5368.0 - International Trade in Goods and Services, Australia, Feb 2020 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 07/04/2020   
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February key points

Balance on goods and services

  • Due to the impacts of COVID-19 on international trade in goods and services, the trend series have been suspended as at February 2020.
  • In seasonally adjusted terms, the balance on goods and services was a surplus of $4,361m in February 2020, a decrease of $384m on the surplus in January 2020.


Credits (exports of goods and services)
  • In seasonally adjusted terms, goods and services credits fell $1,882m (5%) to $37,760m. Non-rural goods fell $394m (2%), non-monetary gold fell $332m (23%) and rural goods fell $310m (7%). Net exports of goods under merchanting remained steady at $18m. Services credits fell $846m (10%).


Debits (imports of goods and services)
  • In seasonally adjusted terms, goods and services debits fell $1,498m (4%) to $33,399m. Consumption goods fell $701m (8%), capital goods fell $415m (7%), intermediate and other merchandise goods fell $262m (2%) and non-monetary gold fell $52m (9%). Services debits fell $68m (1%).


Key figures

Dec-19
Jan-20
Feb-20
Jan 20 to Feb 20
$m
$m
$m
% change

BALANCE ON GOODS AND SERVICES
Trend estimates (a)
4 803
4 534
na
na
Seasonally adjusted
4 950
4 745
4 361
-8
CREDITS (Exports of goods & services)
Trend estimates (a)
40 164
39 721
na
na
Seasonally adjusted
40 837
39 642
37 760
-5
DEBITS (Imports of goods & services)
Trend estimates (a)
35 362
35 187
na
na
Seasonally adjusted
35 888
34 897
33 399
-4

na not available
(a) The trend series have been suspended as at February 2020 due to the impacts of COVID-19.


Balance on Goods and Services
Graph: This graph shows the Balance on Goods and Services for the Trend and Seasonally adjusted series


Suspension of the Trend Series

The trend series attempts to measure underlying behaviour in international trade activity. In the short term, this measurement will be significantly affected by the current COVID-19 pandemic and subsequent changes to regular patterns in international trade that will occur during this time. If the trend estimates in this publication were to be calculated without fully accounting for this unusual event, they would provide a misleading view of underlying international trade activity.

It may be some time before the underlying trend in international trade activity can be accurately estimated. The trend series has therefore been suspended from February 2020 and will be reinstated when more certainty emerges in the underlying trend in international trade.


COVID-19 and Bushfires in February Month

Quality assurance undertaken by the ABS confirmed that the COVID-19 pandemic and bushfires did not result in quality impacts to International Trade in Goods and Services statistics for February 2020. For information on the expected economic impacts of COVID-19 and the bushfires, please see the ABS Chief Economist Series paper Measuring natural disasters in the Australian economy.


New ABS Website

The ABS will be launching a new website in 2020. You will soon be able to see how this release will appear on the new website by exploring our Beta site. Regular users of this information are encouraged to explore the Beta site and consider if this will affect the way you access and consume ABS data and information. If you would like more information on the new ABS website, or want to discuss how the transition to the new site might impact you, please email newABSwebsite@abs.gov.au.