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Australia's international trade in goods and services for the six years to 2001-02 is shown in tables 30.5 (exports or credits) and 30.6 (imports or debits). The tables provide both current price and chain volume measures.
The components of merchandise goods shown in tables 30.5 and 30.6 are defined in terms of groupings of items in the United Nations (UN) Standard International Trade Classification Revision 3 (SITC Rev. 3) for credits, and the UN's Classification of Broad Economic Categories for debits.
Chain volume measures of exports and imports remove the effects of inflation. They provide measures, in dollar values, which indicate changes in the actual volume of exports and imports.
The current price value of a transaction may be expressed conceptually as the product of a price and quantity. The value of the transaction in chain volume measures may then be thought of as being derived by substituting, for the current price, the corresponding price in the chosen reference year.
There are, however, many transactions recorded in statistics of international trade in goods and services for which it is not possible to apply such an approach. In such cases it is necessary to make assumptions and approximations (e.g. revaluing by means of the price index which is considered to be most closely related to the commodity involved). The published chain volume measures should be viewed in this light. For more information on chain volume measures refer to Information Paper: Introduction of Chain Volume Measures in the Australian National Accounts (5248.0).
The balance on goods and services recorded a deficit of $2.0b in 2001-02, a turnaround on the $0.9b surplus recorded in 2000-01. Goods credits rose $0.9b (0.7%) to $121.2b, with the largest increases recorded in coal, coke and briquettes (up $2.6b) and other non-rural (up $1.1b).
Goods debits increased $1.6b (1%) to $121.9b. The most significant increase occurred in consumption goods (up $1.7b) and capital goods (up $1.7b). Intermediate and other merchandise goods fell 5% to $52.1b, with decreases recorded in fuels and lubricants (down $1.5b) and other parts for capital goods (down $0.8).
Exports and imports of goods, on a merchandise trade basis without adjustment for balance of payments purposes, are shown by country in table 30.29.
Table 30.7 presents various price indexes for Australia's trade in goods and services. The implicit price deflators (IPDs) are derived by dividing the current price measures by the corresponding chain volume measures. These IPDs reflect not only price change, but compositional effects from year to year.
Unlike IPDs, chain price indexes measure only the impact of a price change. The chain Laspeyres price index for goods and services credits rose 1.3% in 2001-02 to 101.3. The rise resulted from increasing commodity prices in 2001-02 and a weaker Australian dollar. The chain Laspeyres price index for goods and services debits fell 1.0% in 2001-02 to 99.0.
Australia's terms of trade IPD (derived by dividing the IPD for credits by the IPD for debits) rose by 2.6% in 2001-02, resulting from a 1.2% rise in the IPD for goods and services credits, offset by a 1.4% fall in the IPD for goods and services debits (table 30.7).
30.5 GOODS AND SERVICES CREDITS
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 | | | | | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 | 2001-02 |
| | | | | $m | $m | $m | $m | $m | $m |
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AT CURRENT PRICES |
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| Goods and services credits | 105,160 | 113,744 | 112,025 | 125,972 | 153,511 | 152,219 |
| Goods credits | 80,934 | 88,538 | 85,783 | 97,655 | 120,307 | 121,180 |
| General merchandise | 73,379 | 80,571 | 78,323 | 90,100 | 112,897 | 113,562 |
| | Rural goods | 21,045 | 22,130 | 21,862 | 23,617 | 29,061 | 29,306 |
| | | Meat and meat preparations | 2,957 | 3,731 | 4,008 | 4,467 | 5,796 | 6,213 |
| | | Cereal grains and cereal preparations | 5,954 | 5,094 | 5,046 | 4,941 | 5,834 | 5,846 |
| | | Wool and sheepskins | 3,744 | 4,020 | 2,583 | 2,963 | 3,897 | 3,693 |
| | | Other rural | 8,390 | 9,285 | 10,225 | 11,246 | 13,534 | 13,554 |
| | Non-rural goods | 52,334 | 58,441 | 56,461 | 66,483 | 83,836 | 84,256 |
| | | Metal ores and minerals | 9,407 | 10,835 | 11,037 | 11,760 | 15,205 | 14,780 |
| | | Coal, coke and briquettes | 8,005 | 9,586 | 9,288 | 8,336 | 10,844 | 13,422 |
| | | Other mineral fuels | 5,154 | 5,309 | 4,461 | 9,082 | 13,464 | 10,956 |
| | | Metals (excluding non-monetary gold) | 6,054 | 7,185 | 6,984 | 8,810 | 10,146 | 9,643 |
| | | Machinery | 7,001 | 7,549 | 6,569 | 7,133 | 8,797 | 7,974 |
| | | Transport equipment | 3,649 | 3,412 | 3,343 | 4,597 | 5,041 | 5,773 |
| | | Other manufactures | 9,108 | 9,834 | 10,273 | 11,529 | 13,530 | 13,775 |
| | | Other non-rural (including sugar) | 3,956 | 4,731 | 4,506 | 5,236 | 6,809 | 7,933 |
| | | | Sugar, sugar preparations and honey | 1,694 | 1,939 | 1,472 | 1,229 | 1,330 | n.p. |
| | | | Other | 2,262 | 2,792 | 3,034 | 4,007 | 5,479 | n.p. |
| Other goods | 7,555 | 7,967 | 7,460 | 7,555 | 7,410 | 7,618 |
| Services credits | 24,226 | 25,206 | 26,242 | 28,317 | 33,204 | 31,039 |
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CHAIN VOLUME MEASURES(a)(b) |
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| Goods and services credits | 123,707 | 128,277 | 130,897 | 143,193 | 153,511 | 150,468 |
| Goods credits | 96,903 | 100,871 | 102,624 | 113,478 | 120,307 | 120,374 |
| General merchandise | 88,304 | 91,484 | 94,065 | 104,866 | 112,897 | 113,210 |
| | Rural goods | 23,870 | 23,569 | 25,229 | 27,792 | 29,061 | 27,417 |
| | | Meat and meat preparations | 4,162 | 4,732 | 5,023 | 5,126 | 5,796 | 5,492 |
| | | Cereal grains and cereal preparations | 6,405 | 5,359 | 6,189 | 6,177 | 5,834 | 5,746 |
| | | Wool and sheepskins | 4,014 | 3,751 | 3,181 | 3,732 | 3,896 | 3,397 |
| | | Other rural | 9,172 | 9,770 | 10,980 | 12,806 | 13,534 | 12,783 |
| | Non-rural goods | 64,419 | 67,997 | 68,828 | 77,086 | 83,837 | 85,792 |
| | | Metal ores and minerals | 13,065 | 13,244 | 13,597 | 13,905 | 15,205 | 15,386 |
| | | Coal, coke and briquettes | 8,227 | 9,129 | 9,452 | 9,895 | 10,843 | 11,106 |
| | | Other mineral fuels | 9,916 | 11,053 | 10,590 | 12,520 | 13,464 | 13,246 |
| | | Metals (excluding non-monetary gold) | 7,929 | 8,217 | 9,159 | 10,071 | 10,146 | 10,644 |
| | | Machinery | 6,561 | 7,149 | 6,451 | 7,294 | 8,797 | 8,249 |
| | | Transport equipment | 4,412 | 3,892 | 3,751 | 5,118 | 5,041 | 5,564 |
| | | Other manufactures | 9,832 | 10,286 | 10,731 | 12,315 | 13,529 | 13,827 |
| | | Other non-rural (including sugar) | 4,527 | 5,067 | 4,983 | 6,074 | 6,808 | 7,771 |
| | | | Sugar, sugar preparations and honey | 1,735 | 1,854 | 1,562 | 1,685 | 1,330 | n.p. |
| | | | Other | 2,784 | 3,222 | 3,480 | 4,481 | 5,479 | n.p. |
| Other goods | 7,495 | 8,081 | 8,362 | 8,548 | 7,411 | 7,165 |
| Services credits | 26,790 | 27,421 | 28,275 | 29,715 | 33,205 | 30,093 |
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(a) Reference year for chain volume measures is 2000-01.
(b) Chain volume measures are not additive for most periods; the component measures do not sum to a total in the same way as the corresponding current price components do. |
Source: Balance of Payments and International Investment Position, Australia (5302.0). |
30.6 GOODS AND SERVICES DEBITS
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| | | | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 | 2001-02 |
| | | | $m | $m | $m | $m | $m | $m |
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AT CURRENT PRICES |
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| Goods and services debits | -103,590 | -118,482 | -126,453 | -140,323 | -152,636 | -154,194 |
| Goods debits | -79,438 | -92,084 | -98,427 | -110,610 | -120,337 | -121,937 |
| General merchandise | -77,205 | -87,521 | -94,389 | -106,549 | -115,979 | -116,772 |
| | Consumption goods | -21,293 | -25,899 | -28,041 | -30,781 | -35,775 | -37,433 |
| | | Food and beverages, mainly for consumption | -2,879 | -3,282 | -3,606 | -3,943 | -4,483 | -4,686 |
| | | Household electrical items | -1,890 | -2,062 | -2,245 | -2,456 | -3,000 | -3,174 |
| | | Non-industrial transport equipment | -5,143 | -7,102 | -7,231 | -7,735 | -9,627 | -9,931 |
| | | Textiles, clothing and footwear | -2,880 | -3,456 | -3,739 | -4,232 | -4,811 | -4,850 |
| | | Toys, books and leisure goods | -2,567 | -2,956 | -3,184 | -3,238 | -3,359 | -3,495 |
| | | Consumption goods n.e.s. | -5,934 | -7,041 | -8,036 | -9,177 | -10,495 | -11,297 |
| | Capital goods | -18,884 | -21,168 | -23,055 | -26,695 | -25,552 | -27,261 |
| | | Machinery and industrial equipment | -8,020 | -8,862 | -9,226 | -8,912 | -8,876 | -9,507 |
| | | ADP equipment | -3,719 | -4,345 | -4,496 | -4,912 | -5,260 | -5,054 |
| | | Telecommunications equipment | -1,748 | -2,070 | -2,812 | -4,150 | -4,379 | -3,754 |
| | | Civil aircraft | -784 | -464 | -649 | -1,414 | -609 | -1,513 |
| | | Industrial transport equipment n.e.s. | -2,178 | -2,560 | -2,860 | -3,981 | -2,753 | -3,553 |
| | | Capital goods n.e.s. | -2,435 | -2,867 | -3,012 | -3,326 | -3,675 | -3,880 |
| | Intermediate and other merchandise goods | -37,028 | -40,454 | -43,293 | -49,073 | -54,652 | -52,078 |
| | | Food and beverages, mainly for industry | -641 | -746 | -758 | -731 | -592 | -576 |
| | | Primary industrial supplies n.e.s. | -839 | -950 | -882 | -1,117 | -1,133 | -1,117 |
| | | Fuels and lubricants | -5,004 | -4,276 | -4,428 | -7,450 | -10,358 | -8,824 |
| | | Parts for transport equipment | -4,609 | -5,346 | -6,085 | -6,874 | -7,089 | -6,889 |
| | | Parts for ADP equipment | -1,759 | -1,993 | -1,944 | -1,936 | -2,255 | -2,161 |
| | | Other parts for capital goods | -6,507 | -7,193 | -7,692 | -8,008 | -9,072 | -8,233 |
| | | Organic and inorganic chemicals | -2,743 | -2,814 | -3,139 | -3,572 | -3,777 | -3,448 |
| | | Paper and paperboard | -1,713 | -1,901 | -1,978 | -2,207 | -2,311 | -2,225 |
| | | Textile yarn and fabrics | -1,817 | -2,005 | -2,006 | -1,987 | -1,863 | -1,831 |
| | | Iron and steel | -1,297 | -1,623 | -1,470 | -1,509 | -1,437 | -1,765 |
| | | Plastics | -1,577 | -1,814 | -1,889 | -2,037 | -2,193 | -2,181 |
| | | Processed industrial supplies n.e.s. | -8,212 | -9,431 | -10,140 | -10,772 | -11,252 | -11,450 |
| | | Other merchandise goods | -310 | -362 | -882 | -873 | -1,320 | -1,378 |
| Other goods | -2,233 | -4,563 | -4,038 | -4,061 | -4,358 | -5,165 |
| Services debits | -24,152 | -26,398 | -28,026 | -29,713 | -32,299 | -32,257 |
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CHAIN VOLUME MEASURES(a)(b) |
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| Goods and services debits | -119,505 | -131,124 | -137,452 | -154,607 | -152,636 | -156,408 |
| Goods debits | -89,558 | -100,604 | -106,620 | -121,598 | -120,337 | -124,808 |
| General merchandise | -86,928 | -95,368 | -102,134 | -117,002 | -115,979 | -119,802 |
| | Consumption goods | -24,289 | -28,239 | -29,204 | -32,878 | -35,774 | -36,936 |
| | | Food and beverages, mainly for consumption | -3,106 | -3,338 | -3,670 | -4,104 | -4,483 | -4,684 |
| | | Household electrical items | -2,065 | -2,155 | -2,296 | -2,592 | -3,000 | -3,206 |
| | | Non-industrial transport equipment | -5,898 | -7,887 | -7,690 | -8,178 | -9,627 | -9,500 |
| | | Textiles, clothing and footwear | -3,442 | -3,859 | -3,961 | -4,638 | -4,811 | -4,635 |
| | | Toys, books and leisure goods | -3,291 | -3,469 | -3,383 | -3,577 | -3,358 | -3,509 |
| | | Consumption goods n.e.s. | -6,575 | -7,618 | -8,250 | -9,820 | -10,495 | -11,405 |
| | Capital goods | -18,495 | -20,412 | -22,771 | -28,128 | -25,551 | -28,102 |
| | | Machinery and industrial equipment | -10,029 | -10,194 | -9,757 | -9,677 | -8,876 | -9,386 |
| | | ADP equipment | -1,961 | -2,612 | -3,531 | -4,923 | -5,260 | -6,190 |
| | | Telecommunications equipment | -1,461 | -1,821 | -2,728 | -4,216 | -4,379 | -3,833 |
| | | Civil aircraft | -1,193 | -599 | -718 | -1,567 | -609 | -1,434 |
| | | Industrial transport equipment n.e.s. | -2,554 | -2,856 | -3,026 | -4,210 | -2,752 | -3,499 |
| | | Capital goods n.e.s. | -2,921 | -3,273 | -3,296 | -3,634 | -3,675 | -3,758 |
| | Intermediate and other merchandise goods | -44,592 | -47,090 | -50,440 | -56,021 | -54,652 | -54,764 |
| | | Food and beverages, mainly for industry | -517 | -486 | -511 | -633 | -592 | -572 |
| | | Primary industrial supplies n.e.s. | -895 | -952 | -911 | -1,220 | -1,132 | -1,136 |
| | | Fuels and lubricants | -10,422 | -9,635 | -11,020 | -10,507 | -10,358 | -11,010 |
| | | Parts for transport equipment | -5,813 | -6,312 | -6,621 | -7,446 | -7,090 | -6,714 |
| | | Parts for ADP equipment | -933 | -1,207 | -1,526 | -1,940 | -2,256 | -2,639 |
| | | Other parts for capital goods | -6,968 | -7,254 | -7,578 | -8,567 | -9,073 | -8,399 |
| | | Organic and inorganic chemicals | -2,990 | -2,937 | -3,316 | -4,086 | -3,778 | -3,417 |
| | | Paper and paperboard | -2,157 | -2,304 | -2,217 | -2,508 | -2,311 | -2,195 |
| | | Textile yarn and fabrics | -1,969 | -2,085 | -2,141 | -2,228 | -1,863 | -1,836 |
| | | Iron and steel | -1,401 | -1,724 | -1,523 | -1,563 | -1,437 | -1,755 |
| | | Plastics | -2,019 | -2,188 | -2,308 | -2,544 | -2,192 | -2,149 |
| | | Processed industrial supplies n.e.s. | -9,739 | -10,481 | -10,933 | -11,895 | -11,251 | -11,561 |
| | | Other merchandise goods | -357 | -393 | -926 | -959 | -1,320 | -1,380 |
| Other goods | -2,707 | -5,271 | -4,441 | -4,587 | -4,358 | -5,007 |
| Services debits | -30,272 | -30,614 | -30,860 | -33,011 | -32,300 | -31,600 |
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(a) Reference year for chain volume measures is 2000-01.
(b) Chain volume measures are not additive for most periods; the component measures do not sum to a total in the same way as the corresponding current price components do. |
Source: Balance of Payments and International Investment Position, Australia (5302.0). |
30.7 IMPLICIT PRICE DEFLATORS AND TERMS OF TRADE(a)
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| | | 1995-96 | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 | 2001-02 |
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| Implicit price deflators(b) | | | | | | | |
| Goods and services credits | 88.5 | 85.0 | 88.7 | 85.6 | 88.1 | 100.0 | 101.2 |
| | Goods credits | 88.3 | 83.5 | 87.8 | 83.6 | 86.1 | 100.0 | 100.7 |
| | Services credits | 89.3 | 90.4 | 91.9 | 92.8 | 95.3 | 100.0 | 103.1 |
| Goods and services debits | 93.0 | 86.7 | 90.4 | 92.0 | 90.8 | 100.0 | 98.6 |
| | Goods debits | 96.4 | 88.7 | 91.5 | 92.3 | 91.0 | 100.0 | 97.7 |
| | Services debits | 81.9 | 79.8 | 86.2 | 90.8 | 90.0 | 100.0 | 102.1 |
| Chain Laspeyres price indexes | | | | | | | |
| Goods and services credits | 87.5 | 84.6 | 88.4 | 85.5 | 87.6 | 100.0 | 101.3 |
| | Goods credits | 87.2 | 83.1 | 87.6 | 83.6 | 85.6 | 100.0 | 100.8 |
| | Services credits | 89.0 | 90.1 | 91.6 | 92.6 | 95.1 | 100.0 | 103.2 |
| Goods and services debits | 89.5 | 84.1 | 88.2 | 90.6 | 90.2 | 100.0 | 99.0 |
| | Goods debits | 92.3 | 85.7 | 89.0 | 90.7 | 90.4 | 100.0 | 98.2 |
| | Services debits | 81.1 | 78.9 | 85.6 | 90.3 | 89.6 | 100.0 | 102.3 |
| Terms of trade(c) | | | | | | | |
| Goods and services | 95.2 | 98.1 | 98.1 | 93.0 | 97.0 | 100.0 | 102.6 |
| | Goods | 91.6 | 94.2 | 95.9 | 90.5 | 94.6 | 100.0 | 103.0 |
| | Services | 109.0 | 113.3 | 106.6 | 102.2 | 105.9 | 100.0 | 101.0 |
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(a) Reference year for price and terms of trade indexes is 2000-01.
(b) Derived by dividing the estimates at current prices in tables 30.5 and 30.6 by the chain volume measures in those tables.
(c) Derived by dividing the IPDs for credits by the IPDs for debits. |
Source: Balance of Payments and International Investment Position, Australia (5302.0). |
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