5368.0 - International Trade in Goods and Services, Australia, Apr 2011 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 02/06/2011   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services was a surplus of $1,557m in April 2011, a fall of $47m on the surplus in March 2011.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,597m in April 2011, a fall of $94m on the surplus in March 2011.


EXPORTS OF GOODS AND SERVICES

Between March 2011 and April 2011 the trend estimate of goods and services credits rose $248m (1%) to $25,217m.

In seasonally adjusted terms, goods and services credits rose $138m (1%) to $25,282m. Non-rural goods rose $186m (1%), rural goods rose $141m (6%) and net exports of goods under merchanting rose $20m (77%). Non-monetary gold fell $264m (20%). Services credits rose $55m (1%).


Exports of goods

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


RURAL GOODS

In trend terms, exports of rural goods rose $48m (2%) to $2,631m.

In seasonally adjusted terms, exports of rural goods rose $141m (6%) to $2,699m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • cereal grains and cereal preparations, up $67m (11%)
  • other rural, up $56m (5%).


NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $206m (1%) to $17,070m.

In seasonally adjusted terms, exports of non-rural goods rose $186m (1%) to $17,034m.

The main component contributing to the rise in the seasonally adjusted estimates was metal ores and minerals, up $263m (4%).

Partly offsetting this rise was the metals (excl. non-monetary gold) component, down $73m (6%).

For price and volume details, see the Selected commodities at the end of this section.


NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting rose $3m (9%) to $35m.

In seasonally adjusted terms, net exports of goods under merchanting rose $20m (77%) to $46m.


NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $38m (3%) to $1,126m.

In seasonally adjusted terms, exports of non-monetary gold fell $264m (20%) to $1,088m.


Exports of services
SERVICES CREDITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Services Credits


In trend terms, services credits rose $28m (1%) to $4,355m.

In seasonally adjusted terms, services credits rose $55m (1%) to $4,414m.

The main component contributing to the rise in the seasonally adjusted estimates was travel, up $52m (2%).

In seasonally adjusted terms, tourism related services credits rose $52m (2%) to $2,966m.


IMPORTS OF GOODS AND SERVICES

Between March 2011 and April 2011 the trend estimate of goods and services debits rose $294m (1%) to $23,660m.

In seasonally adjusted terms, goods and services debits rose $233m (1%) to $23,685m. Capital goods rose $489m (12%). Consumption goods fell $159m (3%), intermediate and other merchandise goods fell $125m (1%) and non-monetary gold fell $32m (8%). Services debits rose $60m (1%).


Imports of goods
GOODS DEBITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Goods Debits


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $17m to $5,292m.

In seasonally adjusted terms, imports of consumption goods fell $159m (3%) to $5,049m.

The main component contributing to the fall in the seasonally adjusted estimates was non-industrial transport equipment, down $426m (31%).

All other components rose, partly offsetting the above fall. The consumption goods n.e.s. component, rose $149m (9%).


CAPITAL GOODS

In trend terms, imports of capital goods rose $30m (1%) to $4,335m.

In seasonally adjusted terms, imports of capital goods rose $489m (12%) to $4,495m.

The main component contributing to the rise in the seasonally adjusted estimates was civil aircraft and confidentialised items, up $432m (141%).


INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $230m (3%) to $8,747m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $125m (1%) to $8,795m.

The main components contributing to the fall in the seasonally adjusted estimates were:
  • fuels and lubricants, down $88m (3%)
  • organic and inorganic chemicals, down $71m (16%).


NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $10m (3%) to $346m.

In seasonally adjusted terms, non-monetary gold fell $32m (8%) to $391m.


Imports of services
SERVICES DEBITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Services Debits


In trend terms, services debits rose $26m (1%) to $4,939m.

In seasonally adjusted terms, services debits rose $60m (1%) to $4,955m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • other services, up $30m (2%)
  • travel, up $29m (1%).

In seasonally adjusted terms, tourism related services debits rose $39m (1%) to $2,727m.


Selected Commodities

Selected commodities, Price and volume analysis: Recorded Trade Basis

Nov 2010
Dec 2010
Jan 2011
Feb 2011
Mar 2011
Apr 2011
%
%
%
%
%
%

Iron ore

Lump
Volumes
-11
14
-15
-23
50
np
Price
1
3
7
3
1
np
Fines
Volumes
-6
10
-16
-17
36
np
Price
1
5
7
4
1
np

Coal

Hard coking
Volumes
10
-6
-39
-5
37
-6
Price
-6
-
1
6
3
-8
Semi-soft
Volumes
-5
3
-33
2
39
-17
Price
-6
-2
-2
9
6
3
Bituminous (Thermal)
Volumes
-19
15
-10
-20
3
26
Price
-
2
5
2
1
-6

- nil or rounded to zero (including null cells)
np not available for publication but included in totals where applicable, unless otherwise indicated


On a recorded trade basis, between March and April 2011, large value movements were recorded for the following selected commodities:
  • hard coking coal fell $213m (14%) with exports to China down $121m and Republic of Korea down $99m (51%), both driven by decreases in volumes
  • semi-soft coal fell $110m (15%) with exports to Republic of Korea down $99m (49%) and India down $22m (25%), both driven by decreases in volumes
  • bituminous (thermal) coal rose $181m (19%) with exports to Japan up $120m (26%) with volumes up 32%, and Taiwan up $42m (35%) with volumes up 37%.


COUNTRY BREAKDOWN

The following charts show Australia's major trading partners for the calendar year 2010. The charts include both trade in goods (on a recorded trade basis) and trade in services (on a balance of payments basis). The first chart shows the countries with the largest two-way trade i.e. combined trade in both exports and imports of goods and services. The second chart shows separately total exports and total imports of goods and services, for the ten countries in the first chart.

TOTAL VALUE OF TWO-WAY TRADE, By major countries - 2010, Percentage share
Graph: TOTAL VALUE OF TWO-WAY TRADE, By major countries—2010, Percentage share


EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries - 2010
Graph: EXPORTS AND IMPORTS OF GOODS AND SERVICES, By major countries—2010


Combining trade in goods (on a recorded trade basis) and trade in services (on a balance of payments basis) provides a good approximation of total trade. Some components will be excluded (e.g. Merchanting, credits and Goods procured in ports by carriers, debits) while the Manufacturing services on physical inputs owned by others component will be double counted. These components are unlikely to impact the broad analysis.

Imports data with the confidentiality restrictions 'no commodity details' or 'no value details' are excluded from the individual country and included in 'no country details' in the detailed breakdown presented in the time series spreadsheet table 14b. In table 14 of this publication, the 'no country details' data are included in 'other countries'. In 2010, these restrictions represented 3% of the total imports value but the impact on specific countries may be larger.