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
October 2021
Released
2/12/2021
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Key statistics

  • The seasonally adjusted balance on goods and services surplus decreased $604m to $11,220m in October.
  • Goods and services credits (exports) fell $1,491m (3%) to $43,053m driven by falls in iron ore prices. 
  • Goods and services debits (imports) fell $887m (3%) to $31,833m driven by a fall in imports of capital goods.

Main features

Key Figures, Seasonally Adjusted
  Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Balance on goods and services14,01811,82411,220- 604na
 Credits (Exports of goods & services)47,73344,54443,053- 1,491- 3
 Debits (Imports of goods & services)- 33,715- 32,720- 31,833- 887- 3

na not applicable

COVID-19

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.

Balance on goods and services

In seasonally adjusted terms, the balance on goods and services was a surplus of $11,220m in October 2021, a fall of $604m on the surplus in September 2021. 

Balance on goods and services(a), seasonally adjusted
   Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Balance on goods and services14,01811,82411,220- 604na
 Total goods and services credits47,73344,54443,053- 1,491- 3
  Total goods credits42,96639,62338,416- 1,207- 3
  Total services credits4,7674,9214,637- 284- 6
 Total goods and services debits- 33,715- 32,720- 31,833- 887- 3
  Total goods debits- 29,352- 28,180- 27,366- 814- 3
  Total services debits- 4,363- 4,540- 4,467- 73- 2

na not applicable
(a) For sign conventions, see the Explanatory notes.

Goods and services credits (exports), seasonally adjusted

Goods credits

(a) Trend series suspended from March 2019.

Goods credits, seasonally adjusted
 Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Total goods credits42,96639,62338,416- 1,207- 3
 General merchandise40,49838,14836,074- 2,074- 5
  Rural goods5,1475,1555,3021473
  Non-rural goods35,35132,99330,772- 2,221- 7
 Net exports of goods under merchanting(a)3434441029
 Non-monetary gold(a)2,4341,4412,29885759

(a) This component is not seasonally adjusted.

Rural goods

Rural goods rose $147m (3%), led by Cereal grains and cereal preparations, which increased $270m (22%). Good domestic weather conditions over the last 12 month continue to support exports of rural goods.

 

Rural goods, seasonally adjusted
 Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Rural goods5,1475,1555,3021473
 Meat and meat preparations1,3631,4281,416- 12- 1
 Cereal grains and cereal preparations1,3281,2421,51227022
 Wool and sheepskins484291317269
 Other rural(a)1,9722,1942,057- 137- 6

(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 $2,221m (7%), driven by Metal ores and minerals, down $3,315m (23%). The fall in Metal ores and minerals was driven by a fall in iron ore prices.

Coal, coke and briquettes, up $849m (14%), and Other mineral fuels, up $560m (9%), offset the fall, amidst high demand for energy inputs in Asian markets. 

 

 

Non-rural goods, seasonally adjusted
  Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Non-rural goods35,35132,99330,772- 2,221- 7
 Metal ores and minerals(a)17,79714,73211,417- 3,315- 23
 Coal, coke and briquettes(a)5,8306,2167,06584914
 Other mineral fuels(a)5,8426,3296,8895609
 Metals (excl. non-monetary gold)1,3711,0501,078283
 Machinery925982890- 92- 9
 Transport equipment317321309- 12- 4
 Other manufactures1,8771,9191,833- 86- 4
 Other non-rural (incl. sugar and beverages)(b)1,1941,2301,072- 158- 13
 Goods procured in ports by carriers(c)19821421952

(a) Prior to August 2021, the July 2005 to June 2019 component of this series was seasonally adjusted using seasonal factors derived from a monthly volume series. From August 2021, this component is directly adjusted from July 2005 onward.
(b) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural. 
(c) 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
 Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Total services credits4,7674,9214,637- 284- 6
 Manufacturing services on physical inputs owned by others(a)333--
 Maintenance and repair services n.i.e.(a)133--
 Transport32432433282
  Passenger(b)222--
  Freight(c)272727--
  Other15315315853
  Postal and courier services(d)14214214532
 Travel1,7201,8511,594- 257- 14
 Other services2,7192,7402,705- 35- 1
Memorandum item     
 Tourism related services credits(e)1,7221,8531,596- 257- 14

- 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) 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 the Explanatory notes. 

Goods and services debits (imports), seasonally adjusted

Goods debits

(a) Trend series suspended from March 2019.

Goods debits (imports) (a), seasonally adjusted
 Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Total goods debits- 29,352- 28,180- 27,366- 814- 3
 General merchandise debits- 28,761- 27,781- 27,004- 777- 3
  Consumption goods- 9,802- 8,777- 8,647- 130- 1
  Capital goods- 7,120- 7,217- 6,647- 570- 8
  Intermediate and other merchandise goods- 11,839- 11,786- 11,709- 77- 1
 Non-monetary gold(b)- 591- 399- 362- 37- 9

(a) For sign conventions, see the Explanatory notes.
(b) This component is not seasonally adjusted.

Consumption goods

Consumption goods decreased $130m (1%), led by Household electrical items, down $108m (19%). 

Consumption goods(a), seasonally adjusted
 Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Consumption goods- 9,802- 8,777- 8,647- 130- 1
 Food and beverages, mainly for consumption- 1,458- 1,363- 1,269- 94- 7
 Household electrical items- 549- 558- 450- 108- 19
 Non-industrial transport equipment- 2,576- 1,612- 1,76715510
 Textiles, clothing and footwear- 1,629- 1,663- 1,673101
 Toys, books and leisure goods- 616- 640- 608- 32- 5
 Consumption goods n.e.s.- 2,974- 2,942- 2,880- 62- 2

(a) For sign conventions, see the Explanatory notes.

Capital goods

Capital goods decreased $570m (8%), driven by Capital goods n.e.s, down $386m (37%).

Capital goods(a), seasonally adjusted
 Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Capital goods-7,120-7,217-6,647-570-8
 Machinery and industrial equipment-2,378-2,327-2,272-55-2
 ADP equipment-1,194-1,193-1,110-83-7
 Telecommunications equipment-1,037-1,030-1,023-7-1
 Civil aircraft and confidentialised items(b)(c)-401-502-5031-
 Industrial transport equipment n.e.s.-1,480-1,123-1,083-40-4
 Capital goods n.e.s.(d)-631-1,042-656-386-37

- nil or rounded to zero
(a) For sign conventions, see 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.

Intermediate and other merchandise goods

Intermediate and other merchandise goods fell $77m (1%), driven by Processed industrial supplies n.e.s., down $160m (4%). Fuels and lubricants, up $223m (8%), partially offset the fall, following higher global oil prices. 

Intermediate and other merchandise goods(a), seasonally adjusted
 Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Intermediate and other merchandise goods- 11,839- 11,786- 11,709- 77- 1
 Food and beverages, mainly for industry- 179- 168- 182148
 Primary industrial supplies n.e.s.(b)- 194- 164- 1983421
 Fuels and lubricants(c)- 3,035- 2,814- 3,0372238
 Parts for transport equipment- 1,252- 1,170- 1,145- 25- 2
 Parts for ADP equipment- 81- 75- 83811
 Other parts for capital goods- 1,656- 1,682- 1,588- 94- 6
 Organic and inorganic chemicals- 344- 350- 344- 6- 2
 Paper and paperboard- 199- 194- 194--
 Textile yarn and fabrics- 143- 140- 133- 7- 5
 Iron and steel- 344- 381- 39092
 Plastics- 431- 428- 43241
 Processed industrial supplies n.e.s.- 3,811- 4,105- 3,945- 160- 4
 Other merchandise goods(d)- 162- 107- 32- 75- 70
 Goods procured in ports by carriers(e)- 7- 7- 5- 2- 29

- nil or rounded to zero (including null cells) 
(a) For sign conventions, see the Explanatory notes.
(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 is 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 is not seasonally adjusted.

Services debits

(a) Trend series suspended from March 2019.

Services debits(a), seasonally adjusted
 Aug-21 ($m)Sep-21 ($m)Oct-21 ($m)Sep-21 to Oct-21 ($m)Sep-21 to Oct-21 (%)
Total services debits- 4,363- 4,540- 4,467- 73- 2
 Manufacturing services on physical inputs owned by others(b)-----
 Maintenance and repair services n.i.e.(b)- 41- 37- 46924
 Transport- 1,472- 1,640- 1,628- 12- 1
  Passenger(c)(d)- 21- 15- 17213
  Freight- 1,415- 1,590- 1,570- 20- 1
  Other(b)- 16- 16- 21531
  Postal and courier services(e)(f)- 19- 19- 2015
 Travel(d)- 75- 69- 791014
 Other services- 2,775- 2,794- 2,713- 81- 3
Memorandum item     
 Tourism related services debits(g)- 96- 84- 961214

- nil or rounded to zero (including null cells) 
(a) For sign conventions, see the Explanatory Notes. 
(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) For a more detailed explanation of tourism related services, see the Explanatory notes. 

Supplementary information

Selected commodities

Selected commodities, quantities (a)
 May-21 (%)Jun-21 (%)Jul-21 (%)Aug-21 (%)Sep-21 (%)Oct-21 (%)
Iron ore - Lump12- 2- 1193- 14
Iron ore - Fines73- 846- 3
Coal - Hard coking32- 1815- 86
Coal - Semi-soft- 516- 10191
Coal - Thermal12- 115- 4- 5- 6
Gas - LNG- 15- 2222- 23

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

 

Selected commodities, unit values (a)
 May-21 (%)Jun-21 (%)Jul-21 (%)Aug-21 (%)Sep-21 (%)Oct-21 (%)
Iron ore - Lump973- 15- 29- 13
Iron ore - Fines1071- 16- 27- 25
Coal - Hard coking- 310351748
Coal - Semi-soft1418148- 3
Coal - Thermal- 1161415915
Gas - LNG516168106

(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 September 2021 and October 2021 the largest movements recorded for the following selected commodities were:

Iron ore (lump), movement by country, Sep-21 to Oct-21
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Iron ore (lump) - Total movement- 763- 25- 14- 13
China (excludes SARs and Taiwan)- 552- 25- 13- 14
Japan- 143- 35- 35-
Taiwan- 70- 39- 21- 23
Korea, Republic of (South)- 27- 14- 12- 2
Vietnam2370121- 23
Iron ore (fines), movement by country, Sep-21 to Oct-21
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Iron ore (fines) - Total movement-2 309- 28- 3- 25
China (excludes SARs and Taiwan)-1 797- 261- 27
Korea, Republic of (South)- 167- 28- 24- 4
Japan- 124- 22- 18- 6
Taiwan- 93- 58- 37- 33
Vietnam- 75- 63- 32- 46
Hard coking (high rank) coal, Sep-21 to Oct-21
 Value ($m)Value (%)Quantity (%)Unit Value (%)
High rank coal - Total movement3311568
India34547396
Indonesia87215221- 2
Netherlands6460525
Sweden- 47- 100- 100-
Vietnam- 124- 74- 72- 8
Semi soft coal, movement by country, Sep-21 to Oct-21
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Semi soft coal - Total movement- 24- 21- 3
Taiwan- 47- 33- 387
Korea, Republic of (South)- 29- 16- 15-
Japan- 23- 7- 1- 6
Indonesia- 11- 30- 29- 1
Thermal Coal, movement by country, Sep-21 to Oct-21
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Thermal coal - Total movement2198- 615
Japan17212- 923
Taiwan152472815
Korea, Republic of (South)- 272- 59- 52- 13
Liquid Natural Gas, total movement, Sep-21 to Oct-21
 Value ($m)Value (%)Quantity (%)Unit Value (%)
Liquid Natural Gas (LNG) - Total movement464936

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
 Apr-21($m)May-21($m)Jun-21($m)Jul-21($m)Aug-21($m)Sep-21($m)Oct-21($m)
Iron ore lump510--135-1705-
Iron ore fines30-5-5-60-265-595-300

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 October (+$815m) 2021. This adjustment takes into account additional information on the unit value of hard coking, semi-soft and thermal coal exports. To maintain consistency with the September quarter 2021 issue of Balance of Payments and International Investment Position, Australia released on 30 November 2021, previous adjustments have remained for June (-$5m), July (+$5m), August (+$10m), and September (+$470m). 

In the international merchandise trade series, the unit value of coal, coke and briquettes rose 6.1% between August 2021 and September 2021 and rose 10.7% between September 2021 and October 2021.

In the balance of payments series, the unit value of coal, coke and briquettes rose 14.2% between August 2021 and September 2021 and rose 15.5% between September 2021 and October 2021.

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

Since the previous issue of this publication, revisions have been made to align with the data published in the September quarter 2021 issue of Balance of Payments and International Investment Position, Australia, released on 30 November 2021 and Australian National Accounts: National Income, Expenditure and Product, released on 1 December 2021. On an international merchandise trade basis, goods exports and imports have been revised back to April 2021.

The following goods components have been revised since the release of the September 2021 issue of International Trade in Goods and Services, Australia:

  • metal ores and minerals component of goods credits, revised back to April 2021
  • capital goods n.e.s. component of goods debits, revised back to July 2021
  • industrial transport equipment component of goods debits, revised back to August 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:

  • increased the surplus on goods and services for 2020-21 by $18m
  • decreased the surplus on goods and services for 2021-22 by $1,927m. 

Previous catalogue number

This release previously used catalogue number 5368.0.

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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, October 2021