International Trade in Goods and Services, Australia

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Statistics about international trade in goods and services, on a balance of payments and international trade basis.

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Reference period
February 2023
Released
6/04/2023
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Key statistics

  • The seasonally adjusted balance on goods and services surplus increased $2,604m in February. 
  • Goods and services debits (imports) fell $4,304m (9.1%) driven by Non-industrial transport equipment.
  • Goods and services credits (exports) fell $1,700m (2.9%) driven by Metal ores and minerals. 

Monthly Travel Services debits (imports) estimates now labelled as preliminary

The ABS is now labelling the monthly estimates of Travel Service debits as preliminary.

Recent changes in traveller spending patterns has increased the uncertainty of monthly Travel Service debit estimates. With this comes a higher risk of revisions. Please use caution when interpreting the preliminary estimates particularly estimates for the latest month.   

The ABS calculates monthly estimates by using:

Quarterly travel services debits published in the Balance of Payments and International Investment Position, Australia and the Australian National Accounts: National Income, Expenditure and Product are unaffected as all the data sources are available in time for publishing these estimates.

For more information about the compilation of monthly and quarter Travel Services please see Enhancing Trade in Services quarterly statistics | Australian Bureau of Statistics (abs.gov.au)

Trade overview

Key Figures, Seasonally Adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Balance on goods and services12,89711,26613,8702,604na
 Credits (Exports of goods & services)57,91058,74357,043-1,700-2.9
 Debits (Imports of goods & services)-45,013-47,477-43,173-4,304-9.1

na not applicable
 

Balance on goods and services

In seasonally adjusted terms, the balance on goods and services was a surplus of $13,870m in February 2023, an increase of $2,604m on the surplus in January 2023. 

Balance on goods and services(a), seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)

Jan-23 to Feb-23 ($m)

Jan-23 to Feb-23 (%)

Balance on goods and services12,89711,26613,8702,604na
 Total goods and services credits57,91058,74357,043-1,700-2.9
  Total goods credits50,29350,84349,107-1,736-3.4
  Total services credits7,6187,9007,936360.5
 Total goods and services debits-45,013-47,477-43,173-4,304-9.1
  Total goods debits-36,400-38,406-34,595-3,811-9.9
  Total services debits-8,613-9,071-8,578-493-5.4

na not applicable
a. For sign conventions, see the methodology page.

Annual seasonal re-analysis

The seasonally adjusted and trend estimates of goods and services will be revised in the March month 2023 issue of this publication as a result of the annual seasonal re-analysis. This re-analysis reviews the seasonal and trading day factors in more detail than is possible in the monthly processing cycle and assesses the appropriateness of any prior corrections. The suspension of trend estimates and use of the forward factor method for series with significant and prolonged impacts from COVID-19 will also be reviewed as part of this process.

Goods and services credits

Goods credits (exports), seasonally adjusted

a. Trend series suspended from March 2019.

Goods credits, seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Total goods credits50,29350,84349,107-1,736-3.4
 General merchandise48,01848,46346,956-1,507-3.1
  Rural goods6,1945,9456,1452003.4
  Non-rural goods41,82442,51840,811-1,707-4.0
 Net exports of goods under merchanting(a)--10-10--
 Non-monetary gold(a)2,2752,3902,161-229-9.6

- nil or rounded to zero (including null cells)
a. This component is not seasonally adjusted.

Rural goods

Rural goods rose $200m (3.4%), driven by Other rural, up $133m (5.4%). 

Rural goods, seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Rural goods6,1945,9456,1452003.4
 Meat and meat preparations1,1761,3791,430513.7
 Cereal grains and cereal preparations2,0441,8111,866553.0
 Wool and sheepskins222291251-40-13.7
 Other rural(a)2,7512,4642,5971335.4

a. For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.
 

Non-rural goods

Non-rural goods fell $1,707m (4.0%), driven by Metal ores and minerals, down $1,588m (9.5%). 

Non-rural goods, seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Non-rural goods41,82442,51840,811-1,707-4.0
 Metal ores and minerals14,84716,72015,132-1,588-9.5
 Coal, coke and briquettes11,24310,41210,41750.0
 Other mineral fuels9,0199,1948,917-277-3.0
 Metals (excl. non-monetary gold)1,2951,1391,26512611.1
 Machinery1,0241,1041,11170.6
 Transport equipment385363352-11-3.0
 Other manufactures2,1732,1932,242492.2
 Other non-rural (incl. sugar and beverages)(a)1,5681,1261,103-23-2.0
 Goods procured in ports by carriers(b)27026627262.3

a. For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.  
b. In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
 

For price and quantity details, see the Selected commodities information available in the Supplementary information section.

Services credits

a. Trend series suspended from March 2019.

Services credits, seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Total services credits7,6187,9007,936360.5
 Manufacturing services on physical inputs owned by others(a)-----
 Maintenance and repair services n.i.e.(a)988--
 Transport718690708182.6
  Passenger(b)(c)351313330175.4
  Freight(d)363737--
  Other203208208--
  Postal and courier services(e)129133133--
 Travel(c)3,9274,1534,16180.2
 Other services2,9643,0493,060110.4
Memorandum item     
 Tourism related services credits(f)4,2784,4664,491250.6

- nil or rounded to zero (including null cells)
a. This component is not seasonally adjusted.
b. Passenger transportation services includes agency fees and commissions for air transport.
c. This component has been seasonally adjusted using the forward factor method since March 2020 due to the impacts of COVID-19.
d. In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
e. Postal and courier services includes indirect commissions for sea transport.
f. For a more detailed explanation of tourism related services, see the methodology page.

Goods and services debits

Goods debits (imports), seasonally adjusted

a. Trend series suspended from March 2019.

Goods debits(a), seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Total goods debits-36,400-38,406-34,595-3,811-9.9
 General merchandise debits-35,913-37,810-33,810-4,000-10.6
  Consumption goods-11,296-12,522-10,109-2,413-19.3
  Capital goods-8,896-9,789-8,364-1,425-14.6
  Intermediate and other merchandise goods-15,722-15,499-15,337-162-1.0
 Non-monetary gold(b)-487-596-78518931.7

a. For sign conventions, see the methodology page.
b. This component is not seasonally adjusted.

Consumption goods

Consumption goods fell $2,413m (19.3%), driven by Non-industrial transport equipment, down $1,360m (35.1%).

Consumption goods(a), seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Consumption goods-11,296-12,522-10,109-2,413-19.3
 Food and beverages, mainly for consumption-1,596-1,685-1,432-253-15.0
 Household electrical items-621-591-616254.2
 Non-industrial transport equipment-2,998-3,872-2,512-1,360-35.1
 Textiles, clothing and footwear-1,879-1,977-1,796-181-9.2
 Toys, books and leisure goods-653-754-684-70-9.3
 Consumption goods n.e.s.-3,549-3,643-3,068-575-15.8

a. For sign conventions, see the methodology page.

Capital goods

Capital goods fell $1,425m (14.6%), driven by Industrial transport equipment n.e.s., down $809m (38.6%).

Capital goods(a), seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Capital goods-8,896-9,789-8,364-1,425-14.6
 Machinery and industrial equipment-2,813-2,995-2,898-97-3.2
 ADP equipment-1,136-1,088-1,132444.0
 Telecommunications equipment-1,284-2,035-1,480-555-27.3
 Civil aircraft and confidentialised items(b)(c)-565-214-35213864.5
 Industrial transport equipment n.e.s.-1,330-2,098-1,289-809-38.6
 Capital goods n.e.s.(d)-1,769-1,359-1,212-147-10.8

a. For sign conventions, see the methodology page.
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.

Intermediate and other merchandise goods

Intermediate and other merchandise goods fell $162m (1.0%), driven by Parts for transport equipment, fell $85m (5.7%). 

Intermediate and other merchandise goods(a), seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Intermediate and other merchandise goods-15,722-15,499-15,337-162-1.0
 Food and beverages, mainly for industry-257-261-231-30-11.5
 Primary industrial supplies n.e.s.(b)-235-187-2233619.3
 Fuels and lubricants(c)-5,242-4,876-4,941651.3
 Parts for transport equipment-1,496-1,491-1,406-85-5.7
 Parts for ADP equipment-77-66-7046.1
 Other parts for capital goods-1,983-2,045-1,975-70-3.4
 Organic and inorganic chemicals-556-524-517-7-1.3
 Paper and paperboard-220-218-210-8-3.7
 Textile yarn and fabrics-147-139-130-9-6.5
 Iron and steel-324-342-337-5-1.5
 Plastics-442-432-429-3-0.7
 Processed industrial supplies n.e.s.-4,575-4,482-4,407-75-1.7
 Other merchandise goods(d)-51-45-763168.9
 Goods procured in ports by carriers(e)-117-391-384-7-1.8

a. For sign conventions, see the methodology page.
b. In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
c. Prior to October 2011, this series was not seasonally adjusted.
d. 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.
e. Prior to April 2010, this series was not seasonally adjusted.

Services debits

a. Trend series suspended from March 2019.

Services debits(a), seasonally adjusted
 Dec-22 ($m)Jan-23 ($m)Feb-23 ($m)Jan-23 to Feb-23 ($m)Jan-23 to Feb-23 (%)
Total services debits-8,613-9,071-8,578-493-5.4
 Manufacturing services on physical inputs owned by others(b)-----
 Maintenance and repair services n.i.e.(b)-62-34-461235.3
 Transport-2,508-2,772-2,385-387-14.0
  Passenger(c)(d)-647-854-783-71-8.3
  Freight-1,795-1,842-1,525-317-17.2
  Other(b)-53-58-58--
  Postal and courier services(e)(f)-12-18-1915.6
 Travel(d)(g)-2,793-3,011-2,869-142-4.7
 Other services-3,250-3,254-3,277230.7
Memorandum item     
 Tourism related services debits(h)-3,440-3,865-3,652-213-5.5

- nil or rounded to zero (including null cells)
a. For sign conventions, see the methodology page.
b. This component is not seasonally adjusted.
c. Passenger services includes agency fees and commissions for air transport.
d. This component has been seasonally adjusted using the forward factor method since March 2020 due to the impacts of COVID-19.
e. Postal and courier services includes indirect commissions for sea transport.
f. In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
g. Monthly estimates of Travel Service debits are now labelled preliminary.
h. For a more detailed explanation of tourism related services, see the methodology page.

Previous catalogue number

This release previously used catalogue number 5368.0.

Supplementary information

Selected commodities

Selected commodities, quantities (a)
 Sep-22 (%)Oct-22 (%)Nov-22 (%)Dec-22 (%)Jan-23 (%)Feb-23 (%)
Iron ore - Lump3.0-0.92.37.1-7.4-18.0
Iron ore - Fines2.70.41.06.5-8.0-13.2
Coal - Hard coking9.5-5.16.51.1-16.1-15.2
Coal - Semi-soft8.1-2.84.24.2-13.7-22.2
Coal - Thermal-20.48.4-9.128.7-11.7-10.1
Gas - LNG8.62.7-4.72.8-0.7-6.1

a. Data in this table is on a revised international merchandise trade basis.
 

Selected commodities, unit values (a)
 Sep-22 (%)Oct-22 (%)Nov-22 (%)Dec-22 (%)Jan-23 (%)Feb-23 (%)
Iron ore - Lump-3.23.7-8.511.26.16.3
Iron ore - Fines-3.4-1.0-3.714.08.43.7
Coal - Hard coking4.97.0-1.5-2.4-16.62.8
Coal - Semi-soft2.81.9-6.14.1-15.60.8
Coal - Thermal8.7-0.5-2.7-10.2-5.9-0.6
Gas - LNG17.5-2.9-15.11.2-0.8-13.1

a. Data in this table is on a revised international merchandise trade basis and excludes value adjustments applied to balance of payments series.
 

Selected commodity movements

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between January 2023 and February 2023 the largest movements recorded for the following selected commodities were:

Iron ore (lump), movement by country, Jan-23 to Feb-23
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Iron ore (lump) - Total movement-364-12.9-18.06.3
China (excludes SARs and Taiwan)-264-11.5-17.87.7
Japan-59-21.7-18.6-3.8
Korea, Republic of (South)-54-48.0-41.8-10.7
Taiwan55.1-7.413.5
Vietnam14107.0105.01.0

 

Iron ore (fines), movement by country, Jan-23 to Feb-23
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Iron ore (fines) - Total movement-813-10.0-13.23.7
China (excludes SARs and Taiwan)-417-5.9-10.04.6
Korea, Republic of (South)-238-50.2-42.8-12.9
Indonesia-79-92.9-93.47.3
Vietnam-61-54.7-58.79.5
Japan-37-12.4-7.9-4.9

 

Hard coking (high rank) coal, movement by country, Jan-23 to Feb-23
 Value ($m)Value (%)Quantity (%)Unit Value (%)
High rank coal - Total movement-319-12.8-15.22.8
India-534-57.9-52.5-11.3
Japan-93-21.1-22.92.3
Belgium70---
Brazil110405.7470.1-11.3
China (excludes SARs and Taiwan)137---

- nil or rounded to zero (including null cells)

Semi soft coal, movement by country, Jan-23 to Feb-23
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Semi soft coal - Total movement-304-21.6-22.20.8
Japan-149-28.0-27.6-0.6
India-107-36.6-42.610.5
Taiwan-75-64.9-65.10.7
Vietnam-57-78.6-63.3-41.6
Korea, Republic of (South)7131.431.6-0.2

 

Thermal coal, movement by country, Jan-23 to Feb-23
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Thermal coal - Total movement-622-10.7-10.1-0.6
Japan-489-13.6-6.6-7.5
India-164-58.1-62.010.3
Malaysia-101-41.6-29.8-16.8
Korea, Republic of (South)-70-14.4-35.332.3
China (excludes SARs and Taiwan)3091291.01047.721.2

 

Liquid Natural Gas, total movement, Jan-23 to Feb-23
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Liquid Natural Gas (LNG) - Total movement-1,566-18.5-6.1-13.1

 

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

International merchandise trade exports data presented in the above tables 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.

Value adjustments

Goods credits on an international merchandise trade basis

On a merchandise trade basis, adjustments have been applied to iron ore lump and iron ore fines. When actual final transaction prices become available estimates are replaced with these data. For price and volume details, see the Selected commodities section.

Iron Ore Adjustment, Original Terms
 Aug-22($m)Sep-22($m)Oct-22($m)Nov-22($m)Dec-22($m)Jan-23($m)Feb-23($m)
Iron ore lump-5-5-5103050
Iron ore fines0-5-10403530100

Goods credits on a balance of payments basis

Coal (in original terms)

On a balance of payments basis, adjustments have been applied to the coal, coke and briquettes component in November (+$10m), December (+$35m) 2022, January (+$603m) and February (+$435m) 2023. This adjustment takes into account additional information on the unit value of hard coking, semi-soft and thermal coal exports. All previous adjustments have been removed.

In the international merchandise trade series, the unit value of coal, coke and briquettes fell 10.3% between December 2022 and January 2023 and rose 0.8% between January 2023 and February 2023.

In the balance of payments series, the unit value of coal, coke and briquettes fell 5.0% between December 2022 and January 2023 and fell 0.2% between January 2023 and February 2023.

 

International merchandise trade exports data presented in this publication are based on information reported by exporters to the Department of Home Affairs (Home Affairs). At the time of initial reporting to Home Affairs, the final prices at which transactions take place are not known for some commodities. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to 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. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Iron ore adjustments are applied on an international merchandise trade basis at the Australian Harmonized Export Commodity Classification (AHECC) level. Coal, coke and briquettes are adjusted on a balance of payments basis in current price, original terms. When actual final transaction prices become available estimates are replaced with these data.

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the change of ownership of large value capital expenditure items can occur prior to the items crossing the customs frontier. The ABS may adjust the relevant balance of payments series to record the timing when transfer of ownership was affected.

Revisions

Revisions have been made to incorporate the latest data relating to International Trade in Goods and Services, Australia since the last issue of this publication.

On an international merchandise trade basis, exports and imports of goods have been revised back to August 2022.

On a balance of payments basis, revisions have been applied to:

  • Good exports back to July 2022 
  • Good imports back to July 2022
  • Services exports back to June 2022 
  • Services imports back to October 2021

Table 17 summarises revisions to goods and services on a balance of payments basis since the last issue of this publication. In original, current price terms, the revisions have:

  • decreased the balance on goods and services for 2021-22 by $21m.

Confidential Commodities List

Confidential Commodities List

International trade in goods statistics are subject to confidentiality. Where necessary, a restriction is placed, at the commodity level, to restrict the level of detail available. Depending on the nature of restriction, this may be all detail relating to the product (no commodity details), or a restriction of only some variables (e.g. selected country details). Users of this publication and other international trade statistics should use the Confidential Commodities List (CCL) in Table 92 to determine whether a particular statistic has been subject to confidentiality restrictions, and therefore may not represent the true aggregate value.

The CCL Data Cube registers all import and export commodities subject to a confidentiality restriction and presents information under the following headings:

  • changes and new restrictions to import items in the current month
  • changes and new restrictions to export items in the current month
  • all import restrictions from January 1988 to the current month
  • all export restrictions from January 1988 to the current month.

There are additional confidentiality applications that impact ABS international trade in goods statistics that are not reflected in this data cube. These are presented in the International Merchandise Trade, Australia: Concepts, Sources and Methods which also provides more detailed information on international merchandise trade confidentiality. 

For further information, including how to interpret the Confidential Commodities List, please see the Explanatory Notes section in Table 92. 

COVID-19 in this publication

Suspension of trend estimates

The trend series attempts to measure underlying behaviour in international trade activity. In the short term, this measurement will be significantly affected by the COVID-19 pandemic and subsequent changes to regular patterns in international trade resulting from it. 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 March 2019 and will be reinstated when more certainty emerges.

Seasonal adjustment and COVID-19

International Accounts uses the concurrent seasonal adjustment method, meaning that seasonal factors are re-estimated each time new data becomes available. If not appropriately accounted for, unusual events such as COVID-19 can distort estimates calculated using this method. From March 2020, seasonal factors for series that have been notably impacted by COVID-19 will be calculated using data up to and including February 2020, then projected from March 2020 onwards. This approach, known as the forward factor method, ensures that seasonal factors are not distorted by COVID-19 impacts.

The ABS has advised users that it moved to using forward factors for seasonal analysis of a number of series, including Travel Services. Current ABS (and international) practice requires at least three years of data to assess whether a change in seasonal pattern has occurred. Should COVID-19 result in a long-term change to the seasonal pattern then revisions to these series may occur in the future. The ABS will consult with users on any future methods changes to seasonal adjustment and potential revisions. The Feature Article International travel services time series outlines the matter in greater detail.

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  • Table 18. Balance of payments broad economic categories (detailed level), by country, latest 7 months, customs value, ($million)

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  • Table 19. Balance of payments broad economic categories (1 and 2 digit), by country, latest 7 months, customs value, ($million)

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Methodology

International Trade in Goods and Services, Australia methodology, February 2023