5368.0 - International Trade in Goods and Services, Australia, Oct 2014 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 04/12/2014   
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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 $1,547m in October 2014, a decrease of $82m (5%) on the deficit in September 2014.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,323m in October 2014, a decrease of $912m (41%) on the deficit in September 2014.


EXPORTS OF GOODS AND SERVICES

Between September and October 2014, the trend estimate of goods and services credits rose $119m to $26,524m.

In seasonally adjusted terms, goods and services credits rose $409m (2%) to $26,904m. Non-rural goods rose $700m (4%). Non-monetary gold fell $204m (13%), rural goods fell $115m (4%) and net exports of goods under merchanting fell $7m (70%). Services credits rose $35m (1%).


Exports of goods

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


RURAL GOODS

In trend terms, exports of rural goods fell $5m to $3,226m.

In seasonally adjusted terms, exports of rural goods fell $115m (4%) to $3,156m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • cereal grains and cereal preparations, down $97m (15%)
  • other rural, down $47m (4%).

Partly offsetting these falls was meat and meat preparations, up $56m (5%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $30m to $16,957m.

In seasonally adjusted terms, exports of non-rural goods rose $700m (4%) to $17,390m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • metal ores and minerals, up $294m (4%)
  • metals (excl. non-monetary gold), up $184m (20%)
  • coal, coke and briquettes, up $97m (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 $7m.

In seasonally adjusted terms, net exports of goods under merchanting fell $7m (70%) to $3m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $71 (6%) to $1,357m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $204m (13%) to $1,351m.


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


In trend terms, services credits rose $22m to $4,976m.

In seasonally adjusted terms, services credits rose $35m (1%) to $5,004m. The main component contributing to the rise in services credits was travel, up $23m (1%).

In seasonally adjusted terms, tourism related services credits rose $23m (1%) to $3,237m.


IMPORTS OF GOODS AND SERVICES

Between September and October 2014, the trend estimate of goods and services debits rose $37m to $28,071m.

In seasonally adjusted terms, goods and services debits fell $503m (2%) to $28,227m. Intermediate and other merchandise goods fell $371m (4%), consumption goods fell $95m (1%), capital goods fell $43m (1%) and non-monetary gold fell $34m (9%). Services debits rose $39m (1%).


Imports of goods
GOODS DEBITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Goods Debits


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $16m to $6,918m.

In seasonally adjusted terms, imports of consumption goods fell $95m (1%) to $6,913m.

The main component contributing to the fall in seasonally adjusted estimates was non-industrial transport equipment, down $112m (7%).

Partly offsetting this fall was textiles, clothing and footwear, up $21m (2%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $40m (1%) to $5,323m.

In seasonally adjusted terms, imports of capital goods fell $43m (1%) to $5,410m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • civil aircraft and confidentialised items, down $391m (53%)
  • machinery and industrial equipment, down $178m (9%).

Partly offsetting these falls was capital goods n.e.s., up $492m (72%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $24m to $9,728m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $371m (4%) to $9,728m.

The main component contributing to the fall in seasonally adjusted estimates was fuels and lubricants, down $407m (11%).

Partly offsetting this fall was parts for transport equipment, up $46m (5%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $7m (2%) to $311m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $34m (9%) to $331m.


Imports of services
SERVICES DEBITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Services Debits


In trend terms, services debits fell $2m to $5,791m.

In seasonally adjusted terms, services debits rose $39m (1%) to $5,844m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • other services, up $23m (1%)
  • travel, up $22m (1%).

In seasonally adjusted terms, tourism related services debits rose $18m (1%) to $3,085m.


Selected commodities

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

Change in
May 2014
Jun 2014
Jul 2014
Aug 2014
Sep 2014
Oct 2014
%
%
%
%
%
%

Iron ore

Lump
Quantity
5
-6
9
1
-3
-7
Unit value
-6
-9
-6
-2
-4
p10
Fines
Quantity
1
-3
4
3
-4
9
Unit value
-9
-10
-
-2
-4
p20

Coal

Hard coking
Quantity
-9
12
-17
13
2
-1
Unit value
-3
-3
-1
-
p5
p7
Semi-soft
Quantity
5
6
-4
5
5
-3
Unit value
-3
-3
-2
-1
p5
p3
Thermal
Quantity
4
-1
13
-
-9
1
Unit value
1
-2
-2
-1
2
-1

- 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.


On an international merchandise trade basis, in original terms (noting the footnote in the above table), between September and October 2014 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $19m (2%), with quantities down 7% and unit values up 10%.
Exports to:
  • China (excluding SARs and Taiwan) rose $61m (8%), with quantities down 6% and unit values up 15%
  • the Republic of Korea rose $13m (21%), with quantities up 12% and unit values up 8%
  • Taiwan rose $12m (20%), with quantities up 19% and unit values up 1%.

Partly offsetting these rises was exports to Japan, down $63m (22%), with quantities down 21% and unit values down 1%.

Iron ore fines rose $1,180m (32%), with quantities up 9% and unit values up 20%.
Exports to China (excluding SARs and Taiwan) rose $1,287m (44%), with quantities up 15% and unit values up 26%.

Partly offsetting this rise was exports to Japan, down $76m (18%), with quantities down 18%.

Hard coking coal rose $74m (6%), with quantities down 1% and unit values up 7%.
Exports to:
  • China (excluding SARs and Taiwan) rose $64m (17%), with quantities up 9% and unit values up 7%
  • the Netherlands rose $45m (68%), with quantities up 63% and unit values up 4%.

Partly offsetting these rises was exports to India, down $34m (11%), with quantities down 18% and unit values up 9%.

Semi-soft coal rose $1m, with quantities down 3% and unit values up 3%.
Exports to:
  • Japan rose $39m (31%), with quantities up 26% and unit values up 4%
  • China (excluding SARs and Taiwan) rose $18m (15%), with quantities up 12% and unit values up 3%.

Partly offsetting these rises was exports to the Republic of Korea, down $56m (39%), with quantities down 40% and unit values up 1%.

Thermal coal fell $9m (1%), with quantities up 1% and unit values down 1%.
Exports to Japan fell $106m (19%), with quantities down 18%.

Partly offsetting this fall was exports to:
  • China (excluding SARs and Taiwan) rose $59m (27%), with quantities up 24% and unit values up 2%
  • Taiwan rose $25m (20%), with quantities up 22% and unit values down 2%.


COUNTRY BREAKDOWN

The following charts show Australia's major trading partners for the financial year 2013-14. The charts include both trade in goods (on an international merchandise trade basis) and trade in services (on a balance of payments basis). The first chart shows the countries with the largest two-way trade, i.e., combined trade in both exports and imports of goods and services. The second chart shows total exports and total imports for each of these countries.

TOTAL VALUE OF TWO-WAY TRADE, By major countries - 2013-14, Percentage share
Graph: TOTAL VALUE OF TWO-WAY TRADE, By major countries – 2013–14, Percentage share


EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries - 2013-14
Graph: EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries – 2013–14


Combining trade in goods (on an international merchandise trade basis) and trade in services (on a balance of payments basis) provides a good approximation of total trade. Some components will be excluded (e.g. merchanting credits and goods procured in ports by carriers debits) while the manufacturing services on physical inputs owned by others component, will be double counted. These components are unlikely to impact on the broader analysis.

Exports data with the confidentiality restrictions 'no commodity details' or 'no value details' are now being excluded from the individual country and included in 'no country details' in the detailed breakdown in the time series spreadsheet table 14a. In 2013-14, these restrictions represented 2.08% of the total exports value. However, this figure does vary across individual countries. In table 14 of this publication, the 'no country details' data is included in 'other countries'.

Imports data with the confidentiality restrictions 'no commodity details' or 'no value details' are excluded from the individual country and included in 'no country details' in the detailed breakdown presented in the time series spreadsheet table 14b. In 2013-14, these restrictions represented 2.30% of the total imports value. However, this figure does vary across individual countries. In table 14 of this publication, the 'no country details' data is included in 'other countries'.

For further details about these restrictions see paragraphs 26 to 28 of the Explanatory Notes.