ANALYSIS AND COMMENTS
BALANCE ON GOODS AND SERVICES
In trend terms, the balance on goods and services was a deficit of $476m in December 2017, an increase of $313m on the deficit in November 2017.
In seasonally adjusted terms, the balance on goods and services was a deficit of $1,358m in December 2017, a turnaround of $1,394m on the surplus in November 2017.
The sum of seasonally adjusted balances for the three months to December 2017 was a deficit of $1,129m, a turnaround of $3,420m on the surplus of $2,291m for the three months to September 2017. However, if seasonal factors used in compiling the quarterly balance of payments are applied, the preliminary December quarter 2017 deficit was $617m, a turnaround of $2,568m on the September quarter 2017 surplus of $1,951m.
GOODS AND SERVICES SUMMARY(a), Seasonally Adjusted and Trend |
|
 | | | | | | | Change in: |
| | | | Oct 2017 | Nov 2017 | Dec 2017 | Dec 2017 | Dec 2017 |
| | | | $m | $m | $m | $m | % |
Seasonally Adjusted |
|
| BALANCE on goods and services | 193 | 36 | -1 358 | -1 394 | (b).. |
| CREDITS | | | | | |
| Total goods and services | 31 787 | 31 955 | 32 465 | 510 | 2 |
| | Total goods | 24 620 | 24 753 | 25 318 | 565 | 2 |
| | | Rural goods(c) | 3 910 | 3 919 | 3 775 | -144 | -4 |
| | | Non-rural goods(c) | 18 794 | 19 344 | 20 063 | 719 | 4 |
| | | Net exports of goods under merchanting(d) | 53 | 53 | 52 | -1 | -2 |
| | | Non-monetary gold(d) | 1 862 | 1 437 | 1 428 | -9 | -1 |
| | Total services | 7 168 | 7 202 | 7 148 | -54 | -1 |
| DEBITS | | | | | |
| Total goods and services | -31 595 | -31 918 | -33 823 | 1 905 | 6 |
| | Total goods | -24 185 | -24 466 | -26 335 | 1 869 | 8 |
| | | Consumption goods | -8 373 | -8 554 | -8 976 | 422 | 5 |
| | | Capital goods | -5 780 | -5 824 | -6 165 | 341 | 6 |
| | | Intermediate and other merchandise goods | -9 631 | -9 787 | -10 688 | 901 | 9 |
| | | Non-monetary gold(d) | -401 | -301 | -505 | 204 | 68 |
| | Total services | -7 409 | -7 452 | -7 488 | 36 | - |
Trend(e) |
|
| BALANCE on goods and services | 178 | -163 | -476 | -313 | -192 |
| CREDITS | | | | | |
| Total goods and services | 32 069 | 32 092 | 32 157 | 65 | - |
| | Total goods | 24 848 | 24 896 | 24 986 | 90 | - |
| | | Rural goods(c) | 3 961 | 3 900 | 3 843 | -57 | -1 |
| | | Non-rural goods(c) | 19 302 | 19 427 | 19 602 | 175 | 1 |
| | | Net exports of goods under merchanting | 48 | 50 | 52 | 2 | 4 |
| | | Non-monetary gold | 1 538 | 1 519 | 1 489 | -30 | -2 |
| | Total services | 7 220 | 7 196 | 7 171 | -25 | - |
| DEBITS | | | | | |
| Total goods and services | -31 891 | -32 255 | -32 634 | 379 | 1 |
| | Total goods | -24 441 | -24 790 | -25 156 | 366 | 1 |
| | | Consumption goods | -8 403 | -8 527 | -8 650 | 123 | 1 |
| | | Capital goods | -5 981 | -5 958 | -5 941 | -17 | - |
| | | Intermediate and other merchandise goods | -9 652 | -9 904 | -10 174 | 270 | 3 |
| | | Non-monetary gold | -405 | -400 | -391 | -9 | -2 |
| | Total services | -7 450 | -7 465 | -7 478 | 13 | - |
|
| .. not applicable |
| - nil or rounded to zero (including null cells) |
| (a) For sign conventions, see paragraph 15 of the Explanatory Notes. |
| (b) See paragraph 15 of the Explanatory Notes. |
| (c) For all time periods, estimates for sugar, sugar preparations and honey are included in Non-rural goods. |
| (d) This component is not seasonally adjusted. |
| (e) 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 November and December 2017, the trend estimate of goods and services credits rose $65m to $32,157m.
In seasonally adjusted terms, goods and services credits rose $510m (2%) to $32,465m. Non-rural goods rose $719m (4%). Rural goods fell $144m (4%), non-monetary gold fell $9m (1%) and net exports of goods under merchanting fell $1m (2%). Services credits fell $54m (1%).
Exports of goods
GOODS CREDITS
GOODS CREDITS, Seasonally Adjusted |
|
| | | | | | | Change in: |
| | | | Oct 2017 | Nov 2017 | Dec 2017 | Dec 2017 | Dec 2017 |
| | | | $m | $m | $m | $m | % |
|
| Total goods credits | 24 620 | 24 753 | 25 318 | 565 | 2 |
| General merchandise | 22 705 | 23 263 | 23 838 | 575 | 2 |
| | Rural goods | 3 910 | 3 919 | 3 775 | -144 | -4 |
| | | Meat and meat preparations | 972 | 968 | 1 027 | 59 | 6 |
| | | Cereal grains and cereal preparations | 683 | 604 | 657 | 53 | 9 |
| | | Wool and sheepskins | 369 | 392 | 392 | - | - |
| | | Other rural(a) | 1 886 | 1 955 | 1 699 | -256 | -13 |
| | Non-rural goods | 18 794 | 19 344 | 20 063 | 719 | 4 |
| | | Metal ores and minerals(b) | 6 823 | 7 116 | 7 452 | 336 | 5 |
| | | Coal, coke and briquettes(c) | 4 703 | 4 549 | 4 855 | 306 | 7 |
| | | Other mineral fuels(b)(d) | 2 606 | 2 801 | 3 046 | 245 | 9 |
| | | Metals (excl. non-monetary gold) | 802 | 984 | 855 | -129 | -13 |
| | | Machinery | 847 | 841 | 865 | 24 | 3 |
| | | Transport equipment | 320 | 322 | 288 | -34 | -11 |
| | | Other manufactures | 1 622 | 1 682 | 1 679 | -3 | - |
| | | Other non-rural (incl. sugar and beverages)(a) | 926 | 893 | 868 | -25 | -3 |
| | | Goods procured in ports by carriers(d) | 145 | 156 | 155 | -1 | -1 |
| Net exports of goods under merchanting(e) | 53 | 53 | 52 | -1 | -2 |
| Non-monetary gold(e) | 1 862 | 1 437 | 1 428 | -9 | -1 |
|
| - 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 fell $57m (1%) to $3,843m.
In seasonally adjusted terms, exports of rural goods fell $144m (4%) to $3,775m.
The main component contributing to the fall in seasonally adjusted estimates was other rural, down $256m (13%).
Partly offsetting this fall were:
- meat and meat preparations, up $59m (6%)
- cereal grains and cereal preparations, up $53m (9%).
NON-RURAL GOODS
In trend terms, exports of non-rural goods rose $175m (1%) to $19,602m.
In seasonally adjusted terms, exports of non-rural goods rose $719m (4%) to $20,063m.
The main components contributing to the rise in seasonally adjusted estimates were:
- metal ores and minerals, up $336m (5%)
- coal, coke and briquettes, up $306m (7%)
- other mineral fuels, up $245m (9%).
Partly offsetting these rises was metals (excl. non-monetary gold), down $129m (13%).
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 rose $2m (4%) to $52m.
In seasonally adjusted terms, net exports of goods under merchanting fell $1m (2%) to $52m.
NON-MONETARY GOLD
In trend terms, exports of non-monetary gold fell $30m (2%) to $1,489m.
In original and seasonally adjusted terms, exports of non-monetary gold fell $9m (1%) to $1,428m.
Exports of services
SERVICES CREDITS
SERVICES CREDITS, Seasonally Adjusted |
|
| | | | | | Change in: |
| | | Oct 2017 | Nov 2017 | Dec 2017 | Dec 2017 | Dec 2017 |
| | | $m | $m | $m | $m | % |
|
| Total services credits | 7 168 | 7 202 | 7 148 | -54 | -1 |
| Manufacturing services on physical inputs owned by others(a) | - | - | - | - | - |
| Maintenance and repair services n.i.e.(a) | 2 | 6 | 7 | 1 | 17 |
| Transport | 638 | 639 | 633 | -6 | -1 |
| | Passenger(b) | 251 | 251 | 244 | -7 | -3 |
| | Freight(c) | 23 | 23 | 22 | -1 | -4 |
| | Other | 231 | 232 | 232 | - | - |
| | Postal and courier services(d) | 132 | 133 | 135 | 2 | 2 |
| Travel | 4 707 | 4 731 | 4 675 | -56 | -1 |
| Other services | 1 820 | 1 826 | 1 833 | 7 | - |
| Memorandum item | | | | | |
| Tourism related services credits(e) | 4 959 | 4 981 | 4 919 | -62 | -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 fell $25m to $7,171m.
In seasonally adjusted terms, services credits fell $54m (1%) to $7,148m.
The main component contributing to the fall in seasonally adjusted estimates was travel, down $56m (1%).
In seasonally adjusted terms, tourism related services credits fell $62m (1%) to $4,919m.
In seasonally adjusted terms, total services credits contributed 22% of total goods and services exported.
IMPORTS OF GOODS AND SERVICES
Between November and December 2017, the trend estimate of goods and services debits rose $379m (1%) to $32,634m.
In seasonally adjusted terms, goods and services debits rose $1,905m (6%) to $33,823m. Intermediate and other merchandise goods rose $901m (9%), consumption goods rose $422m (5%), capital goods rose $341m (6%) and non-monetary gold rose $204m (68%). Services debits rose $36m.
Imports of goods
GOODS DEBITS
GOODS DEBITS(a), Seasonally Adjusted |
|
| | | | | | | Change in: |
| | | | Oct 2017 | Nov 2017 | Dec 2017 | Dec 2017 | Dec 2017 |
| | | | $m | $m | $m | $m | % |
|
| Total goods debits | -24 185 | -24 466 | -26 335 | 1 869 | 8 |
| General merchandise | -23 784 | -24 165 | -25 830 | 1 665 | 7 |
| | Consumption goods | -8 373 | -8 554 | -8 976 | 422 | 5 |
| | | Food and beverages, mainly for consumption | -1 242 | -1 246 | -1 276 | 30 | 2 |
| | | Household electrical items | -526 | -473 | -544 | 71 | 15 |
| | | Non-industrial transport equipment | -2 067 | -2 095 | -2 142 | 47 | 2 |
| | | Textiles, clothing and footwear | -1 472 | -1 500 | -1 619 | 119 | 8 |
| | | Toys, books and leisure goods | -567 | -584 | -553 | -31 | -5 |
| | | Consumption goods n.e.s. | -2 500 | -2 656 | -2 842 | 186 | 7 |
| | Capital goods | -5 780 | -5 824 | -6 165 | 341 | 6 |
| | | Machinery and industrial equipment | -1 797 | -1 774 | -1 965 | 191 | 11 |
| | | ADP equipment | -800 | -834 | -828 | -6 | -1 |
| | | Telecommunications equipment | -1 037 | -1 172 | -1 330 | 158 | 13 |
| | | Civil aircraft and confidentialised items(b)(c) | -246 | -282 | -377 | 95 | 34 |
| | | Industrial transport equipment n.e.s. | -883 | -848 | -831 | -17 | -2 |
| | | Capital goods n.e.s.(d) | -1 017 | -915 | -835 | -80 | -9 |
| | Intermediate and other merchandise goods | -9 631 | -9 787 | -10 688 | 901 | 9 |
| | | Food and beverages, mainly for industry | -158 | -152 | -161 | 9 | 6 |
| | | Primary industrial supplies n.e.s.(d) | -198 | -227 | -223 | -4 | -2 |
| | | Fuels and lubricants(c) | -2 624 | -2 576 | -3 106 | 530 | 21 |
| | | Parts for transport equipment | -994 | -1 032 | -1 147 | 115 | 11 |
| | | Parts for ADP equipment | -56 | -58 | -60 | 2 | 3 |
| | | Other parts for capital goods | -1 350 | -1 396 | -1 472 | 76 | 5 |
| | | Organic and inorganic chemicals | -380 | -368 | -453 | 85 | 23 |
| | | Paper and paperboard | -189 | -190 | -207 | 17 | 9 |
| | | Textile yarn and fabrics | -123 | -125 | -130 | 5 | 4 |
| | | Iron and steel | -267 | -298 | -329 | 31 | 10 |
| | | Plastics | -347 | -359 | -379 | 20 | 6 |
| | | Processed industrial supplies n.e.s. | -2 749 | -2 827 | -2 888 | 61 | 2 |
| | | Other merchandise goods(b)(e) | -100 | -82 | -39 | -43 | -52 |
| | | Goods procured in ports by carriers(c) | -97 | -97 | -96 | -1 | -1 |
| Non-monetary gold(c) | -401 | -301 | -505 | 204 | 68 |
|
| (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 $123m (1%) to $8,650m.
In seasonally adjusted terms, imports of consumption goods rose $422m (5%) to $8,976m.
The main components contributing to the rise in seasonally adjusted estimates were:
- consumption goods n.e.s., up $186m (7%)
- textiles, clothing and footwear, up $119m (8%)
- household electrical items, up $71m (15%)
- non-industrial transport equipment, up $47m (2%).
CAPITAL GOODS
In trend terms, imports of capital goods fell $17m to $5,941m.
In seasonally adjusted terms, imports of capital goods rose $341m (6%) to $6,165m.
The main components contributing to the rise in seasonally adjusted estimates were:
- machinery and industrial equipment, up $191m (11%)
- telecommunications equipment, up $158m (13%)
- civil aircraft and confidentialised items, up $95m (34%).
Partly offsetting these rises was capital goods n.e.s., down $80m (9%).
INTERMEDIATE AND OTHER MERCHANDISE GOODS
In trend terms, imports of intermediate and other merchandise goods rose $270m (3%) to $10,174m.
In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $901m (9%) to $10,688m.
The main components contributing to the rise in seasonally adjusted estimates were:
- fuels and lubricants, up $530m (21%)
- parts for transport equipment, up $115m (11%)
- organic and inorganic chemicals, up $85m (23%)
- other parts for capital goods, up $76m (5%)
- processed industrial supplies n.e.s., up $61m (2%).
NON-MONETARY GOLD
In trend terms, imports of non-monetary gold fell $9m (2%) to $391m.
In original and seasonally adjusted terms, imports of non-monetary gold rose $204m (68%) to $505m.
Imports of services
SERVICES DEBITS
SERVICES DEBITS(a), Seasonally Adjusted |
|
| | | | | | Change in: |
| | | Oct 2017 | Nov 2017 | Dec 2017 | Dec 2017 | Dec 2017 |
| | | $m | $m | $m | $m | % |
|
| Total services debits | -7 409 | -7 452 | -7 488 | 36 | - |
| Manufacturing services on physical inputs owned by others(b) | - | - | - | - | - |
| Maintenance and repair services n.i.e.(b) | -46 | -51 | -47 | -4 | -8 |
| Transport | -1 465 | -1 484 | -1 547 | 63 | 4 |
| | Passenger(c) | -582 | -583 | -568 | -15 | -3 |
| | Freight | -756 | -774 | -850 | 76 | 10 |
| | Other(b) | -118 | -118 | -120 | 2 | 2 |
| | Postal and courier services(d)(e) | -9 | -9 | -9 | - | - |
| Travel | -3 733 | -3 736 | -3 693 | -43 | -1 |
| Other services | -2 165 | -2 180 | -2 201 | 21 | 1 |
| Memorandum item | | | | | |
| Tourism related services debits(f) | -4 315 | -4 320 | -4 262 | -58 | -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 rose $13m to $7,478m.
In seasonally adjusted terms, services debits rose $36m to $7,488m.
The main components contributing to the rise in seasonally adjusted estimates were:
- transport, up $63m (4%)
- other services, up $21m (1%).
Partly offsetting these rises was travel, down $43m (1%).
In seasonally adjusted terms, tourism related services debits fell $58m (1%) to $4,262m.
In seasonally adjusted terms, total services debits contributed 22% of total goods and services imported.
Selected commodities
Selected commodities, quantity and unit value analysis - International merchandise trade basis(a): Original terms |
|
| | Change in |
| | Jul 2017 | Aug 2017 | Sep 2017 | Oct 2017 | Nov 2017 | Dec 2017 |
| | % | % | % | % | % | % |
Iron ore |
|
| Lump | | | | | | |
| Quantity | 1 | -3 | 9 | -6 | - | 12 |
| Unit value | 10 | 6 | 7 | -8 | -8 | 1 |
| Fines | | | | | | |
| Quantity | 2 | 7 | 1 | -2 | -3 | 15 |
| Unit value | 14 | 9 | -7 | -13 | 1 | 6 |
Coal |
|
| Hard coking | | | | | | |
| Quantity | -1 | 2 | 2 | -19 | 1 | 14 |
| Unit value | -18 | - | 14 | p3 | p-11 | p-1 |
| Semi-soft | | | | | | |
| Quantity | -23 | 34 | -16 | 2 | -13 | 34 |
| Unit value | -10 | -4 | 4 | 2 | p-1 | p- |
| Thermal | | | | | | |
| Quantity | 18 | -14 | 4 | -2 | -4 | 12 |
| Unit value | -1 | 5 | 2 | p5 | p3 | p- |
Gas |
|
| LNG | | | | | | |
| Quantity | 4 | -3 | -20 | 18 | 7 | -1 |
| Unit value | -6 | - | -2 | -1 | 5 | 5 |
|
| - 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 November and December 2017 the largest movements recorded for the following selected commodities were:
Iron ore lump, up $178m (13%), with quantities up 12% and unit values up 1%. Exports to:
- Japan rose $90m (49%), with quantities up 51% and unit values down 2%
- China (excluding SARs and Taiwan) rose $70m (7%), with quantities up 6%.
Iron ore fines, up $704m (22%), with quantities up 15% and unit values up 6%. Exports to:
- China (excluding SARs and Taiwan) rose $649m (24%), with quantities up 17% and unit values up 6%
- the Republic of Korea rose $48m (23%), with quantities up 16% and unit values up 6%.
Hard coking coal, up $223m (12%), with quantities up 14% and unit values down 1%. Exports to:
- China (excluding SARs and Taiwan) rose $254m (97%), with quantities up 91% and unit values up 3%
- India rose $55m (10%), with quantities up 14% and unit values down 4%
- Netherlands rose $54m, with quantities up 93% and unit values up 13%
- the Republic of Korea fell $109m (52%), with quantities down 54% and unit values up 4%.
Semi-soft coal, up $244m (34%), with quantities up 34%. Exports to:
- China (excluding SARs and Taiwan) rose $90m (89%), with quantities up 92% and unit values down 2%
- Japan rose $71m (31%), with quantities up 29% and unit values up 1%
- the Republic of Korea rose $36m (36%), with quantities up 43% and unit values down 5%
- Netherlands rose $27m, with quantities up 87% and unit values up 24%
- Taiwan rose $18m (42%), with quantities up 53% and unit values down 7%.
Thermal coal, up $214m (12%), with quantities up 12%. Exports to:
- Japan rose $124m (16%), with quantities up 15%
- Taiwan rose $116m (73%), with quantities up 75% and unit values down 1%
- China (excluding SARs and Taiwan) rose $60m (20%), with quantities up 20%
- Thailand rose $27m, with unit values down 14%
- the Republic of Korea fell $153m (46%), with quantities down 44% and unit values down 5%.
Liquefied natural gas (LNG), up $95m (4%), with quantities down 1% and unit values up 5%.
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