5368.0 - International Trade in Goods and Services, Australia, Apr 2014 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/06/2014   
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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 $891m in April 2014, a decrease of $28m (3%) on the surplus in March 2014.

In seasonally adjusted terms, the balance on goods and services was a deficit of $122m in April 2014, a turnaround of $1,024m on the surplus in March 2014.


EXPORTS OF GOODS AND SERVICES

Between March and April 2014, the trend estimate of goods and services credits rose $47m to $29,203m.

In seasonally adjusted terms, goods and services credits fell $421m (1%) to $28,497m. Rural goods fell $208m (6%), non-monetary gold fell $131m (11%), non-rural goods fell $96m and net exports of goods under merchanting fell $3m (19%). Services credits rose $17m.


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 $3m to $3,534m.

In seasonally adjusted terms, exports of rural goods fell $208m (6%) to $3,328m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • other rural, down $146m (9%). In original terms, on an international merchandise trade basis, oil-seeds and oleaginous fruits (SITC 22) fell $112m (39%)
  • cereal grains and cereal preparations, down $49m (6%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $64m to $19,596m.

In seasonally adjusted terms, exports of non-rural goods fell $96m to $19,177m.

The main component contributing to the fall in seasonally adjusted estimates was coal, coke and briquettes, down $361m (10%).

Partly offsetting this fall was the metal ores and minerals component, up $254m (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 $14m.

In seasonally adjusted terms, net exports of goods under merchanting fell $3m (19%) to $13m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $30m (3%) to $1,149m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $131m (11%) to $1,066m.


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


In trend terms, services credits rose $16m to $4,910m.

In seasonally adjusted terms, services credits rose $17m to $4,913m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • other services, up $14m (1%)
  • transport, up $13m (2%).

Partly offsetting these rises was the travel component, down $14m.

In seasonally adjusted terms, tourism related services credits fell $12m to $3,073m.


IMPORTS OF GOODS AND SERVICES

Between March and April 2014, the trend estimate of goods and services debits rose $75m to $28,312m.

In seasonally adjusted terms, goods and services debits rose $604m (2%) to $28,619m. Capital goods rose $399m (8%) and consumption goods rose $192m (3%). Intermediate and other merchandise goods fell $76m (1%) and non-monetary gold fell $6m (2%). Services debits rose $96m (2%).


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 $40m (1%) to $7,002m.

In seasonally adjusted terms, imports of consumption goods rose $192m (3%) to $7,068m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • textiles, clothing and footwear, up $86m (7%)
  • consumption goods n.e.s., up $61m (3%)
  • non-industrial transport equipment, up $33m (2%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $3m to $5,083m.

In seasonally adjusted terms, imports of capital goods rose $399m (8%) to $5,324m.

The main components contributing to the rise in seasonally adjusted estimates were:
  • capital goods n.e.s., up $489m (104%)
  • telecommunications equipment, up $100m (14%).

Partly offsetting these rises were:
  • machinery and industrial equipment, down $138m (8%)
  • civil aircraft and confidentialised items, down $63m (12%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $35m to $10,020m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $76m (1%) to $9,980m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • fuels and lubricants, down $164m (5%)
  • primary industrial supplies n.e.s., down $112m (51%).

Partly offsetting these falls was the processed industrial supplies n.e.s. component, up $198m (8%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $2m (1%) to $311m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $6m (2%) to $309m.


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 $5,895m.

In seasonally adjusted terms, services debits rose $96m (2%) to $5,939m.

The main component contributing to the rise in seasonally adjusted estimates was other services, up $85m (4%).

In seasonally adjusted terms, tourism related services debits rose $20m (1%) to $3,016m.


Selected commodities

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

Change in
Nov 2013
Dec 2013
Jan 2014
Feb 2014
Mar 2014
Apr 2014
%
%
%
%
%
%

Iron ore

Lump
Quantity
-5
14
-18
12
-
-6
Unit value
2
4
3
-3
-9
np
Fines
Quantity
-3
7
-10
1
21
5
Unit value
2
6
-
-5
-10
np

Coal

Hard coking
Quantity
-3
-3
2
-16
22
2
Unit value
5
-
-
-4
3
np
Semi-soft
Quantity
-20
13
-14
-8
13
-
Unit value
2
5
-1
-3
-3
np
Thermal
Quantity
-12
31
-20
5
-7
1
Unit value
-
5
2
-1
-5
np

- nil or rounded to zero (including null cells)
np not available for publication
(a) Data in this table are on a revised international merchandise trade basis and exclude value adjustments applied to balance of payments series. Unit values for the latest month have been suppressed due to the size of the value adjustments.


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

Quantities of iron ore lump exported fell 6%, with quantities to:
  • the Republic of Korea down 39%
  • Taiwan down 37%
  • China (excluding SARs and Taiwan) up 3%.

Quantities of iron ore fines exported rose 5%, with quantities to:
  • China (excluding SARs and Taiwan) up 8%
  • the Republic of Korea down 13%
  • Japan down 7%.

Quantities of hard coking coal rose 2%, with quantities to:
  • China (excluding SARs and Taiwan) up 26%
  • Netherlands up 138%
  • Japan down 19%.

Quantities of semi-soft coal remained steady, with quantities to:
  • Japan up 31%
  • China (excluding SARs and Taiwan) down 22%.

Quantities of thermal coal rose 1%, with quantities to:
  • the Republic of Korea up 40%
  • Thailand up 101%.


COUNTRY BREAKDOWN

The following charts show Australia's major trading partners for the calendar year 2013. 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 separately total exports and total imports, for the ten countries in the first chart.

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


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


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 are 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.

Exports data with the confidentiality restrictions 'no commodity details' or 'no value details' are aggregated into a single confidential commodity code. Prior to June 2013, these data are added back into the appropriate country total (i.e. these totals show the correct level of trade). From June 2013 these confidential data are excluded from the individual country and included in 'no country details' in the detailed breakdown presented in time series spreadsheet table 14a. In 2013, confidential exports data not added back into the appropriate country total accounted for 1.42% 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 time series spreadsheet table 14b. In 2013, these restrictions represented 1.93% 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'.