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5302.0.55.004 - Balance of Payments - Goods and Services, Preliminary Quarterly Estimates, Mar 2014  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 27/05/2014   
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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 March quarter 2014 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) will be released on 3 June 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 surplus of $3,591m in the March quarter 2014, a turnaround of $4,200m on the revised December quarter 2013 deficit of $609m. The main components contributing to the turnaround to surplus were:
    • goods credits, up $4,664m (7%)
      • other mineral fuels, up $2,074m (32%), partly due to higher than usual shipments from cyclone exposed ports in a comparatively mild cyclone season
      • metal ores and minerals, up $825m (3%), largely due to higher than usual shipments from cyclone exposed ports in a comparatively mild cyclone season
      • cereal grains and cereal preparations, up $485m (22%)
      • meat and meat preparations, up $385m (16%)
      • other rural, up $348m (8%).
    • services credits, up $295m (2%)
      • travel, up $162m (2%)
      • other services, up $137m (3%).
    • goods debits, up $972m (1%)
      • machinery and industrial equipment, up $586m (12%)
      • consumption goods n.e.s., up $352m (5%)
      • textiles, clothing and footwear, up $254m (8%)
      • iron and steel, up $246m (28%)
      • primary industrial supplies n.e.s., up $245m (91%)
      • capital goods n.e.s., down $1,380m (46%).
    • services debits, down $213m (1%)
      • travel, down $83m (1%)
      • transport, down $68m (2%)
      • maintenance and repair services n.i.e., down $43m (19%).


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 rose 2.2% during the March quarter 2014.
  • In original terms, the chain Laspeyres price index rose 3.0% and the implicit price deflator rose rose 2.8%.



INQUIRIES

For further information contact Val Tot on Canberra (02) 6252 5540.


Footnote:
1 Reference year for chain volume measures and price index is 2011–12. 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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Commonwealth of Australia 2014

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