Analysis and comments


Balance on goods and services

In trend terms, the balance on goods and services was a surplus of $5,392m in November 2019, a decrease of $455m on the surplus in October 2019.

In seasonally adjusted terms, the balance on goods and services was a surplus of $5,800m in November 2019, an increase of $1,725m on the surplus in October 2019.

Goods and services summary(a), Seasonally adjusted and Trend
							Change in:
				Sep 2019	Oct 2019	Nov 2019	Nov 2019	Nov 2019
				$m	$m	$m	$m	%
Seasonally adjusted
Balance on goods and services				6 118	4 075	5 800	1 725	42
Credits
	Total goods and services			42 139	40 187	40 893	706	2
		Total goods		33 504	31 555	32 162	607	2
			Rural goods(b)	3 952	4 075	4 084	9	-
			Non-rural goods(b)	26 849	25 450	26 168	718	3
			Net exports of goods under merchanting(c)	13	5	5	-	-
			Non-monetary gold(c)	2 690	2 025	1 905	-120	-6
		Total services		8 636	8 632	8 731	99	1
Debits
	Total goods and services			-36 022	-36 113	-35 093	-1 020	-3
		Total goods		-27 248	-27 514	-26 553	-961	-3
			Consumption goods	-8 822	-9 252	-8 642	-610	-7
			Capital goods	-6 743	-6 593	-6 334	-259	-4
			Intermediate and other merchandise goods	-10 957	-11 199	-11 097	-102	-1
			Non-monetary gold(c)	-727	-469	-480	11	2
		Total services		-8 774	-8 599	-8 541	-58	-1
Trend(d)
Balance on goods and services				6 225	5 847	5 392	-455	-8
Credits
	Total goods and services			41 649	41 318	40 902	-416	-1
		Total goods		33 020	32 647	32 200	-447	-1
			Rural goods(b)	3 901	3 965	4 032	67	2
			Non-rural goods(b)	26 819	26 409	25 949	-460	-2
			Net exports of goods under merchanting	9	9	9	-	-
			Non-monetary gold	2 290	2 264	2 211	-53	-2
		Total services		8 628	8 671	8 702	31	-
Debits
	Total goods and services			-35 423	-35 471	-35 510	39	-
		Total goods		-26 748	-26 813	-26 876	63	-
			Consumption goods	-8 853	-8 886	-8 918	32	-
			Capital goods	-6 263	-6 287	-6 317	30	-
			Intermediate and other merchandise goods	-10 904	-10 965	-11 034	69	1
			Non-monetary gold	-728	-675	-607	-68	-10
		Total services		-8 675	-8 657	-8 633	-24	-
- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) For all time periods, estimates for sugar, sugar preparations and honey are included in Non-rural goods.
(c) This component is not seasonally adjusted.
(d) Caution should be used when interpreting recent trend estimates as they may be affected by unusual economic factors. For more details on trend estimates, see paragraph 19 of the Explanatory Notes.

Exports of goods and services

Between October and November 2019, the trend estimate of goods and services credits fell $416m (1%) to $40,902m.

In seasonally adjusted terms, goods and services credits rose $706m (2%) to $40,893m. Non-rural goods rose $718m (3%) and rural goods rose $9m. Non-monetary gold fell $120m (6%). Net exports of goods under merchanting remained steady at $5m. Services credits rose $99m (1%).

Exports of goods


Goods credits

Goods credits, Seasonally adjusted
							Change in:
				Sep 2019	Oct 2019	Nov 2019	Nov 2019	Nov 2019
				$m	$m	$m	$m	%
Total goods credits				33 504	31 555	32 162	607	2
	General merchandise			30 801	29 525	30 252	727	2
		Rural goods		3 952	4 075	4 084	9	-
			Meat and meat preparations	1 419	1 488	1 571	83	6
			Cereal grains and cereal preparations	522	549	534	-15	-3
			Wool and sheepskins	221	240	253	13	5
			Other rural(a)	1 790	1 798	1 727	-71	-4
		Non-rural goods		26 849	25 450	26 168	718	3
			Metal ores and minerals(b)	11 226	10 216	10 588	372	4
			Coal, coke and briquettes(c)	4 731	4 554	4 606	52	1
			Other mineral fuels(b)(d)	5 343	4 994	5 178	184	4
			Metals (excl. non-monetary gold)	1 157	994	1 091	97	10
			Machinery	974	1 105	1 101	-4	-
			Transport equipment	405	445	452	7	2
			Other manufactures	2 021	2 160	2 175	15	1
			Other non-rural (incl. sugar and beverages)(a)	855	845	846	1	-
			Goods procured in ports by carriers(d)	137	137	131	-6	-4
	Net exports of goods under merchanting(e)			13	5	5	-	-
	Non-monetary gold(e)			2 690	2 025	1 905	-120	-6
- nil or rounded to zero (including null cells)
(a) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.
(b) From July 2005, this component is seasonally adjusted using seasonal factors derived from a monthly volume series.
(c) From July 1971 to June 2005, only a length-of-month adjustment has been applied to this component. From July 2005, this component is seasonally adjusted using seasonal factors derived from a monthly volume series.
(d) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(e) This component is not seasonally adjusted.

Rural goods

In trend terms, exports of rural goods rose $67m (2%) to $4,032m.

In seasonally adjusted terms, exports of rural goods rose $9m to $4,084m.

The main component contributing to the rise in seasonally adjusted estimates was meat and meat preparations, up $83m (6%).

Partly offsetting this rise was other rural, down $71m (4%).


Non-rural goods

In trend terms, exports of non-rural goods fell $460m (2%) to $25,949m.

In seasonally adjusted terms, exports of non-rural goods rose $718m (3%) to $26,168m.

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

• metal ores and minerals, up $372m (4%)
• other mineral fuels, up $184m (4%)
• metals (excl. non-monetary gold), up $97m (10%)
• coal, coke and briquettes, up $52m (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 remained steady at $9m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $5m.


Non-monetary gold

In trend terms, exports of non-monetary gold fell $53m (2%) to $2,211m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $120m (6%) to $1,905m.


Exports of services


Services credits

Services credits, Seasonally adjusted
						Change in:
			Sep 2019	Oct 2019	Nov 2019	Nov 2019	Nov 2019
			$m	$m	$m	$m	%
Total services credits			8 636	8 632	8 731	99	1
	Manufacturing services on physical inputs owned by others(a)		-	-	-	-	-
	Maintenance and repair services n.i.e.(a)		2	5	5	-	-
	Transport		677	685	687	2	-
		Passenger(b)	273	275	277	2	1
		Freight(c)	23	30	29	-1	-3
		Other	244	247	248	1	-
		Postal and courier services(d)	137	133	133	-	-
	Travel		5 569	5 661	5 722	61	1
	Other services		2 388	2 281	2 318	37	2
Memorandum item
	Tourism related services credits(e)		5 842	5 936	5 998	62	1
- nil or rounded to zero (including null cells)
(a) This component is not seasonally adjusted.
(b) Passenger services includes agency fees and commissions for air transport.
(c) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(d) Postal and courier services includes indirect commissions for sea transport.
(e) For a more detailed explanation of tourism related services, see paragraph 29 of the Explanatory Notes.

In trend terms, services credits rose $31m to $8,702m.

In seasonally adjusted terms, services credits rose $99m (1%) to $8,731m.

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

• travel, up $61m (1%)
• other services, up $37m (2%).

In seasonally adjusted terms, tourism related services credits rose $62m (1%) to $5,998m.

In seasonally adjusted terms, total services credits contributed 21% of total goods and services exported.


Imports of goods and services

Between October and November 2019, the trend estimate of goods and services debits rose $39m to $35,510m.

In seasonally adjusted terms, goods and services debits fell $1,020m (3%) to $35,093m. Consumption goods fell $610m (7%), capital goods fell $259m (4%) and intermediate and other merchandise goods fell $102m (1%). Non-monetary gold rose $11m (2%). Services debits fell $58m (1%).


Imports of goods


Goods debits

Goods debits(a), Seasonally adjusted
							Change in:
				Sep 2019	Oct 2019	Nov 2019	Nov 2019	Nov 2019
				$m	$m	$m	$m	%
Total goods debits				-27 248	-27 514	-26 553	-961	-3
	General merchandise			-26 521	-27 045	-26 073	-972	-4
		Consumption goods		-8 822	-9 252	-8 642	-610	-7
			Food and beverages, mainly for consumption	-1 389	-1 458	-1 416	-42	-3
			Household electrical items	-497	-521	-499	-22	-4
			Non-industrial transport equipment	-1 955	-2 214	-1 715	-499	-23
			Textiles, clothing and footwear	-1 617	-1 629	-1 595	-34	-2
			Toys, books and leisure goods	-555	-569	-545	-24	-4
			Consumption goods n.e.s.	-2 807	-2 861	-2 872	11	-
		Capital goods		-6 743	-6 593	-6 334	-259	-4
			Machinery and industrial equipment	-1 952	-2 077	-2 084	7	-
			ADP equipment	-926	-1 041	-963	-78	-7
			Telecommunications equipment	-1 318	-1 281	-1 260	-21	-2
			Civil aircraft and confidentialised items(b)(c)	-366	-407	-396	-11	-3
			Industrial transport equipment n.e.s.	-915	-840	-728	-112	-13
			Capital goods n.e.s.(d)	-1 266	-947	-903	-44	-5
		Intermediate and other merchandise goods		-10 957	-11 199	-11 097	-102	-1
			Food and beverages, mainly for industry	-180	-183	-185	2	1
			Primary industrial supplies n.e.s.(d)	-118	-161	-138	-23	-14
			Fuels and lubricants(c)	-3 180	-3 370	-3 315	-55	-2
			Parts for transport equipment	-1 164	-1 155	-1 148	-7	-1
			Parts for ADP equipment	-63	-62	-60	-2	-3
			Other parts for capital goods	-1 633	-1 728	-1 678	-50	-3
			Organic and inorganic chemicals	-264	-285	-271	-14	-5
			Paper and paperboard	-209	-208	-211	3	1
			Textile yarn and fabrics	-128	-127	-127	-	-
			Iron and steel	-281	-284	-286	2	1
			Plastics	-374	-386	-369	-17	-4
			Processed industrial supplies n.e.s.	-3 228	-3 118	-3 085	-33	-1
			Other merchandise goods(b)(e)	-28	-21	-113	92	438
			Goods procured in ports by carriers(c)	-107	-110	-110	-	-
	Non-monetary gold(c)			-727	-469	-480	11	2
- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) From July 2008, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Civil aircraft and confidentialised items. For earlier periods, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Other merchandise goods.
(c) This component is not seasonally adjusted.
(d) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(e) From July 1981, this component is not seasonally adjusted.

Consumption goods

In trend terms, imports of consumption goods rose $32m to $8,918m.

In seasonally adjusted terms, imports of consumption goods fell $610m (7%) to $8,642m.

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

• non-industrial transport equipment, down $499m (23%)
• food and beverages, mainly for consumption, down $42m (3%).

Capital goods

In trend terms, imports of capital goods rose $30m to $6,317m.

In seasonally adjusted terms, imports of capital goods fell $259m (4%) to $6,334m.

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

• industrial transport equipment n.e.s., down $112m (13%)
• ADP equipment, down $78m (7%)
• capital goods n.e.s., down $44m (5%).

Intermediate and other merchandise goods

In trend terms, imports of intermediate and other merchandise goods rose $69m (1%) to $11,034m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $102m (1%) to $11,097m.

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

• fuels and lubricants, down $55m (2%)
• other parts for capital goods, down $50m (3%)
• processed industrial supplies n.e.s., down $33m (1%)
• primary industrial supplies n.e.s., down $23m (14%).

Partly offsetting these falls was other merchandise goods, up $92m.


Non-monetary gold

In trend terms, imports of non-monetary gold fell $68m (10%) to $607m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $11m (2%) to $480m.


Imports of services


Services debits

Services debits(a), Seasonally adjusted
						Change in:
			Sep 2019	Oct 2019	Nov 2019	Nov 2019	Nov 2019
			$m	$m	$m	$m	%
Total services debits			-8 774	-8 599	-8 541	-58	-1
	Manufacturing services on physical inputs owned by others(b)		-	-	-	-	-
	Maintenance and repair services n.i.e.(b)		-80	-89	-83	-6	-7
	Transport		-1 548	-1 563	-1 538	-25	-2
		Passenger(c)	-636	-629	-621	-8	-1
		Freight	-826	-843	-826	-17	-2
		Other(b)	-77	-81	-81	-	-
		Postal and courier services(d)(e)	-9	-9	-9	-	-
	Travel		-4 380	-4 293	-4 255	-38	-1
	Other services		-2 766	-2 654	-2 664	10	-
Memorandum item
	Tourism related services debits(f)		-5 015	-4 922	-4 877	-45	-1
- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraph 15 of the Explanatory Notes.
(b) This component is not seasonally adjusted.
(c) Passenger services includes agency fees and commissions for air transport.
(d) Postal and courier services includes indirect commissions for sea transport.
(e) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(f) For a more detailed explanation of tourism related services, see paragraph 29 of the Explanatory Notes.

In trend terms, services debits fell $24m to $8,633m.

In seasonally adjusted terms, services debits fell $58m (1%) to $8,541m.

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

• travel, down $38m (1%)
• transport, down $25m (2%).

In seasonally adjusted terms, tourism related services debits fell $45m (1%) to $4,877m.

In seasonally adjusted terms, total services debits contributed 24% of total goods and services imported.



Selected commodities

Selected commodities, quantity and unit value analysis - International merchandise trade basis(a): Original terms
		Change in:
		Jun 2019	Jul 2019	Aug 2019	Sep 2019	Oct 2019	Nov 2019
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	-5	-11	14	-12	-1	18
	Unit value	6	7	-15	-2	2	-7
Fines
	Quantity	-2	-5	5	-3	-2	1
	Unit value	6	8	-6	-7	-6	-3
Coal
Hard coking
	Quantity	18	-18	-1	-2	-	2
	Unit value	-	-5	-2	p-14	p-6	p13
Semi-soft
	Quantity	23	-20	-7	-2	-16	9
	Unit value	-4	-4	-	-1	-8	p4
Thermal
	Quantity	7	14	-16	-1	10	-17
	Unit value	-4	p-8	6	p-5	-6	6
Gas
LNG
	Quantity	-3	13	2	-12	3	3
	Unit value	-5	5	7	4	-7	3
- nil or rounded to zero (including null cells)
p preliminary figure or series subject to revision
(a) Data in this table are on a revised international merchandise trade basis and exclude value adjustments applied to balance of payments series.

International merchandise trade exports data presented in the above table are based on information reported by exporters to the Department of Home Affairs (Home Affairs). For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Home Affairs. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to Home Affairs. When additional information for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Unit values in this publication are presented in Australian dollar terms. Movements in the unit values for some commodities incorporate movements in the United States dollar prices reported to Home Affairs and movements in the Australian dollar to United States dollar exchange rate.

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between October to November 2019 the largest movements recorded for the following selected commodities were:

Iron ore lump, up $215m (10%), with quantities up 18% and unit values down 7%. Exports to:

• China (excludes SARs and Taiwan) rose $113m (7%), with quantities up 17% and unit values down 9%
• Japan rose $94m (48%), with quantities up 42% and unit values up 4%.

Iron ore fines, down $143m (2%), with quantities up 1% and unit values down 3%. Exports to:

• the Republic of Korea fell $97m (21%), with quantities down 17% and unit values down 6%
• Japan fell $78m (20%), with quantities down 17% and unit values down 4%.

Hard coking coal, up $321m (15%), with quantities up 2% and unit values up 13%. Exports to:

• India rose $202m (39%), with quantities up 23% and unit values up 13%
• Japan rose $104m (49%), with quantities up 45% and unit values up 3%
• China (excludes SARs and Taiwan) rose $100m (15%), with unit values up 16%.

Semi-soft coal, up $83m (13%), with quantities up 9% and unit values up 4%. Exports to:

• India rose $41m (27%), with quantities up 13% and unit values up 12%
• Taiwan rose $35m (99%), with quantities up 100%.

Thermal coal, down $206m (12%), with quantities down 17% and unit values up 6%. Exports to:

• China (excludes SARs and Taiwan) fell $90m (31%), with quantities down 39% and unit values up 13%
• the Republic of Korea fell $60m (18%), with quantities down 21% and unit values up 3%
• Thailand fell $51m, with no exports in November 2019.

Liquefied natural gas (LNG), up $232m (6%), with quantities up 3% and unit values up 3%.