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5302.0.55.004 - Balance of Payments - Goods and Services, Preliminary Quarterly Estimates, Sep 2014  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 25/11/2014   
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The ABS provides information on Australia's international trade in goods and services in three publications:

  • International Trade in Goods and Services, Australia (cat. no. 5368.0) provides monthly current price estimates for both credits (exports) and debits (imports).
  • This publication provides the following selected broad level preliminary quarterly estimates for the current quarter:
    • current price estimates of the balance on goods and services, and
    • chain volume measures and price indexes for goods debits.
  • Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) provides quarterly estimates in current prices, chain volume measures and price indexes for goods and services credits and debits plus the full balance of payments and international investment position in current prices.

Estimates may be revised between the monthly estimates in cat. no. 5368.0, the preliminary estimates in this publication and the quarterly estimates in cat. no. 5302.0. The September quarter 2014 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) will be released on 2 December 2014.


PRELIMINARY CURRENT PRICE ESTIMATES OF BALANCE ON GOODS AND SERVICES
  • In seasonally adjusted current price terms, the balance on goods and services was a deficit of $4,381m in the September quarter 2014, a fall of $186m (4%) on the revised June quarter 2014 deficit of $4,567m. The main components contributing to the balance on goods and services were:
    • goods credits, down $1,133m (2%)
      • metal ores and minerals, down $1,343m (6%)
      • other mineral fuels, down $560m (7%)
      • non-monetary gold, up $601m (19%).
    • services credits, up $143m (1%)
      • travel, up $223m (3%)
      • other services, down $41m (1%).
    • goods debits, down $966m (1%)
      • capital goods n.e.s., down $865m (29%)
      • processed industrial supplies n.e.s., down $398m (5%)
      • civil aircraft and confidentialised items, up $746m (50%).
    • services debits, down $210m (1%)
      • other services, down $172m (3%)
      • maintenance and repair services n.i.e., down $52m (39%).


PRELIMINARY ESTIMATES OF CHAIN VOLUME MEASURES AND PRICE INDEXES FOR GOODS DEBITS (footnote 1, footnote 2)
  • In seasonally adjusted terms, goods imports volumes fell 0.8% and the implicit price deflator fell 0.6% during the September quarter 2014.
  • In original terms, the chain Laspeyres price index fell 0.6% and the implicit price deflator fell 0.4%.


CHANGES IN THIS ISSUE

ANNUAL SEASONAL RE–ANALYSIS

The seasonally adjusted and trend estimates of goods and services have been revised 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 quarterly processing cycle and assesses the appropriateness of any prior corrections. For more information about seasonal adjustment see paragraphs 10 to 14 of the Explanatory Notes.


NEW BASE YEAR AND RE–REFERENCING OF CHAIN VOLUME ESTIMATES, IMPLICIT PRICE DEFLATORS, AND TERMS OF TRADE INDEXES

A new base year 2012–13, has been introduced into chain volume estimates, implicit price deflators, and terms of trade indexes. Chain volume estimates, implicit price deflators, and terms of trade indexes have been re–referenced to 2012–13. Additivity has been preserved in the quarters subsequent to the new reference year as well as the annual sum of the quarters in the reference year. Re–referencing affects the levels, but not the movements, of chain volume estimates, implicit price deflators and terms of trade indexes. This has resulted in revisions to the growth rates of chain volume estimates, implicit price deflators and terms of trade indexes for all periods from September quarter 2012.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070, email client.services@abs.gov.au or Balance of Payments on Canberra (02) 6252 5540. The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to us.


Footnote:
1 Reference year for chain volume measures and price index is 2012–13. See paragraphs 16 to 18 of the Explanatory Notes.

2 In this commentary movements in indexes are based on data to four decimal places.



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