ANALYSIS AND COMMENTS
BALANCE ON GOODS AND SERVICES
In trend terms, the balance on goods and services was a surplus of $7,032m in June 2019, an increase of $355m on the surplus in May 2019.
In seasonally adjusted terms, the balance on goods and services was a surplus of $8,036m in June 2019, an increase of $1,863m on the surplus in May 2019.
The sum of seasonally adjusted balances for the three months to June 2019 was a surplus of $19,021m, an increase of $3,872m on the surplus of $15,149m for the three months to March 2019. However, if seasonal factors used in compiling the quarterly balance of payments are applied, the preliminary June quarter 2019 surplus was $19,719m, an increase of $5,189m on the March quarter 2019 surplus of $14,530m.
GOODS AND SERVICES SUMMARY(a), Seasonally Adjusted and Trend |
|
 | | | | | | | Change in: |
| | | | Apr 2019 | May 2019 | Jun 2019 | Jun 2019 | Jun 2019 |
| | | | $m | $m | $m | $m | % |
Seasonally Adjusted |
|
| BALANCE on goods and services | 4 812 | 6 173 | 8 036 | 1 863 | 30 |
| CREDITS | | | | | |
| Total goods and services | 40 111 | 41 802 | 42 378 | 576 | 1 |
| | Total goods | 31 897 | 33 476 | 34 026 | 550 | 2 |
| | | Rural goods(b) | 4 011 | 3 994 | 3 824 | -170 | -4 |
| | | Non-rural goods(b) | 26 204 | 27 776 | 28 534 | 758 | 3 |
| | | Net exports of goods under merchanting(c) | 18 | 18 | 18 | - | - |
| | | Non-monetary gold(c) | 1 665 | 1 687 | 1 650 | -37 | -2 |
| | Total services | 8 214 | 8 326 | 8 352 | 26 | - |
| DEBITS | | | | | |
| Total goods and services | -35 299 | -35 629 | -34 342 | -1 287 | -4 |
| | Total goods | -26 976 | -27 151 | -25 866 | -1 285 | -5 |
| | | Consumption goods | -8 899 | -8 795 | -8 345 | -450 | -5 |
| | | Capital goods | -6 543 | -6 889 | -6 289 | -600 | -9 |
| | | Intermediate and other merchandise goods | -11 125 | -10 989 | -10 623 | -366 | -3 |
| | | Non-monetary gold(c) | -410 | -478 | -610 | 132 | 28 |
| | Total services | -8 323 | -8 478 | -8 476 | -2 | - |
Trend(d) |
|
| BALANCE on goods and services | 6 234 | 6 677 | 7 032 | 355 | 5 |
| CREDITS | | | | | |
| Total goods and services | 41 213 | 41 664 | 42 067 | 403 | 1 |
| | Total goods | 32 950 | 33 359 | 33 727 | 368 | 1 |
| | | Rural goods(b) | 4 012 | 3 975 | 3 923 | -52 | -1 |
| | | Non-rural goods(b) | 27 221 | 27 688 | 28 097 | 409 | 1 |
| | | Net exports of goods under merchanting | 20 | 19 | 18 | -1 | -5 |
| | | Non-monetary gold | 1 697 | 1 676 | 1 690 | 14 | 1 |
| | Total services | 8 262 | 8 305 | 8 340 | 35 | - |
| DEBITS | | | | | |
| Total goods and services | -34 979 | -34 987 | -35 035 | 48 | - |
| | Total goods | -26 588 | -26 578 | -26 611 | 33 | - |
| | | Consumption goods | -8 721 | -8 682 | -8 653 | -29 | - |
| | | Capital goods | -6 534 | -6 541 | -6 570 | 29 | - |
| | | Intermediate and other merchandise goods | -10 862 | -10 862 | -10 877 | 15 | - |
| | | Non-monetary gold | -472 | -492 | -511 | 19 | 4 |
| | Total services | -8 390 | -8 409 | -8 424 | 15 | - |
|
| - 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 May and June 2019, the trend estimate of goods and services credits rose $403m (1%) to $42,067m.
In seasonally adjusted terms, goods and services credits rose $576m (1%) to $42,378m.
Non-rural goods rose $758m (3%). Rural goods fell $170m (4%) and non-monetary gold fell $37m (2%). Net exports of goods under merchanting remained steady at $18m. Services credits rose $26m.
Exports of goods
GOODS CREDITS
GOODS CREDITS, Seasonally Adjusted |
|
| | | | | | | Change in: |
| | | | Apr 2019 | May 2019 | Jun 2019 | Jun 2019 | Jun 2019 |
| | | | $m | $m | $m | $m | % |
|
| Total goods credits | 31 897 | 33 476 | 34 026 | 550 | 2 |
| General merchandise | 30 214 | 31 771 | 32 358 | 587 | 2 |
| | Rural goods | 4 011 | 3 994 | 3 824 | -170 | -4 |
| | | Meat and meat preparations | 1 385 | 1 216 | 1 313 | 97 | 8 |
| | | Cereal grains and cereal preparations | 465 | 580 | 373 | -207 | -36 |
| | | Wool and sheepskins | 375 | 334 | 272 | -62 | -19 |
| | | Other rural(a) | 1 786 | 1 864 | 1 866 | 2 | - |
| | Non-rural goods | 26 204 | 27 776 | 28 534 | 758 | 3 |
| | | Metal ores and minerals(b) | 9 773 | 11 266 | 11 820 | 554 | 5 |
| | | Coal, coke and briquettes(c) | 5 583 | 5 831 | 6 063 | 232 | 4 |
| | | Other mineral fuels(b)(d) | 5 062 | 5 110 | 4 709 | -401 | -8 |
| | | Metals (excl. non-monetary gold) | 1 281 | 1 103 | 1 333 | 230 | 21 |
| | | Machinery | 988 | 993 | 983 | -10 | -1 |
| | | Transport equipment | 408 | 400 | 469 | 69 | 17 |
| | | Other manufactures | 2 062 | 1 977 | 2 097 | 120 | 6 |
| | | Other non-rural (incl. sugar and beverages)(a) | 892 | 941 | 913 | -28 | -3 |
| | | Goods procured in ports by carriers(d) | 156 | 156 | 148 | -8 | -5 |
| Net exports of goods under merchanting(e) | 18 | 18 | 18 | - | - |
| Non-monetary gold(e) | 1 665 | 1 687 | 1 650 | -37 | -2 |
|
| - 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 $52m (1%) to $3,923m.
In seasonally adjusted terms, exports of rural goods fell $170m (4%) to $3,824m.
The main components contributing to the fall in seasonally adjusted estimates were:
- cereal grains and cereal preparations, down $207m (36%)
- wool and sheepskins, down $62m (19%).
Partly offsetting these falls was meat and meat preparations, up $97m (8%).
NON-RURAL GOODS
In trend terms, exports of non-rural goods rose $409m (1%) to $28,097m.
In seasonally adjusted terms, exports of non-rural goods rose $758m (3%) to $28,534m.
The main components contributing to the rise in seasonally adjusted estimates were:
- metal ores and minerals, up $554m (5%)
- coal, coke and briquettes, up $232m (4%)
- metals (excl. non-monetary gold), up $230m (21%).
Partly offsetting these rises was other mineral fuels, down $401m (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 (5%) to $18m.
In seasonally adjusted terms, net exports of goods under merchanting remained steady at $18m.
NON-MONETARY GOLD
In trend terms, exports of non-monetary gold rose $14m (1%) to $1,690m.
In original and seasonally adjusted terms, exports of non-monetary gold fell $37m (2%) to $1,650m.
Exports of services
SERVICES CREDITS
SERVICES CREDITS, Seasonally Adjusted |
|
| | | | | | Change in: |
| | | Apr 2019 | May 2019 | Jun 2019 | Jun 2019 | Jun 2019 |
| | | $m | $m | $m | $m | % |
|
| Total services credits | 8 214 | 8 326 | 8 352 | 26 | - |
| Manufacturing services on physical inputs owned by others(a) | - | - | - | - | - |
| Maintenance and repair services n.i.e.(a) | 3 | 4 | 4 | - | - |
| Transport | 668 | 677 | 678 | 1 | - |
| | Passenger(b) | 261 | 271 | 270 | -1 | - |
| | Freight(c) | 22 | 22 | 23 | 1 | 5 |
| | Other | 243 | 243 | 242 | -1 | - |
| | Postal and courier services(d) | 141 | 141 | 143 | 2 | 1 |
| Travel | 5 349 | 5 451 | 5 465 | 14 | - |
| Other services | 2 194 | 2 194 | 2 205 | 11 | 1 |
| Memorandum item | | | | | |
| Tourism related services credits(e) | 5 611 | 5 722 | 5 735 | 13 | - |
|
| - 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 $35m to $8,340m.
In seasonally adjusted terms, services credits rose $26m to $8,352m.
The main components contributing to the rise in seasonally adjusted estimates were:
- travel, up $14m
- other services, up $11m (1%).
In seasonally adjusted terms, tourism related services credits rose $13m to $5,735m.
In seasonally adjusted terms, total services credits contributed 20% of total goods and services exported.
IMPORTS OF GOODS AND SERVICES
Between May and June 2019, the trend estimate of goods and services debits rose $48m to $35,035m.
In seasonally adjusted terms, goods and services debits fell $1,287m (4%) to $34,342m. Capital goods fell $600m (9%), consumption goods fell $450m (5%) and intermediate and other merchandise goods fell $366m (3%). Non-monetary gold rose $132m (28%). Services debits fell $2m.
Imports of goods
GOODS DEBITS
GOODS DEBITS(a), Seasonally Adjusted |
|
| | | | | | | Change in: |
| | | | Apr 2019 | May 2019 | Jun 2019 | Jun 2019 | Jun 2019 |
| | | | $m | $m | $m | $m | % |
|
| Total goods debits | -26 976 | -27 151 | -25 866 | -1 285 | -5 |
| General merchandise | -26 566 | -26 673 | -25 256 | -1 417 | -5 |
| | Consumption goods | -8 899 | -8 795 | -8 345 | -450 | -5 |
| | | Food and beverages, mainly for consumption | -1 396 | -1 428 | -1 428 | - | - |
| | | Household electrical items | -521 | -497 | -484 | -13 | -3 |
| | | Non-industrial transport equipment | -2 020 | -1 939 | -1 679 | -260 | -13 |
| | | Textiles, clothing and footwear | -1 613 | -1 500 | -1 505 | 5 | - |
| | | Toys, books and leisure goods | -540 | -534 | -519 | -15 | -3 |
| | | Consumption goods n.e.s. | -2 809 | -2 896 | -2 730 | -166 | -6 |
| | Capital goods | -6 543 | -6 889 | -6 289 | -600 | -9 |
| | | Machinery and industrial equipment | -2 079 | -2 182 | -2 063 | -119 | -5 |
| | | ADP equipment | -940 | -954 | -936 | -18 | -2 |
| | | Telecommunications equipment | -1 058 | -1 123 | -1 022 | -101 | -9 |
| | | Civil aircraft and confidentialised items(b)(c) | -401 | -670 | -363 | -307 | -46 |
| | | Industrial transport equipment n.e.s. | -1 157 | -1 202 | -989 | -213 | -18 |
| | | Capital goods n.e.s.(d) | -908 | -759 | -915 | 156 | 21 |
| | Intermediate and other merchandise goods | -11 125 | -10 989 | -10 623 | -366 | -3 |
| | | Food and beverages, mainly for industry | -178 | -161 | -219 | 58 | 36 |
| | | Primary industrial supplies n.e.s.(d) | -122 | -103 | -125 | 22 | 21 |
| | | Fuels and lubricants(c) | -3 310 | -3 384 | -3 017 | -367 | -11 |
| | | Parts for transport equipment | -1 208 | -1 156 | -1 112 | -44 | -4 |
| | | Parts for ADP equipment | -52 | -50 | -53 | 3 | 6 |
| | | Other parts for capital goods | -1 729 | -1 623 | -1 635 | 12 | 1 |
| | | Organic and inorganic chemicals | -262 | -280 | -250 | -30 | -11 |
| | | Paper and paperboard | -207 | -204 | -210 | 6 | 3 |
| | | Textile yarn and fabrics | -127 | -122 | -118 | -4 | -3 |
| | | Iron and steel | -266 | -268 | -275 | 7 | 3 |
| | | Plastics | -369 | -369 | -358 | -11 | -3 |
| | | Processed industrial supplies n.e.s. | -3 168 | -3 127 | -3 127 | - | - |
| | | Other merchandise goods(b)(e) | -23 | -38 | -20 | -18 | -47 |
| | | Goods procured in ports by carriers(c) | -104 | -104 | -105 | 1 | 1 |
| Non-monetary gold(c) | -410 | -478 | -610 | 132 | 28 |
|
| - 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 $29m to $8,653m.
In seasonally adjusted terms, imports of consumption goods fell $450m (5%) to $8,345m.
The main components contributing to the fall in seasonally adjusted estimates were:
- non-industrial transport equipment, down $260m (13%)
- consumption goods n.e.s., down $166m (6%).
CAPITAL GOODS
In trend terms, imports of capital goods rose $29m to $6,570m.
In seasonally adjusted terms, imports of capital goods fell $600m (9%) to $6,289m.
The main components contributing to the fall in seasonally adjusted estimates were:
- civil aircraft and confidentialised items, down $307m (46%)
- industrial transport equipment n.e.s., down $213m (18%).
Partly offsetting these falls was capital goods n.e.s., up $156m (21%).
INTERMEDIATE AND OTHER MERCHANDISE GOODS
In trend terms, imports of intermediate and other merchandise goods rose $15m to $10,877m.
In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $366m (3%) to $10,623m.
The main component contributing to the fall in seasonally adjusted estimates was fuels and lubricants, down $367m (11%).
NON-MONETARY GOLD
In trend terms, imports of non-monetary gold rose $19m (4%) to $511m.
In original and seasonally adjusted terms, imports of non-monetary gold rose $132m (28%) to $610m.
Imports of services
SERVICES DEBITS
SERVICES DEBITS(a), Seasonally Adjusted |
|
| | | | | | Change in: |
| | | Apr 2019 | May 2019 | Jun 2019 | Jun 2019 | Jun 2019 |
| | | $m | $m | $m | $m | % |
|
| Total services debits | -8 323 | -8 478 | -8 476 | -2 | - |
| Manufacturing services on physical inputs owned by others(b) | - | - | - | - | - |
| Maintenance and repair services n.i.e.(b) | -75 | -123 | -74 | -49 | -40 |
| Transport | -1 551 | -1 587 | -1 566 | -21 | -1 |
| | Passenger(c) | -658 | -636 | -669 | 33 | 5 |
| | Freight | -807 | -864 | -809 | -55 | -6 |
| | Other(b) | -79 | -79 | -80 | 1 | 1 |
| | Postal and courier services(d)(e) | -8 | -8 | -7 | -1 | -13 |
| Travel | -4 215 | -4 276 | -4 332 | 56 | 1 |
| Other services | -2 482 | -2 492 | -2 504 | 12 | - |
| Memorandum item | | | | | |
| Tourism related services debits(f) | -4 873 | -4 912 | -5 001 | 89 | 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 $15m to $8,424m.
In seasonally adjusted terms, services debits fell $2m to $8,476m.
The main components contributing to the fall in seasonally adjusted estimates were:
- maintenance and repair services n.i.e., down $49m (40%)
- transport, down $21m (1%).
Partly offsetting these falls was travel, up $56m (1%).
In seasonally adjusted terms, tourism related services debits rose $89m (2%) to $5,001m.
In seasonally adjusted terms, total services debits contributed 25% of total goods and services imported.
Selected commodities
Selected commodities, quantity and unit value analysis - International merchandise trade basis(a): Original terms |
|
| | Change in: |
| | Jan 2018 | Feb 2019 | Mar 2019 | Apr 2019 | May 2019 | Jun 2019 |
| | % | % | % | % | % | % |
Iron ore |
|
| Lump | | | | | | |
| Quantity | -18 | 4 | -15 | 17 | 19 | 2 |
| Unit value | 11 | 11 | 1 | 6 | 3 | 6 |
| Fines | | | | | | |
| Quantity | -16 | 4 | -14 | 20 | 12 | -3 |
| Unit value | 9 | 15 | 8 | 5 | 7 | 6 |
Coal |
|
| Hard coking | | | | | | |
| Quantity | 5 | -28 | 54 | -25 | 25 | 17 |
| Unit value | -1 | -4 | 3 | p- | p-3 | p2 |
| Semi-soft | | | | | | |
| Quantity | -5 | -19 | 19 | -3 | 3 | 25 |
| Unit value | - | 1 | -2 | 1 | p3 | p-6 |
| Thermal | | | | | | |
| Quantity | -8 | -18 | 9 | 7 | -3 | 7 |
| Unit value | 3 | -4 | -2 | -8 | p1 | -2 |
Gas |
|
| LNG | | | | | | |
| Quantity | -5 | -9 | 7 | 7 | -1 | -3 |
| Unit value | 4 | -1 | -4 | -16 | 2 | -2 |
|
| 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 May and June 2019 the largest movements recorded for the following selected commodities were:
Iron ore lump, up $212m (8%), with quantities up 2% and unit values up 6%. Exports to:
- China (excluding SARs and Taiwan) rose $337m (18%), with quantities up 13% and unit values up 5%
- Japan fell $51m (14%), with quantities down 16% and unit values up 3%
- the Republic of Korea fell $46m (33%), with quantities down 49% and unit values up 32%.
Iron ore fines, up $180m (3%), with quantities down 3% and unit values up 6%. Exports to:
- China (excluding SARs and Taiwan) rose $290m (5%), with unit values up 6%
- the Republic of Korea fell $49m (12%), with quantities down 20% and unit values up 10%
- Singapore fell $41m (81%), with quantities down 79% and unit values down 5%.
Hard coking coal, up $520m (19%), with quantities up 17% and unit values up 2%. Exports to:
- Netherlands rose $104m (89%), with quantities up 91% and unit values down 1%
- the Republic of Korea rose $92m (53%), with quantities up 48% and unit values up 3%
- Taiwan rose $85m (71%), with quantities up 69% and unit values up 1%
- Japan rose $82m (26%), with quantities up 28% and unit values down 2%
- Belgium fell $133m, with no exports in June 2019.
Semi-soft coal, up $171m (17%), with quantities up 25% and unit values down 6%. Exports to:
- China (excluding SARs and Taiwan) rose $73m (51%), with quantities up 74% and unit values down 13%
- Malaysia rose $37m, with unit values up 4%
- Netherlands rose $31m, following no exports in May 2019
- Japan rose $26m (8%), with quantities up 17% and unit values down 7%.
Thermal coal, up $93m (5%), with quantities up 7% and unit values down 2%. Exports to:
- Japan rose $146m (21%), with quantities up 26% and unit values down 4%
- China (excluding SARs and Taiwan) rose $35m (8%), with quantities up 11% and unit values down 2%
- Vietnam rose $34m (48%), with quantities up 64% and unit values down 10%
- Taiwan fell $84m (29%), with quantities down 27% and unit values down 2%
- the Republic of Korea fell $49m (19%), with quantities down 23% and unit values up 4%.
Liquefied natural gas (LNG), down $202m (5%), with quantities down 3% and unit values down 2%.
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