5368.0 - International Trade in Goods and Services, Australia, Jul 2019 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 05/09/2019   
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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 $7,291m in July 2019, an increase of $284m on the surplus in June 2019.

In seasonally adjusted terms, the balance on goods and services was a surplus of $7,268m in July 2019, a decrease of $709m on the surplus in June 2019.

Goods and services summary(a), Seasonally adjusted and Trend

Change in:
May 2019
Jun 2019
Jul 2019
Jul 2019
Jul 2019
$m
$m
$m
$m
%

Seasonally adjusted

Balance on goods and services
6 150
7 977
7 268
-709
-9
Credits
Total goods and services
41 699
42 268
42 538
270
1
Total goods
33 373
33 924
34 156
232
1
Rural goods(b)
3 967
3 804
3 762
-42
-1
Non-rural goods(b)
27 701
28 453
27 646
-807
-3
Net exports of goods under merchanting(c)
18
18
12
-6
-33
Non-monetary gold(c)
1 687
1 650
2 736
1 086
66
Total services
8 325
8 344
8 382
38
-
Debits
Total goods and services
-35 549
-34 291
-35 270
979
3
Total goods
-27 074
-25 827
-26 836
1 009
4
Consumption goods
-8 811
-8 401
-8 779
378
4
Capital goods
-6 811
-6 196
-6 109
-87
-1
Intermediate and other merchandise goods
-10 973
-10 620
-11 161
541
5
Non-monetary gold(c)
-478
-610
-787
177
29
Total services
-8 475
-8 464
-8 434
-30
-

Trend(d)

Balance on goods and services
6 632
7 007
7 291
284
4
Credits
Total goods and services
41 629
42 046
42 297
251
1
Total goods
33 325
33 705
33 928
223
1
Rural goods(b)
3 932
3 868
3 812
-56
-1
Non-rural goods(b)
27 546
27 858
28 056
198
1
Net exports of goods under merchanting
18
16
15
-1
-6
Non-monetary gold
1 830
1 962
2 047
85
4
Total services
8 304
8 342
8 368
26
-
Debits
Total goods and services
-34 997
-35 039
-35 006
-33
-
Total goods
-26 592
-26 613
-26 546
-67
-
Consumption goods
-8 720
-8 702
-8 653
-49
-1
Capital goods
-6 419
-6 369
-6 275
-94
-1
Intermediate and other merchandise goods
-10 922
-10 955
-10 966
11
-
Non-monetary gold
-531
-588
-651
63
11
Total services
-8 406
-8 425
-8 460
35
-

- 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 June and July 2019, the trend estimate of goods and services credits rose $251m (1%) to $42,297m.

In seasonally adjusted terms, goods and services credits rose $270m (1%) to $42,538m. Non-monetary gold rose $1,086m (66%). Non-rural goods fell $807m (3%), rural goods fell $42m (1%) and net exports of goods under merchanting fell $6m (33%). Services credits rose $38m.


Exports of goods


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

Goods credits, Seasonally adjusted

Change in:
May 2019
Jun 2019
Jul 2019
Jul 2019
Jul 2019
$m
$m
$m
$m
%

Total goods credits
33 373
33 924
34 156
232
1
General merchandise
31 668
32 256
31 408
-848
-3
Rural goods
3 967
3 804
3 762
-42
-1
Meat and meat preparations
1 214
1 315
1 341
26
2
Cereal grains and cereal preparations
579
382
403
21
5
Wool and sheepskins
336
271
316
45
17
Other rural(a)
1 838
1 836
1 702
-134
-7
Non-rural goods
27 701
28 453
27 646
-807
-3
Metal ores and minerals(b)
11 252
11 849
11 760
-89
-1
Coal, coke and briquettes(c)
5 825
6 070
5 499
-571
-9
Other mineral fuels(b)(d)
5 044
4 611
4 825
214
5
Metals (excl. non-monetary gold)
1 102
1 310
895
-415
-32
Machinery
991
977
985
8
1
Transport equipment
402
473
464
-9
-2
Other manufactures
1 979
2 093
2 045
-48
-2
Other non-rural (incl. sugar and beverages)(a)
952
932
1 083
151
16
Goods procured in ports by carriers(d)
155
138
90
-48
-35
Net exports of goods under merchanting(e)
18
18
12
-6
-33
Non-monetary gold(e)
1 687
1 650
2 736
1 086
66

(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 $56m (1%) to $3,812m.

In seasonally adjusted terms, exports of rural goods fell $42m (1%) to $3,762m.

The main component contributing to the fall in seasonally adjusted estimates was other rural, down $134m (7%).

Partly offsetting this fall were:
  • wool and sheepskins, up $45m (17%)
  • meat and meat preparations, up $26m (2%)
  • cereal grains and cereal preparations, up $21m (5%).

Non-rural goods

In trend terms, exports of non-rural goods rose $198m (1%) to $28,056m.

In seasonally adjusted terms, exports of non-rural goods fell $807m (3%) to $27,646m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • coal, coke and briquettes, down $571m (9%)
  • metals (excl. non-monetary gold), down $415m (32%).

Partly offsetting these falls was other mineral fuels, up $214m (5%).

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 $15m.

In seasonally adjusted terms, net exports of goods under merchanting fell $6m (33%) to $12m.

Non-monetary gold

In trend terms, exports of non-monetary gold rose $85m (4%) to $2,047m.

In original and seasonally adjusted terms, exports of non-monetary gold rose $1,086m (66%) to $2,736m.


Exports of services


Services credits
Graph: This graph shows the Trend and Seasonally adjusted estimate for Services Credits

Services credits, Seasonally adjusted

Change in:
May 2019
Jun 2019
Jul 2019
Jul 2019
Jul 2019
$m
$m
$m
$m
%

Total services credits
8 325
8 344
8 382
38
-
Manufacturing services on physical inputs owned by others(a)
-
-
-
-
-
Maintenance and repair services n.i.e.(a)
4
4
3
-1
-25
Transport
675
675
665
-10
-1
Passenger(b)
271
270
268
-2
-1
Freight(c)
22
22
22
-
-
Other
243
242
245
3
1
Postal and courier services(d)
139
140
130
-10
-7
Travel
5 447
5 453
5 461
8
-
Other services
2 199
2 211
2 253
42
2
Memorandum item
Tourism related services credits(e)
5 718
5 723
5 729
6
-

- 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 $26m to $8,368m.

In seasonally adjusted terms, services credits rose $38m to $8,382m.

The main component contributing to the rise in seasonally adjusted estimates was other services, up $42m (2%).

Partly offsetting this rise was transport, down $10m (1%).

In seasonally adjusted terms, tourism related services credits rose $6m to $5,729m.

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


Imports of goods and services

Between June and July 2019, the trend estimate of goods and services debits fell $33m to $35,006m.

In seasonally adjusted terms, goods and services debits rose $979m (3%) to $35,270m. Intermediate and other merchandise goods rose $541m (5%), consumption goods rose $378m (4%) and non-monetary gold rose $177m (29%). Capital goods fell $87m (1%). Services debits fell $30m.


Imports of goods


Goods debits


Graph: This graph shows the Trend and Seasonally adjusted estimate for Goods Debits

Goods debits(a), Seasonally adjusted

Change in:
May 2019
Jun 2019
Jul 2019
Jul 2019
Jul 2019
$m
$m
$m
$m
%

Total goods debits
-27 074
-25 827
-26 836
1 009
4
General merchandise
-26 596
-25 217
-26 049
832
3
Consumption goods
-8 811
-8 401
-8 779
378
4
Food and beverages, mainly for consumption
-1 430
-1 435
-1 465
30
2
Household electrical items
-497
-484
-497
13
3
Non-industrial transport equipment
-1 952
-1 682
-1 922
240
14
Textiles, clothing and footwear
-1 506
-1 507
-1 537
30
2
Toys, books and leisure goods
-534
-523
-543
20
4
Consumption goods n.e.s.
-2 893
-2 770
-2 816
46
2
Capital goods
-6 811
-6 196
-6 109
-87
-1
Machinery and industrial equipment
-2 184
-2 061
-2 123
62
3
ADP equipment
-947
-933
-918
-15
-2
Telecommunications equipment
-1 138
-1 039
-1 180
141
14
Civil aircraft and confidentialised items(b)(c)
-670
-363
-233
-130
-36
Industrial transport equipment n.e.s.
-1 191
-981
-959
-22
-2
Capital goods n.e.s.(d)
-681
-820
-695
-125
-15
Intermediate and other merchandise goods
-10 973
-10 620
-11 161
541
5
Food and beverages, mainly for industry
-159
-221
-191
-30
-14
Primary industrial supplies n.e.s.(d)
-104
-130
-173
43
33
Fuels and lubricants(c)
-3 384
-3 017
-3 431
414
14
Parts for transport equipment
-1 146
-1 106
-1 113
7
1
Parts for ADP equipment
-50
-53
-57
4
8
Other parts for capital goods
-1 618
-1 632
-1 635
3
-
Organic and inorganic chemicals
-280
-251
-271
20
8
Paper and paperboard
-205
-210
-217
7
3
Textile yarn and fabrics
-122
-118
-118
-
-
Iron and steel
-265
-272
-249
-23
-8
Plastics
-371
-359
-378
19
5
Processed industrial supplies n.e.s.
-3 126
-3 125
-3 177
52
2
Other merchandise goods(b)(e)
-38
-20
-37
17
85
Goods procured in ports by carriers(c)
-104
-105
-112
7
7
Non-monetary gold(c)
-478
-610
-787
177
29

- 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 fell $49m (1%) to $8,653m.

In seasonally adjusted terms, imports of consumption goods rose $378m (4%) to $8,779m.

The main component contributing to the rise in seasonally adjusted estimates was non-industrial transport equipment, up $240m (14%).


Capital goods

In trend terms, imports of capital goods fell $94m (1%) to $6,275m.

In seasonally adjusted terms, imports of capital goods fell $87m (1%) to $6,109m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • civil aircraft and confidentialised items, down $130m (36%)
  • capital goods n.e.s., down $125m (15%).

Partly offsetting these falls were:
  • telecommunications equipment, up $141m (14%)
  • machinery and industrial equipment, up $62m (3%).


Intermediate and other merchandise goods

In trend terms, imports of intermediate and other merchandise goods rose $11m to $10,966m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $541m (5%) to $11,161m.

The main component contributing to the rise in seasonally adjusted estimates was fuels and lubricants, up $414m (14%).


Non-monetary gold

In trend terms, imports of non-monetary gold rose $63m (11%) to $651m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $177m (29%) to $787m.


Imports of services


Services debits
Graph: This graph shows the Trend and Seasonally adjusted estimate for Services Debits

Services debits(a), Seasonally adjusted

Change in:
May 2019
Jun 2019
Jul 2019
Jul 2019
Jul 2019
$m
$m
$m
$m
%

Total services debits
-8 475
-8 464
-8 434
-30
-
Manufacturing services on physical inputs owned by others(b)
-
-
-
-
-
Maintenance and repair services n.i.e.(b)
-123
-74
-52
-22
-30
Transport
-1 585
-1 557
-1 539
-18
-1
Passenger(c)
-636
-666
-654
-12
-2
Freight
-862
-803
-791
-12
-1
Other(b)
-79
-80
-86
6
8
Postal and courier services(d)(e)
-8
-7
-8
1
14
Travel
-4 276
-4 330
-4 345
15
-
Other services
-2 491
-2 504
-2 498
-6
-
Memorandum item
Tourism related services debits(f)
-4 912
-4 997
-4 999
2
-

- 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 $35m to $8,460m.

In seasonally adjusted terms, services debits fell $30m to $8,434m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • maintenance and repair services n.i.e., down $22m (30%)
  • transport, down $18m (1%).

Partly offsetting these falls was travel, up $15m.

In seasonally adjusted terms, tourism related services debits rose $2m to $4,999m.

In seasonally adjusted terms, total services debits contributed 24% of total goods and services imported.

Selected commodities

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

Change in:
Feb 2019
Mar 2019
Apr 2019
May 2019
Jun 2019
Jul 2019
%
%
%
%
%
%

Iron ore

Lump
Quantity
4
-15
17
21
-5
-9
Unit value
10
2
5
4
9
-
Fines
Quantity
5
-14
20
11
-2
-6
Unit value
15
8
5
7
8
-

Coal

Hard coking
Quantity
-28
54
-25
27
18
-21
Unit value
-4
3
p -
p2
p -
p-5
Semi-soft
Quantity
-19
19
-3
3
23
-21
Unit value
1
-2
1
p1
p-4
p-5
Thermal
Quantity
-18
9
8
-3
7
16
Unit value
-4
-2
-8
p1
p-4
p-7

Gas

LNG
Quantity
-9
7
7
-1
-3
13
Unit value
-1
-4
-16
2
-6
10

- 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 June to July 2019 the largest movements recorded for the following selected commodities were:

Iron ore lump, down $244m (9%), with quantities down 9%. Exports to:
  • China (excluding SARs and Taiwan) fell $220m (10%), with quantities down 8% and unit values down 3%
  • Japan fell $19m (6%), with quantities down 16% and unit values up 12%.

Iron ore fines, down $387m (6%), with quantities down 6%. Exports to:
  • China (excluding SARs and Taiwan) fell $353m (6%), with quantities down 5% and unit value down 1%
  • Taiwan fell $48m (52%), with quantities down 56% and unit values up 11%
  • Japan rose $54m (16%), with quantities up 5% and unit values up 11%.

Hard coking coal, down $871m (25%), with quantities down 21% and unit values down 5%. Exports to:
  • India fell $260m (27%), with quantities down 25% and unit values down 3%
  • Netherlands fell $144m (59%), with quantities down 58% and unit values down 3%
  • the Republic of Korea fell $100m (36%), with quantities down 27% and unit values down 12%
  • Vietnam fell $95m (73%), with quantities down 70% and unit values down 11%
  • Japan fell $79m (21%), with quantities down 21% and unit values up 1%
  • China (excluding SARs and Taiwan) fell $43m (5%), with quantities down 3% and unit values down 2%.

Semi-soft coal, down $289m (25%), with quantities down 21% and unit values down 5%. Exports to:
  • India fell $92m (40%), with quantities down 41% and unit values up 2%
  • Japan fell $81m (24%), with quantities down 18% and unit values down 6%
  • China (excluding SARs and Taiwan) fell $55m (26%), with quantities down 25% and unit values down 2%
  • Malaysia fell $49m (100%), with no exports in July 2019.

Thermal coal, up $149m (8%), with quantities up 16% and unit values down 7%. Exports to:
  • China (excluding SARs and Taiwan) rose $81m (19%), with quantities up 26% and unit values down 6%
  • the Republic of Korea rose $61m (31%), with quantities up 51% and unit values down 13%
  • Taiwan rose $41m (19%), with quantities up 22% and unit values down 2%.

Liquefied natural gas (LNG), up $850m (24%), with quantities up 13% and unit values up 10%.