5302.0.55.004 - Balance of Payments - Goods and Services, Preliminary Quarterly Estimates, Dec 2014  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 24/02/2015   
   Page tools: Print Print Page Print all pages in this productPrint All

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 December quarter 2014 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) will be released on 3 March 2015.


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 $2,438m in the December quarter 2014, a fall of $1,462m (37%) on the revised September quarter 2014 deficit of $3,900m. The main components contributing to the balance on goods and services were:
    • goods credits, up $1,193m (2%)
      • metals (excl. non-monetary gold), up $516m (19%)
      • other mineral fuels, up $323m (4%)
      • meat and meat preparations, up $316m (11%)
      • coal, coke and briquettes, up $312m (3%)
      • non-monetary gold, down $307m (8%).
    • services credits, down $241m (2%)
      • other services, down $214m (5%)
      • transport, down $16m (1%).
    • goods debits, down $434m (1%)
      • fuel and lubricants, down $1,345m (13%)
      • civil aircraft and confidentialised items, down $754m (34%)
      • telecommunications equipment, up $373m (17%)
      • capital goods n.e.s., up $362m (17%)
      • ADP equipment, up $320m (16%).
    • services debits, down $77m
      • travel, down $112m (2%)
      • transport, up $34m (1%).


PRELIMINARY ESTIMATES OF CHAIN VOLUME MEASURES AND PRICE INDEXES FOR GOODS DEBITS (footnote 1, footnote 2)
  • In seasonally adjusted terms, goods imports volumes fell 2.2% and the implicit price deflator rose 1.6% during the December quarter 2014.
  • In original terms, the chain Laspeyres price index rose 1.2% and the implicit price deflator fell 1.4%.


CHANGES IN THIS ISSUE

IMPACTS ON SERVICES DUE TO DELAYS TO OVERSEAS ARRIVALS AND DEPARTURES DATA

The October 2014, November 2014 and December 2014 issues of ABS publication Overseas Arrivals and Departures, Australia (cat. no. 3401.0) have been delayed due to passenger card processing issues as announced by the Department of Immigration and Border Protection (DIBP). This delay impacts on services credits and services debits series for the December quarter 2014. As such, caution should be used when interpreting the recent services credits and services debits estimates as they are based on modelled estimates rather than actual data.

The ABS and DIBP are working closely together to manage the issues and to minimise further delays to the release of these statistics. The ABS will advise new release dates in due course.


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.