5368.0 - International Trade in Goods and Services, Australia, Nov 2011 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 05/01/2012   
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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 $1,642m in November 2011, a fall of $165m on the surplus in October 2011.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,380m in November 2011, a fall of $38m on the surplus in October 2011.


EXPORTS OF GOODS AND SERVICES

Between October 2011 and November 2011 the trend estimate of goods and services credits rose $45m to $27,413m.

In seasonally adjusted terms, goods and services credits rose $58m to $27,247m. Non-monetary gold rose $358m (32%) and rural goods rose $32m (1%). Net exports of goods under merchanting remained at -$6m. Non-rural goods fell $239m (1%). Services credits fell $93m (2%).


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 $39m (1%) to $3,078m.

In seasonally adjusted terms, exports of rural goods rose $32m (1%) to $3,093m.

The only component contributing to the rise in seasonally adjusted estimates was cereal grains and cereal preparations, up $123m (16%).

Partly offsetting this rise were:
  • wool and sheepskins, down $39m (14%)
  • other rural, down $29m (2%).


NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $52m to $19,094m.

In seasonally adjusted terms, exports of non-rural goods fell $239m (1%) to $18,814m.

The main component contributing to the fall in seasonally adjusted estimates was metal ores and minerals, down $349m (4%).

Partly offsetting this fall was the metals (excl. non-monetary gold) component, up $106m (10%).

For price and volume details, see the Selected commodities section below.


NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting fell $1m (20%) to -$6m.

In seasonally adjusted terms, net exports of goods under merchanting remained at -$6m.


NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $3m to $1,352m.

In seasonally adjusted terms, exports of non-monetary gold rose $358m (32%) to $1,464m.


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


In trend terms, services credits fell $41m (1%) to $3,896m.

In seasonally adjusted terms, services credits fell $93m (2%) to $3,882m.

The main components contributing to the fall in seasonally adjusted estimates were:
  • travel, down $64m (3%)
  • transport, down $24m (4%), with passenger transport down $21m (8%).

In seasonally adjusted terms, tourism related services credits fell $85m (3%) to $2,433m.


IMPORTS OF GOODS AND SERVICES

Between October 2011 and November 2011 the trend estimate of goods and services debits rose $210m (1%) to $25,771m.

In seasonally adjusted terms, goods and services debits rose $96m to $25,867m. Capital goods rose $305m (6%). Non-monetary gold fell $214m (24%), intermediate and other merchandise goods fell $19m and consumption goods fell $16m. Services debits rose $41m (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 $1m to $5,408m.

In seasonally adjusted terms, imports of consumption goods fell $16m to $5,391m.

The main component contributing to the fall in seasonally adjusted estimates was non-industrial transport equipment, down $133m (10%).

Partly offsetting this fall was the consumption goods n.e.s. component, up $120m (7%).


CAPITAL GOODS

In trend terms, imports of capital goods rose $143m (3%) to $5,520m.

In seasonally adjusted terms, imports of capital goods rose $305m (6%) to $5,669m.

The main component contributing to the rise in seasonally adjusted estimates was civil aircraft and confidentialised items, up $576m after falling $320m (48%) between September and October 2011.

Partly offsetting this rise was the telecommunications equipment component, down $196m (24%).


INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $2m to $9,023m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $19m to $9,068m.

The main components contributing to the fall in the seasonally adjusted estimates were:
  • other merchandise goods, down $149m (64%)
  • fuels and lubricants, down $107m (3%).

Partly offsetting these falls were:
  • processed industrial supplies n.e.s., up $158m (8%)
  • organic and inorganic chemicals, up $84m (24%).


NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $53m (7%) to $764m.

In seasonally adjusted terms, non-monetary gold fell $214m (24%) to $683m.


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


In trend terms, services debits rose $12m to $5,057m.

In seasonally adjusted terms, services debits rose $41m (1%) to $5,056m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • travel, up $30m (1%)
  • maintenance and repair services n.i.e., up $13m (65%).

In seasonally adjusted terms, tourism related services debits rose $26m (1%) to $2,780m.


Selected commodities

Selected commodities, Unit value and volume analysis: Recorded Trade Basis(a)

Change in
Jun 2011
Jul 2011
Aug 2011
Sep 2011
Oct 2011
Nov 2011
%
%
%
%
%
%

Iron ore

Lump
Volumes
-3
-8
19
-3
-
-4
Unit value
-
-5
3
3
-3
-16
Fines
Volumes
-2
9
6
-2
4
-6
Unit value
-
-4
2
4
-2
-19

Coal

Hard coking
Volumes
4
-7
22
-7
-2
-4
Unit value
-1
-1
-
-
-
-1
Semi-soft
Volumes
36
-29
23
12
-8
7
Unit value
-3
-2
-1
-4
6
-
Bituminous (Thermal)
Volumes
19
-2
3
-6
5
-7
Unit value
4
1
4
-
5
-

- nil or rounded to zero (including null cells)
(a) Data in this table are on a revised merchandise trade basis and exclude adjustments applied to balance of payments series.


On a recorded trade basis (noting the footnote in the above table), between October and November 2011, large value movements were recorded for the following selected commodities:
  • Iron ore lump fell $314m (20%) with volumes down 4% and prices down 16%. Exports to China fell $216m (22%), with volumes down 2% and prices down 20% and exports to Taiwan fell $71m (67%) with volumes down 61% and prices down 14%.
  • Iron ore fines fell $1,110m (24%) with volumes down 6% and prices down 19%. Exports to China fell $967m (28%), with volumes down 7% and prices down 23% and exports to Republic of Korea fell $69m (13%), with volumes down 3% and prices down 11%.
  • Hard coking coal fell $99m (5%) with volumes down 4% and prices down 1%. Exports to Japan fell $158m (27%), with volumes down 25% and prices down 3%.
  • Semi-soft coal rose $58m (7%), driven by volumes up 7%. Exports to Republic of Korea rose $93m, driven by volumes.
  • Bituminous (thermal) coal fell $114m (7%), driven by volumes down 7%. Exports to Republic of Korea fell $45m (15%), with volumes down 9% and prices down 7% and exports to China fell $38m (16%), with volumes down 17% and prices up 2%.