ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $678m in September 2013, a decrease of $49m (7%) on the deficit in August 2013.

In seasonally adjusted terms, the balance on goods and services was a deficit of $284m in September 2013, a decrease of $409m (59%) on the deficit in August 2013.

The sum of seasonally adjusted balances for the three months to September 2013 was a deficit of $2,390m, a rise of $145m (6%) on the deficit of $2,245m for the three months to June 2013. However, if seasonal factors used in compiling the quarterly balance of payments are applied, the preliminary September quarter 2013 deficit was $2,504m, a fall of $23m (1%) on the revised June quarter 2013 deficit of $2,527m.

Revised quarterly estimates will be included in Balance of Payments - Goods and Services, Preliminary Quarterly Estimates (cat. no. 5302.0.55.004) and Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).


EXPORTS OF GOODS AND SERVICES

Between August and September 2013, the trend estimate of goods and services credits rose $250m (1%) to $27,095m.

In seasonally adjusted terms, goods and services credits rose $124m to $27,309m. Non-rural goods rose $206m (1%). Rural goods fell $88m (3%), net exports of goods under merchanting fell $1m (3%) and non-monetary gold fell $1m. Services credits rose $8m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods remained steady at $3,212m.

In seasonally adjusted terms, exports of rural goods fell $88m (3%) to $3,141m.

The main component contributing to the fall in seasonally adjusted estimates was other rural, down $59m (4%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $235m (1%) to $18,123m.

In seasonally adjusted terms, exports of non-rural goods rose $206m (1%) to $18,317m.

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

• metal ores and minerals, up $250m (3%)
• other mineral fuels, up $197m (9%).

Partly offsetting these rises were:

• other manufactures, down $131m (9%)
• metals (excl. non-monetary gold), down $43m (4%)
• coal, coke and briquettes, down $43m (1%).

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 rose $1m (3%) to $31m.

In seasonally adjusted terms, net exports of goods under merchanting fell $1m (3%) to $30m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $4m to $1,171m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $1m to $1,249m.


Exports of services


In trend terms, services credits rose $18m to $4,558m.

In seasonally adjusted terms, services credits rose $8m to $4,572m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $33m (1%).

Partly offsetting this rise was the other services component, down $26m (2%).

In seasonally adjusted terms, tourism related services credits rose $32m (1%) to $2,934m.


IMPORTS OF GOODS AND SERVICES

Between August and September 2013, the trend estimate of goods and services debits rose $202m (1%) to $27,773m.

In seasonally adjusted terms, goods and services debits fell $285m (1%) to $27,593m. Consumption goods fell $213m (3%), capital goods fell $160m (3%) and non-monetary gold fell $148m (29%). Intermediate and other merchandise goods rose $215m (2%). Services debits rose $21m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $93m (1%) to $6,910m.

In seasonally adjusted terms, imports of consumption goods fell $213m (3%) to $6,812m.

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

• non-industrial transport equipment, down $166m (9%)
• toys, books and leisure goods, down $40m (8%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $11m to $5,637m.

In seasonally adjusted terms, imports of capital goods fell $160m (3%) to $5,444m.

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

• capital goods n.e.s., down $264m (19%)
• industrial transport equipment n.e.s., down $104m (13%).

Partly offsetting these falls was the civil aircraft and confidentialised items component, up $108m (27%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $104m (1%) to $9,447m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $215m (2%) to $9,601m.

The main component contributing to the rise in seasonally adjusted estimates was fuels and lubricants, up $357m (12%).

Partly offsetting this rise was processed industrial supplies n.e.s., down $197m (8%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $2m to $417m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $148m (29%) to $360m.


Imports of services


In trend terms, services debits fell $4m to $5,362m.

In seasonally adjusted terms, services debits rose $21m to $5,375m.

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

• other services, up $17m (1%)
• maintenance and repair services n.i.e., up $12m (22%).

Partly offsetting these rises was the transport component, down $9m (1%), with freight transport down $10m (1%).

In seasonally adjusted terms, tourism related services debits rose $2m to $2,772m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) - Original terms
		Change in
		Apr 2013	May 2013	Jun 2013	Jul 2013	Aug 2013	Sep 2013
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	8	-11	-1	4	-	5
	Unit value	3	1	-4	5	6	-
Fines
	Quantity	-1	8	-7	2	13	-1
	Unit value	-2	-	-6	5	7	2
Coal
Hard coking
	Quantity	11	4	12	-16	4	11
	Unit value	-	1	-	-4	3	-3
Semi-soft
	Quantity	-18	37	-26	4	22	-
	Unit value	-	4	4	-2	-5	-5
Thermal
	Quantity	19	-6	25	1	-11	-7
	Unit value	-3	5	1	2	1	-3
- nil or rounded to zero (including null cells)
(a) Data in this table are on a revised international merchandise trade basis and exclude value adjustments applied to balance of payments series.

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between August and September 2013 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $82m (5%), with quantities up 5%.
Exports to:

• the Republic of Korea rose $78m (148%), with quantities up 151% and unit values down 1%.

Iron ore fines rose $42m (1%), with quantities down 1% and unit values up 2%.
Exports to:

• China rose $197m (5%), with quantities up 2% and unit values up 3%
• the Republic of Korea rose $44m (10%), with quantities up 11% and unit values down 1%.

Partly offsetting these rises was exports to Japan, down $178m (29%), with quantities down 28% and unit values down 2%.

Hard coking coal rose $97m (8%), with quantities up 11% and unit values down 3%.
Exports to:

• India rose $94m (36%), with quantities up 38% and unit values down 2%
• the Netherlands rose $42m (60%), with quantities up 76% and unit values down 9%
• Sweden rose $36m (294%), with quantities up 300% and unit values down 2%
• Taiwan rose $27m (53%), with quantities up 58% and unit values down 3%.

Partly offsetting these rises was exports to China, down $118m (29%), with quantities down 26% and unit values down 4%.

Semi-soft coal fell $36m (5%), with unit values down 5%.
Exports to:

• Japan fell $77m (28%), with quantities down 26% and unit values down 3%
• India fell $29m (29%), with quantities down 23% and unit values down 7%.

Partly offsetting these falls was exports to China, up $56m (32%), with quantities up 32%.

Thermal coal fell $139m (10%), with quantities down 7% and unit values down 3%.
Exports to:

• China fell $87m (28%), with quantities down 24% and unit values down 5%
• the Republic of Korea fell $59m (30%), with quantities down 26% and unit values down 5%.