ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a surplus of $445m in April 2013, an increase of $273m (159%) on the surplus in March 2013.

In seasonally adjusted terms, the balance on goods and services was a surplus of $28m in April 2013, a decrease of $527m (95%) on the surplus in March 2013.


EXPORTS OF GOODS AND SERVICES

Between March and April 2013, the trend estimate of goods and services credits rose $111m to $25,648m.

In seasonally adjusted terms, goods and services credits fell $302m (1%) to $25,419m. Non–rural goods fell $463m (3%) and net exports of goods under merchanting fell $7m (37%). Non–monetary gold rose $138m (12%) and rural goods rose $64m (2%). Services credits fell $34m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $31m (1%) to $3,092m.

In seasonally adjusted terms, exports of rural goods rose $64m (2%) to $3,154m.

The main component contributing to the rise in seasonally adjusted estimates was other rural, up $121m (9%).

Partly offsetting this rise was cereal grains and cereal preparations, down $57m (7%).

NON–RURAL GOODS

In trend terms, exports of non–rural goods rose $104m (1%) to $16,969m.

In seasonally adjusted terms, exports of non–rural goods fell $463m (3%) to $16,622m.

The main components contributing to the fall in seasonally adjusted estimates were:

• other mineral fuels, down $191m (9%)
• coal, coke and briquettes, down $174m (5%)
• other non–rural (incl. sugar and beverages), down $71m (8%).

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 $1m (6%) to $16m.

In seasonally adjusted terms, net exports of goods under merchanting fell $7m (37%) to $12m.

NON–MONETARY GOLD

In trend terms, exports of non–monetary gold fell $27m (2%) to $1,225m.

In original and seasonally adjusted terms, exports of non–monetary gold rose $138m (12%) to $1,307m.


Exports of services


In trend terms, services credits rose $6m to $4,347m.

In seasonally adjusted terms, services credits fell $34m (1%) to $4,324m.

The main component contributing to the fall in seasonally adjusted estimates was travel, down $32m (1%).

In seasonally adjusted terms, tourism related services credits fell $42m (2%) to $2,752m.


IMPORTS OF GOODS AND SERVICES

Between March and April 2013, the trend estimate of goods and services debits fell $161m (1%) to $25,204m.

In seasonally adjusted terms, goods and services debits rose $225m (1%) to $25,391m. Capital goods rose $733m (16%) and non–monetary gold rose $67m (18%). Intermediate and other merchandise goods fell $354m (4%) and consumption goods fell $327m (6%). Services debits rose $107m (2%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods fell $45m (1%) to $5,737m.

In seasonally adjusted terms, imports of consumption goods fell $327m (6%) to $5,500m.

The main components contributing to the fall in seasonally adjusted estimates were:

• consumption goods n.e.s., down $146m (8%)
• non–industrial transport equipment, down $90m (6%)
• food and beverages, mainly for consumption, down $49m (5%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $100m (2%) to $4,959m.

In seasonally adjusted terms, imports of capital goods rose $733m (16%) to $5,322m.

The main components contributing to the rise in seasonally adjusted estimates were:

• civil aircraft and confidentialised items, up $303m (167%)
• capital goods n.e.s., up $254m (29%)
• industrial transport equipment n.e.s., up $104m (15%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $34m to $8,838m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $354m (4%) to $8,761m.

The main components contributing to the fall in seasonally adjusted estimates were:

• processed industrial supplies n.e.s., down $213m (9%)
• iron and steel, down $77m (21%)
• other parts for capital goods, down $73m (6%).

NON–MONETARY GOLD

In trend terms, imports of non–monetary gold rose $13m (4%) to $373m.

In original and seasonally adjusted terms, imports of non–monetary gold rose $67m (18%) to $434m.


Imports of services


In trend terms, services debits rose $6m to $5,297m.

In seasonally adjusted terms, services debits rose $107m (2%) to $5,374m.

The main components contributing to the rise in seasonally adjusted estimates were:

• travel, up $72m (3%)
• other services, up $22m (1%).

In seasonally adjusted terms, tourism related services debits rose $84m (3%) to $2,802m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) – Original terms
		Change in
		Nov 2012	Dec 2012	Jan 2013	Feb 2013	Mar 2013	Apr 2013
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	–2	19	–16	–12	22	8
	Unit value	3	1	15	4	–	3
Fines
	Quantity	–3	23	–19	–4	17	–1
	Unit value	7	3	14	8	–1	–1
Coal
Hard coking
	Quantity	20	8	–15	–4	–4	11
	Unit value	–7	1	3	3	–	–2
Semi–soft
	Quantity	15	8	–15	–5	32	–19
	Unit value	–9	2	2	2	1	1
Thermal
	Quantity	–16	21	–9	–14	–6	17
	Unit value	–5	–3	–	1	–1	–3
– nil or rounded to zero (including null cells)
(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 March and April 2013 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $158m (11%), with quantities up 8% and unit values up 3%.
Exports to:

• Japan rose $81m (33%), with quantities up 12% and unit values up 19%
• China rose $80m (8%), with quantities up 10% and unit values down 2%.

Iron ore fines fell $80m (2%), with quantities down 1% and unit values down 1%.
Exports to:

• China fell $208m (6%), with quantities down 3% and unit values down 4%
• Japan rose $67m (14%), with unit values up 15%
• Taiwan rose $56m (75%), with quantities up 86% and unit values down 6%.

Hard coking coal rose $100m (9%), with quantities up 11% and unit values down 2%. Exports to the United Kingdom rose $74m (100%) with quantities up 100%.

Semi–soft coal fell $122m (18%), with quantities down 19% and unit values up 1%. Exports to:

• China fell $75m (40%), with quantities down 39% and unit values down 1%
• the Republic of Korea fell $53m (50%), with quantities down 50% and unit values down 1%.

Thermal coal rose $156m (14%), with quantities up 17% and unit values down 3%. Exports to:

• China rose $82m (46%), with quantities up 46%
• Japan rose $57m (11%), with quantities up 14% and unit values down 3%.

COUNTRY BREAKDOWN

The following charts show Australia's major trading partners for the calendar year 2012. 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 separately for the same ten countries.

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). The Manufacturing services on physical inputs owned by others component country information is already available in the Goods estimates and is therefore not included in the Services estimates to avoid double counting. These components are unlikely to impact on the broad analysis.

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 2012, these restrictions represented 2% 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'.