ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a surplus of $6,018m in April 2019, an increase of $428m on the surplus in March 2019.

In seasonally adjusted terms, the balance on goods and services was a surplus of $4,871m in April 2019, a decrease of $16m on the surplus in March 2019.

GOODS AND SERVICES SUMMARY(a), Seasonally Adjusted and Trend
							Change in:
				Feb 2019	Mar 2019	Apr 2019	Apr 2019	Apr 2019
				$m	$m	$m	$m	%
Seasonally Adjusted
BALANCE on goods and services				5 017	4 887	4 871	-16	-
CREDITS
	Total goods and services			40 081	39 457	40 425	968	2
		Total goods		31 904	31 294	32 198	904	3
			Rural goods(b)	4 054	4 182	4 115	-67	-2
			Non-rural goods(b)	25 821	25 709	26 400	691	3
			Net exports of goods under merchanting(c)	10	11	19	8	73
			Non-monetary gold(c)	2 019	1 393	1 665	272	20
		Total services		8 177	8 162	8 227	65	1
DEBITS
	Total goods and services			-35 064	-34 569	-35 554	985	3
		Total goods		-26 612	-26 213	-27 203	990	4
			Consumption goods	-8 916	-8 635	-8 933	298	3
			Capital goods	-6 642	-6 289	-6 597	308	5
			Intermediate and other merchandise goods	-10 625	-10 839	-11 262	423	4
			Non-monetary gold(c)	-430	-450	-410	-40	-9
		Total services		-8 452	-8 356	-8 351	-5	-
Trend(d)
BALANCE on goods and services				5 049	5 590	6 018	428	8
CREDITS
	Total goods and services			40 069	40 598	41 009	411	1
		Total goods		31 962	32 442	32 811	369	1
			Rural goods(b)	4 081	4 131	4 179	48	1
			Non-rural goods(b)	26 190	26 578	26 877	299	1
			Net exports of goods under merchanting	14	13	13	-	-
			Non-monetary gold	1 677	1 720	1 743	23	1
		Total services		8 107	8 156	8 198	42	1
DEBITS
	Total goods and services			-35 020	-35 008	-34 991	-17	-
		Total goods		-26 630	-26 624	-26 614	-10	-
			Consumption goods	-8 758	-8 798	-8 833	35	-
			Capital goods	-6 511	-6 507	-6 478	-29	-
			Intermediate and other merchandise goods	-10 916	-10 871	-10 857	-14	-
			Non-monetary gold	-446	-448	-446	-2	-
		Total services		-8 390	-8 384	-8 377	-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 March and April 2019, the trend estimate of goods and services credits rose $411m (1%) to $41,009m.

In seasonally adjusted terms, goods and services credits rose $968m (2%) to $40,425m. Non-rural goods rose $691m (3%), non-monetary gold rose $272m (20%) and net exports of goods under merchanting rose $8m (73%). Rural goods fell $67m (2%). Services credits rose $65m (1%).


Exports of goods


GOODS CREDITS

GOODS CREDITS, Seasonally Adjusted
							Change in:
				Feb 2019	Mar 2019	Apr 2019	Apr 2019	Apr 2019
				$m	$m	$m	$m	%
Total goods credits				31 904	31 294	32 198	904	3
	General merchandise			29 875	29 890	30 514	624	2
		Rural goods		4 054	4 182	4 115	-67	-2
			Meat and meat preparations	1 264	1 369	1 390	21	2
			Cereal grains and cereal preparations	524	497	495	-2	-
			Wool and sheepskins	344	375	391	16	4
			Other rural(a)	1 923	1 941	1 839	-102	-5
		Non-rural goods		25 821	25 709	26 400	691	3
			Metal ores and minerals(b)	9 686	8 491	9 866	1 375	16
			Coal, coke and briquettes(c)	5 242	6 122	5 410	-712	-12
			Other mineral fuels(b)(d)	5 507	5 476	5 284	-192	-4
			Metals (excl. non-monetary gold)	1 166	1 196	1 296	100	8
			Machinery	947	999	995	-4	-
			Transport equipment	341	426	398	-28	-7
			Other manufactures	1 970	2 040	2 113	73	4
			Other non-rural (incl. sugar and beverages)(a)	816	807	879	72	9
			Goods procured in ports by carriers(d)	147	151	159	8	5
	Net exports of goods under merchanting(e)			10	11	19	8	73
	Non-monetary gold(e)			2 019	1 393	1 665	272	20
- 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 $48m (1%) to $4,179m.

In seasonally adjusted terms, exports of rural goods fell $67m (2%) to $4,115m.

The main component contributing to the fall in seasonally adjusted estimates was other rural, down $102m (5%).

Partly offsetting this fall was meat and meat preparations, up $21m (2%).


NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $299m (1%) to $26,877m.

In seasonally adjusted terms, exports of non-rural goods rose $691m (3%) to $26,400m.

The main component contributing to the rise in seasonally adjusted estimates was metal ores and minerals, up $1,375m (16%).

Partly offsetting this rise were:

• coal, coke and briquettes, down $712m (12%)
• other mineral fuels, down $192m (4%)
• transport equipment, down $28m (7%).

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 $13m.

In seasonally adjusted terms, net exports of goods under merchanting rose $8m (73%) to $19m.


NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $23m (1%) to $1,743m.

In original and seasonally adjusted terms, exports of non-monetary gold rose $272m (20%) to $1,665m.


Exports of services


SERVICES CREDITS

SERVICES CREDITS, Seasonally Adjusted
						Change in:
			Feb 2019	Mar 2019	Apr 2019	Apr 2019	Apr 2019
			$m	$m	$m	$m	%
Total services credits			8 177	8 162	8 227	65	1
	Manufacturing services on physical inputs owned by others(a)		-	-	-	-	-
	Maintenance and repair services n.i.e.(a)		10	4	4	-	-
	Transport		613	611	610	-1	-
		Passenger(b)	241	240	239	-1	-
		Freight(c)	22	23	23	-	-
		Other	239	239	235	-4	-2
		Postal and courier services(d)	110	109	112	3	3
	Travel		5 370	5 359	5 429	70	1
	Other services		2 185	2 188	2 184	-4	-
Memorandum item
	Tourism related services credits(e)		5 611	5 599	5 668	69	1
- 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 $42m (1%) to $8,198m.

In seasonally adjusted terms, services credits rose $65m (1%) to $8,227m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $70m (1%).

In seasonally adjusted terms, tourism related services credits rose $69m (1%) to $5,668m.

In seasonally adjusted terms, total services credits contributed 20% of total goods and services exported.


IMPORTS OF GOODS AND SERVICES

Between March and April 2019, the trend estimate of goods and services debits fell $17m to $34,991m.

In seasonally adjusted terms, goods and services debits rose $985m (3%) to $35,554m. Intermediate and other merchandise goods rose $423m (4%), capital goods rose $308m (5%) and consumption goods rose $298m (3%). Non-monetary gold fell $40m (9%). Services debits fell $5m.


Imports of goods


GOODS DEBITS

GOODS DEBITS(a), Seasonally Adjusted
							Change in:
				Feb 2019	Mar 2019	Apr 2019	Apr 2019	Apr 2019
				$m	$m	$m	$m	%
Total goods debits				-26 612	-26 213	-27 203	990	4
	General merchandise			-26 182	-25 763	-26 793	1 030	4
		Consumption goods		-8 916	-8 635	-8 933	298	3
			Food and beverages, mainly for consumption	-1 363	-1 354	-1 389	35	3
			Household electrical items	-528	-544	-538	-6	-1
			Non-industrial transport equipment	-2 292	-1 936	-2 050	114	6
			Textiles, clothing and footwear	-1 505	-1 466	-1 604	138	9
			Toys, books and leisure goods	-496	-519	-544	25	5
			Consumption goods n.e.s.	-2 732	-2 817	-2 809	-8	-
		Capital goods		-6 642	-6 289	-6 597	308	5
			Machinery and industrial equipment	-2 329	-2 082	-2 080	-2	-
			ADP equipment	-810	-915	-937	22	2
			Telecommunications equipment	-1 037	-1 125	-1 056	-69	-6
			Civil aircraft and confidentialised items(b)(c)	-314	-355	-401	46	13
			Industrial transport equipment n.e.s.	-1 389	-1 014	-1 202	188	19
			Capital goods n.e.s.(d)	-763	-799	-921	122	15
		Intermediate and other merchandise goods		-10 625	-10 839	-11 262	423	4
			Food and beverages, mainly for industry	-174	-170	-175	5	3
			Primary industrial supplies n.e.s.(d)	-209	-182	-128	-54	-30
			Fuels and lubricants(c)	-2 911	-3 252	-3 371	119	4
			Parts for transport equipment	-1 126	-1 104	-1 219	115	10
			Parts for ADP equipment	-59	-56	-53	-3	-5
			Other parts for capital goods	-1 565	-1 602	-1 750	148	9
			Organic and inorganic chemicals	-295	-272	-262	-10	-4
			Paper and paperboard	-205	-202	-207	5	2
			Textile yarn and fabrics	-123	-121	-130	9	7
			Iron and steel	-313	-274	-263	-11	-4
			Plastics	-378	-374	-370	-4	-1
			Processed industrial supplies n.e.s.	-3 097	-3 070	-3 181	111	4
			Other merchandise goods(b)(e)	-37	-27	-24	-3	-11
			Goods procured in ports by carriers(c)	-132	-133	-130	-3	-2
	Non-monetary gold(c)			-430	-450	-410	-40	-9
- 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 $35m to $8,833m.

In seasonally adjusted terms, imports of consumption goods rose $298m (3%) to $8,933m.

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

• textiles, clothing and footwear, up $138m (9%)
• non-industrial transport equipment, up $114m (6%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $29m to $6,478m.

In seasonally adjusted terms, imports of capital goods rose $308m (5%) to $6,597m.

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

• industrial transport equipment n.e.s., up $188m (19%)
• capital goods n.e.s., up $122m (15%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $14m to $10,857m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $423m (4%) to $11,262m.

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

• other parts for capital goods, up $148m (9%)
• fuels and lubricants, up $119m (4%)
• parts for transport equipment, up $115m (10%)
• processed industrial supplies n.e.s., up $111m (4%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $2m to $446m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $40m (9%) to $410m.


Imports of services


SERVICES DEBITS

SERVICES DEBITS(a), Seasonally Adjusted
						Change in:
			Feb 2019	Mar 2019	Apr 2019	Apr 2019	Apr 2019
			$m	$m	$m	$m	%
Total services debits			-8 452	-8 356	-8 351	-5	-
	Manufacturing services on physical inputs owned by others(b)		-	-	-	-	-
	Maintenance and repair services n.i.e.(b)		-61	-82	-41	-41	-50
	Transport		-1 553	-1 540	-1 533	-7	-
		Passenger(c)	-639	-634	-654	20	3
		Freight	-835	-828	-803	-25	-3
		Other(b)	-72	-71	-69	-2	-3
		Postal and courier services(d)(e)	-7	-7	-8	1	14
	Travel		-4 258	-4 133	-4 169	36	1
	Other services		-2 580	-2 601	-2 608	7	-
Memorandum item
	Tourism related services debits(f)		-4 897	-4 767	-4 823	56	1
- 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 fell $7m to $8,377m.

In seasonally adjusted terms, services debits fell $5m to $8,351m.

The main component contributing to the fall in seasonally adjusted estimates was maintenance and repair services n.i.e., down $41m (50%).

Partly offsetting this fall was travel, up $36m (1%).

In seasonally adjusted terms, tourism related services debits rose $56m (1%) to $4,823m.

In seasonally adjusted terms, total services debits contributed 23% of total goods and services imported.


Selected commodities

Selected commodities, quantity and unit value analysis - International merchandise trade basis(a): Original terms
		Change in:
		Nov 2018	Dec 2018	Jan 2019	Feb 2019	Mar 2019	Apr 2019
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	-6	17	-17	3	-14	17
	Unit value	-1	-2	10	9	2	3
Fines
	Quantity	-4	16	-16	5	-14	21
	Unit value	-	-3	9	13	11	5
Coal
Hard coking
	Quantity	-4	-5	7	-29	52	-25
	Unit value	5	p1	p-1	-4	p-4	p1
Semi-soft
	Quantity	17	-	-9	-17	18	-5
	Unit value	-2	p1	-	2	p-4	p-1
Thermal
	Quantity	-21	32	-8	-18	8	6
	Unit value	-5	-2	3	-4	p-1	p-7
Gas
LNG
	Quantity	2	1	-5	-9	9	6
	Unit value	-	1	4	-1	-4	-12
- 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 March and April 2019 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $347m (20%), with quantities up 17% and unit values up 3%. Exports to:

• China (excluding SARs and Taiwan) rose $256m (20%), with quantities up 17% and unit values up 2%
• the Republic of Korea rose $62m (98%), with quantities up 58% and unit values up 26%
• Taiwan rose $37m (57%), with quantities up 67% and unit values down 6%.

Iron ore fines, up $1,165m (27%), with quantities up 21% and unit values up 5%. Exports to:

• China (excluding SARs and Taiwan) rose $957m (26%), with quantities up 20% and unit values up 4%
• the Republic of Korea rose $135m (69%), with quantities up 50% and unit values up 13%.

Hard coking coal, down $697m (25%), with quantities down 25% and unit values up 1%. Exports to:

• China (excluding SARs and Taiwan) fell $285m (42%), with quantities down 42%
• Netherlands fell $171m, with no exports in April 2019
• Belgium fell $90m, with no exports in April 2019
• South Africa fell $77m, with no exports in April 2019.

Semi-soft coal, down $54m (6%), with quantities down 5% and unit values down 1%. Exports to:

• the Republic of Korea fell $109m (47%), with quantities down 54% and unit values up 15%
• Vietnam fell $24m (44%) with quantities down 45% and unit values up 3%.

Thermal coal, down $9m, with quantities up 6% and unit values down 7%. Exports to:

• the Republic of Korea fell $151m (45%), with quantities down 44% and unit values down 3%
• Japan fell $91m (10%), with quantities down 5% and unit values down 6%
• China (excluding SARs and Taiwan) rose $168m (69%), with quantities up 67% and unit values up 1%.

Liquefied natural gas (LNG), down $295m (7%), with quantities up 6% and unit values down 12%.