5368.0 - International Trade in Goods and Services, Australia, Aug 2013 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 02/10/2013   
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AUGUST KEY FIGURES

Jun 2013
Jul 2013
Aug 2013
Jul 13 to Aug 13
$m
$m
$m
% change
BALANCE ON GOODS AND SERVICES
Trend estimates
–737
–824
–952
–16
Seasonally adjusted
–515
–1 375
–815
41
CREDITS (Exports of goods and services)
Trend estimates
26 298
26 513
26 678
1
Seasonally adjusted
26 062
26 306
27 116
3
DEBITS (Imports of goods and services)
Trend estimates
27 035
27 338
27 630
1
Seasonally adjusted
26 576
27 680
27 931
1

Balance on Goods and Services
Graph: This graph shows the Balance on Goods and Services for the Trend and Seasonally adjusted series



AUGUST KEY POINTS


BALANCE ON GOODS AND SERVICES
  • In trend terms, the balance on goods and services was a deficit of $952m in August 2013, an increase of $128m (16%) on the deficit in July 2013.
  • In seasonally adjusted terms, the balance on goods and services was a deficit of $815m in August 2013, a decrease of $560m (41%) on the deficit in July 2013.


CREDITS (EXPORTS OF GOODS AND SERVICES)
  • In seasonally adjusted terms, goods and services credits rose $810m (3%) to $27,116m. Non–rural goods rose $565m (3%) and non–monetary gold rose $307m (33%). Net exports of goods under merchanting remained steady at $31m. Rural goods fell $12m. Services credits fell $50m (1%).


DEBITS (IMPORTS OF GOODS AND SERVICES)
  • In seasonally adjusted terms, goods and services debits rose $251m (1%) to $27,931m. Consumption goods rose $309m (5%), non–monetary gold rose $107m (27%) and capital goods rose $14m. Intermediate and other merchandise goods fell $185m (2%). Services debits rose $5m.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
September 2013 6 November 2013
October 2013 5 December 2013
November 2013 7 January 2014
December 2013 6 February 2014
January 2014 6 March 2014
February 2014 3 April 2014



REVISIONS

Since the previous issue of this publication revisions have been made to incorporate the latest data relating to international merchandise trade in goods and international trade in services:
  • on an international merchandise trade basis, exports and imports of goods have been revised back to February 2013
  • on a balance of payments basis, historical revisions have been applied to:
      • goods credits back to July 1971
      • goods debits back to February 1988
      • services credits back to October 1993
      • services debits back to October 1997.

Table 17 summarises historical revisions to goods and services on a balance of payments basis, in original current price terms. In original terms, for the last three financial years, the revisions have:
  • decreased the surplus on goods and services for 2010–11 by $7,335m
  • decreased the surplus on goods and services for 2011–12 by $6,842m, resulting in a deficit
  • increased the deficit on goods and services for 2012–13 by $7,061m.

Revisions are predominantly the result of a new adjustment for goods debits estimates to include imports under the Australian Customs and Border Protection Service low value threshold, lodged without a full import declaration.


CHANGES IN THIS ISSUE
  • Annual seasonal re–analysis
  • Introduction of a new goods debits adjustment.

See the Changes in this issue section for details.


VALUE ADJUSTMENTS

Adjustments have been made to the value of the 'capital goods n.e.s.' component in the balance of payments series.

See the Value adjustments section for details.


INQUIRIES

For further information contact Olivia Lam on Canberra (02) 6252 5540 for Goods, and Lauren Binns on Hobart (03) 6222 5926 for Services.