610
-294
-3
Capital goods
-6 616
-6 498
-6 154
-344
-5
Intermediate and other merchandise goods
-10 983
-10 614
-10 811
197
2
Non-monetary gold(c)
-453
-430
-450
20
5
Total services
-8 251
-8 456
-8 366
-90
-1

Trend(d)

BALANCE on goods and services
4 471
5 198
5 874
676
13
CREDITS
Total goods and services
39 419
39 988
40 504
516
1
Total goods
31 364
31 893
32 371
478
1
Rural goods(b)
4 030
4 088
4 153
65
2
Non-rural goods(b)
25 710
26 123
26 468
345
1
Net exports of goods under merchanting
15
13
11
-2
-15
Non-monetary gold
1 609
1 669
1 740
71
4
Total services
8 055
8 095
8 133
38
-
DEBITS
Total goods and services
-34 948
-34 790
-34 630
-160
-
Total goods
-26 552
-26 387
-26 224
-163
-1
Consumption goods
-8 703
-8 718
-8 728
10
-
Capital goods
-6 436
-6 374
-6 339
-35
-1
Intermediate and other merchandise goods
-10 977
-10 841
-10 691
-150
-1
Non-monetary gold
-435
-454
-466
12
3
Total services
-8 397
-8 403
-8 406
3
-

- 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 February and March 2019, the trend estimate of goods and services credits rose $516m (1%) to $40,504m.

In seasonally adjusted terms, goods and services credits fell $703m (2%) to $39,340m. Non-monetary gold fell $626m (31%) and non-rural goods fell $189m (1%). Rural goods rose $129m (3%) and net exports of goods under merchanting rose $1m (10%). Services credits fell $18m.


Exports of goods

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

GOODS CREDITS, Seasonally Adjusted

Change in:
Jan 2019
Feb 2019
Mar 2019
Mar 2019
Mar 2019
$m
$m
$m
$m
%

Total goods credits
31 831
31 866
31 182
-684
-2
General merchandise
29 658
29 837
29 778
-59
-
Rural goods
4 144
4 070
4 199
129
3
Meat and meat preparations
1 248
1 262
1 364
102
8
Cereal grains and cereal preparations
557
523
496
-27
-5
Wool and sheepskins
367
342
369
27
8
Other rural(a)
1 972
1 943
1 970
27
1
Non-rural goods
25 514
25 768
25 579
-189
-1
Metal ores and minerals(b)
8 651
9 687
8 509
-1 178
-12
Coal, coke and briquettes(c)
6 016
5 241
6 068
827
16
Other mineral fuels(b)(d)
5 326
5 472
5 408
-64
-1
Metals (excl. non-monetary gold)
1 181
1 157
1 181
24
2
Machinery
939
945
995
50
5
Transport equipment
465
344
425
81
24
Other manufactures
1 918
1 962
2 044
82
4
Other non-rural (incl. sugar and beverages)(a)
882
812
799
-13
-2
Goods procured in ports by carriers(d)
136
146
150
4
3
Net exports of goods under merchanting(e)
10
10
11
1
10
Non-monetary gold(e)
2 163
2 019
1 393
-626
-31

- 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 $65m (2%) to $4,153m.

In seasonally adjusted terms, exports of rural goods rose $129m (3%) to $4,199m.

The main component contributing to the rise in seasonally adjusted estimates was meat and meat preparations, up $102m (8%).


NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $345m (1%) to $26,468m.

In seasonally adjusted terms, exports of non-rural goods fell $189m (1%) to $25,579m.

The main component contributing to the fall in seasonally adjusted estimates was metal ores and minerals, down $1,178m (12%).

Partly offsetting this fall were:
  • coal, coke and briquettes, up $827m (16%)
  • other manufactures, up $82m (4%)
  • transport equipment, up $81m (24%).

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 $2m (15%) to $11m.

In seasonally adjusted terms, net exports of goods under merchanting rose $1m (10%) to $11m.


NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $71m (4%) to $1,740m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $626m (31%) to $1,393m.


Exports of services

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

SERVICES CREDITS, Seasonally Adjusted

Change in:
Jan 2019
Feb 2019
Mar 2019
Mar 2019
Mar 2019
$m
$m
$m
$m
%

Total services credits
7 981
8 176
8 158
-18
-
Manufacturing services on physical inputs owned by others(a)
-
-
-
-
-
Maintenance and repair services n.i.e.(a)
1
10
4
-6
-60
Transport
608
613
612
-1
-
Passenger(b)
239
242
241
-1
-
Freight(c)
22
22
23
1
5
Other
240
239
240
1
-
Postal and courier services(d)
107
110
108
-2
-2
Travel
5 202
5 368
5 353
-15
-
Other services
2 170
2 186
2 190
4
-
Memorandum item
Tourism related services credits(e)
5 440
5 609
5 593
-16
-

- 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 $38m to $8,133m.

In seasonally adjusted terms, services credits fell $18m to $8,158m.

The main component contributing to the fall in seasonally adjusted estimates was travel, down $15m.

In seasonally adjusted terms, tourism related services credits fell $16m to $5,593m.

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


IMPORTS OF GOODS AND SERVICES

Between February and March 2019, the trend estimate of goods and services debits fell $160m to $34,630m.

In seasonally adjusted terms, goods and services debits fell $512m (1%) to $34,391m. Capital goods fell $344m (5%) and consumption goods fell $294m (3%). Intermediate and other merchandise goods rose $197m (2%) and non-monetary gold rose $20m (5%). Services debits fell $90m (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:
Jan 2019
Feb 2019
Mar 2019
Mar 2019
Mar 2019
$m
$m
$m
$m
%

Total goods debits
-26 908
-26 447
-26 025
-422
-2
General merchandise
-26 455
-26 017
-25 575
-442
-2
Consumption goods
-8 856
-8 904
-8 610
-294
-3
Food and beverages, mainly for consumption
-1 389
-1 362
-1 349
-13
-1
Household electrical items
-549
-529
-544
15
3
Non-industrial transport equipment
-1 907
-2 285
-1 932
-353
-15
Textiles, clothing and footwear
-1 498
-1 494
-1 453
-41
-3
Toys, books and leisure goods
-543
-497
-515
18
4
Consumption goods n.e.s.
-2 970
-2 737
-2 818
81
3
Capital goods
-6 616
-6 498
-6 154
-344
-5
Machinery and industrial equipment
-2 164
-2 320
-2 094
-226
-10
ADP equipment
-1 035
-807
-908
101
13
Telecommunications equipment
-1 099
-1 046
-1 132
86
8
Civil aircraft and confidentialised items(b)(c)
-390
-314
-355
41
13
Industrial transport equipment n.e.s.
-1 355
-1 380
-1 016
-364
-26
Capital goods n.e.s.(d)
-574
-631
-648
17
3
Intermediate and other merchandise goods
-10 983
-10 614
-10 811
197
2
Food and beverages, mainly for industry
-168
-174
-170
-4
-2
Primary industrial supplies n.e.s.(d)
-153
-214
-190
-24
-11
Fuels and lubricants(c)
-3 186
-2 911
-3 252
341
12
Parts for transport equipment
-1 143
-1 117
-1 091
-26
-2
Parts for ADP equipment
-57
-60
-57
-3
-5
Other parts for capital goods
-1 585
-1 557
-1 587
30
2
Organic and inorganic chemicals
-291
-299
-276
-23
-8
Paper and paperboard
-211
-205
-202
-3
-1
Textile yarn and fabrics
-133
-121
-120
-1
-1
Iron and steel
-326
-316
-278
-38
-12
Plastics
-389
-378
-374
-4
-1
Processed industrial supplies n.e.s.
-3 134
-3 094
-3 055
-39
-1
Other merchandise goods(b)(e)
-76
-37
-27
-10
-27
Goods procured in ports by carriers(c)
-132
-132
-133
1
1
Non-monetary gold(c)
-453
-430
-450
20
5

(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 $10m to $8,728m.

In seasonally adjusted terms, imports of consumption goods fell $294m (3%) to $8,610m.

The main component contributing to the fall in seasonally adjusted estimates was non-industrial transport equipment, down $353m (15%).

Partly offsetting this fall was consumption goods n.e.s., up $81m (3%).


CAPITAL GOODS

In trend terms, imports of capital goods fell $35m (1%) to $6,339m.

In seasonally adjusted terms, imports of capital goods fell $344m (5%) to $6,154m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • industrial transport equipment n.e.s., down $364m (26%)
  • machinery and industrial equipment, down $226m (10%).

Partly offsetting these falls were:
  • ADP equipment, up $101m (13%)
  • telecommunications equipment, up $86m (8%).


INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $150m (1%) to $10,691m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $197m (2%) to $10,811m.

The main component contributing to the rise in seasonally adjusted estimates was fuels and lubricants, up $341m (12%).

Partly offsetting this rise were:
  • processed industrial supplies n.e.s., down $39m (1%)
  • iron and steel, down $38m (12%).


NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $12m (3%) to $466m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $20m (5%) 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:
Jan 2019
Feb 2019
Mar 2019
Mar 2019
Mar 2019
$m
$m
$m
$m
%

Total services debits
-8 251
-8 456
-8 366
-90
-1
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-61
-61
-82
21
34
Transport
-1 535
-1 554
-1 543
-11
-1
Passenger(c)
-618
-635
-630
-5
-1
Freight
-838
-840
-835
-5
-1
Other(b)
-72
-72
-71
-1
-1
Postal and courier services(d)(e)
-7
-7
-7
-
-
Travel
-4 093
-4 262
-4 141
-121
-3
Other services
-2 561
-2 579
-2 600
21
1
Memorandum item
Tourism related services debits(f)
-4 712
-4 897
-4 771
-126
-3

- 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 $3m to $8,406m.

In seasonally adjusted terms, services debits fell $90m (1%) to $8,366m.

The main component contributing to the fall in seasonally adjusted estimates was travel, down $121m (3%).

Partly offsetting this fall were:
  • maintenance and repair services n.i.e., up $21m (34%)
  • other services, up $21m (1%).

In seasonally adjusted terms, tourism related services debits fell $126m (3%) to $4,771m.

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:
Oct 2018
Nov 2018
Dec 2018
Jan 2019
Feb 2019
Mar 2019
%
%
%
%
%
%

Iron ore

Lump
Quantity
1
-6
18
-17
2
-12
Unit value
4
-
-2
10
9
-1
Fines
Quantity
-4
-4
16
-16
5
-14
Unit value
6
-
-3
9
12
1

Coal

Hard coking
Quantity
3
-4
-5
7
-30
58
Unit value
8
5
p1
p-3
p-6
p -
Semi-soft
Quantity
3
17
-
-9
-18
21
Unit value
2
-2
1
p1
p-1
p-3
Thermal
Quantity
12
-21
32
-8
-18
9
Unit value
2
-5
-2
3
-4
p-1

Gas

LNG
Quantity
10
2
1
-5
-9
12
Unit value
1
-
1
4
-
-3

- 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 February and March 2019 the largest movements recorded for the following selected commodities were:

Iron ore lump, down $240m (13%), with quantities down 12% and unit values down 1%. Exports to:
  • China (excluding SARs and Taiwan) fell $212m (14%), with quantities down 13% and unit values down 2%
  • the Republic of Korea fell $29m (42%), with quantities down 41% and unit values down 1%.

Iron ore fines, down $592m (13%), with quantities down 14% and unit values up 1%. Exports to:
  • China (excluding SARs and Taiwan) fell $426m (11%), with quantities down 11%
  • the Republic of Korea fell $97m (38%), with quantities down 42% and unit values up 7%
  • Taiwan fell $51m (64%), with quantities down 66% and unit values up 6%.

Hard coking coal, up $1,066m (58%), with quantities up 58%. Exports to:
  • India rose $245m (54%), with quantities up 48% and unit values up 3%
  • China (excluding SARs and Taiwan) rose $193m (40%), with quantities up 42% and unit values down 2%
  • the Republic of Korea rose $176m, with unit values down 1%
  • Japan rose $117m (43%), with quantities up 47% and unit values down 3%
  • Netherlands rose $106m, with unit values up 4%.

Semi-soft coal, up $142m (18%), with quantities up 21% and unit values down 3%. Exports to:
  • China (excluding SARs and Taiwan) rose $54m (83%), with quantities up 82%
  • Vietnam rose $54m, with unit values up 10%
  • the Republic of Korea rose $41m (23%), with quantities up 37% and unit values down 10%.

Thermal coal, up $132m (7%), with quantities up 9% and unit values down 1%. Exports to:
  • the Republic of Korea rose $102m (42%), with quantities up 55% and unit values down 8%
  • Japan rose $67m (8%), with quantities up 10% and unit values down 2%
  • China (excluding SARs and Taiwan) fell $52m (17%), with quantities down 18% and unit values up 1%.

Liquefied natural gas (LNG), up $356m (9%), with quantities up 12% and unit values down 3%.