ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $1,025m in April 2012, a rise of $112m on the deficit in March 2012.

In seasonally adjusted terms, the balance on goods and services was a deficit of $203m in April 2012, a fall of $1,079m on the deficit in March 2012.


EXPORTS OF GOODS AND SERVICES

Between March and April 2012 the trend estimate of goods and services credits fell $94m to $25,119m.

In seasonally adjusted terms, goods and services credits rose $838m (3%) to $26,082m. Non–rural goods rose $746m (4%) and rural goods rose $86m (3%). Non–monetary gold fell $24m (2%). Net exports of goods under merchanting remained steady at $30m. Services credits rose $30m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $21m (1%) to $2,716m.

In seasonally adjusted terms, exports of rural goods rose $86m (3%) to $2,858m.

The main component contributing to the rise in seasonally adjusted estimates was wool and sheepskins, up $38m (16%).

NON–RURAL GOODS

In trend terms, exports of non–rural goods fell $65m to $16,935m.

In seasonally adjusted terms, exports of non–rural goods rose $746m (4%) to $17,653m.

The main components contributing to the rise in seasonally adjusted estimates were:

• metal ores and minerals, up $660m (10%)
• other manufactures, up $108m (8%)
• other non–rural (incl. sugar and beverages), up $92m (11%).

Partly offsetting these rises was the metals (excl. non–monetary gold) component, down $76m (8%).

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

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting fell $2m (6%) to $30m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $30m.

NON–MONETARY GOLD

In trend terms, exports of non–monetary gold fell $22m (2%) to $1,230m.

In original and seasonally adjusted terms, exports of non–monetary gold fell $24m (2%) to $1,272m.


Exports of services


In trend terms, services credits rose $15m to $4,208m.

In seasonally adjusted terms, services credits rose $30m (1%) to $4,269m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $35m (1%).

In seasonally adjusted terms, tourism related services credits rose $34m (1%) to $2,873m.


IMPORTS OF GOODS AND SERVICES

Between March and April 2012 the trend estimate of goods and services debits rose $18m to $26,144m.

In seasonally adjusted terms, goods and services debits fell $241m (1%) to $26,285m. Intermediate and other merchandise goods fell $465m (5%) and non–monetary gold fell $43m (10%). Capital goods rose $103m (2%) and consumption goods rose $75m (1%). Services debits rose $89m (2%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $30m (1%) to $5,650m.

In seasonally adjusted terms, imports of consumption goods rose $75m (1%) to $5,728m.

The main components contributing to the rise in seasonally adjusted estimates were:

• non–industrial transport equipment, up $180m (12%)
• food and beverages, mainly for consumption, up $57m (7%).

Partly offsetting these rises was the consumption goods n.e.s. component, down $175m (9%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $5m to $5,750m.

In seasonally adjusted terms, imports of capital goods rose $103m (2%) to $5,800m.

The main components contributing to the rise in seasonally adjusted estimates were:

• machinery and industrial equipment, up $122m (7%)
• industrial transport equipment n.e.s., up $77m (10%).

Partly offsetting these rises was the capital goods n.e.s. component, down $120m (8%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $9m to $9,035m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $465m (5%) to $8,984m.

The main component contributing to the fall in the seasonally adjusted estimates was fuels and lubricants, down $701m (19%).

Partly offsetting this fall were:

• processed industrial supplies n.e.s., up $119m (6%)
• primary industrial supplies n.e.s., up $96m (93%).

NON–MONETARY GOLD

In trend terms, imports of non–monetary gold fell $47m (10%) to $405m.

In original and seasonally adjusted terms, non–monetary gold fell $43m (10%) to $403m.


Imports of services


In trend terms, services debits rose $50m (1%) to $5,305m.

In seasonally adjusted terms, services debits rose $89m (2%) to $5,370m.

The main components contributing to the rise in the seasonally adjusted estimates were:

• other services, up $57m (4%)
• transport, up $31m (2%).

In seasonally adjusted terms, tourism related services debits rose $38m (1%) to $2,942m.


Selected commodities

Selected commodities, Quantity and unit value analysis: Recorded Trade Basis(a) – Original terms
		Change in
		Nov 2011	Dec 2011	Jan 2012	Feb 2012	Mar 2012	Apr 2012
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	–7	23	–28	17	–1	26
	Unit value	–13	–2	–3	–3	1	3
Fines
	Quantity	–9	12	–21	17	–8	14
	Unit value	–14	–5	–1	–	4	2
Coal
Hard coking
	Quantity	–1	15	1	–26	–4	7
	Unit value	–2	–5	–10	–5	1	–
Semi–soft
	Quantity	8	–	–5	1	9	6
	Unit value	–5	–8	–5	–12	7	1
Thermal
	Quantity	–7	24	–13	–15	5	16
	Unit value	1	–1	–2	–4	1	–3
– nil or rounded to zero (including null cells)
(a) Data in this table are on a revised merchandise trade basis and exclude value adjustments applied to balance of payments series.

On a recorded trade basis, in original terms (noting the footnote in the above table), between March and April 2012 large value movements were recorded for the following selected commodities:

Iron ore lump rose $353m (29%) with quantities up 26% and unit values up 3%. Exports to:

• China rose $180m (24%), with quantities up 17% and unit values up 5%
• Japan rose $124m (45%), with quantities up 46% and unit values down 1%
• Republic of Korea rose $58m (79%), with quantities up 83% and unit values down 3%.

Iron ore fines rose $541m (17%) with quantities up 14% and unit values up 2%. Exports to:

• China rose $297m (12%), with quantities up 9% and unit values up 4%
• Japan rose $135m (31%), with quantities up 34% and unit values down 2%
• Republic of Korea rose $68m (20%), with quantities up 20%.

Hard coking coal rose $94m (7%) with quantities up 7%. Exports to:

• Japan rose $86m (29%), with quantities up 23% and unit values up 5%
• United Kingdom rose $67m (100%), driven by quantities
• China fell $96m (44%), with quantities down 40% and unit values down 5%.

Semi–soft coal rose $50m (7%) with quantities up 6% and unit values up 1%. Exports to:

• Taiwan rose $62m, driven by quantities
• Japan rose $20m (7%), with quantities up 13% and unit values down 5%
• Republic of Korea fell $50m (33%), with quantities down 29% and unit values down 6%.

Thermal coal rose $165m (13%) with quantities up 16% and unit values down 3%. Exports to:

• China rose $101m (49%), driven by quantities
• Mexico rose $83m (100%), driven by quantities
• Republic of Korea rose $66m (44%), with quantities up 50% and unit values down 4%
• Japan fell $89m (13%), with quantities down 12% and unit values down 1%.

COUNTRY BREAKDOWN

The following charts show Australia's major trading partners for the calendar year 2011. 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, for the ten countries in the first chart.

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. Net exports of goods under merchanting credits and Goods procured in ports by carriers debits). The Manufacturing services on physical inputs owned by others component country information is already available in the goods estimates and is therefore not included in the services estimates to avoid double counting. These components are unlikely to impact on the broader 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 2011, these restrictions represented 3% of the total imports value. In table 14 of this publication, the 'no country details' data is included in 'other countries'.