International Trade in Goods

Rural goods rose $337m (6.0%), driven by Other rural, up $306m (12.4%).

Non-rural goods fell $133m (0.4%), driven by Other mineral fuels, down $324m (4.5%).

Consumption goods rose $122m (1.0%), driven by Consumption goods n.e.s, up $171m (4.8%).

Capital goods rose $151m (1.6%), driven by Capital goods n.e.s, up $194m (12.8%).

Intermediate and other merchandise goods fell $599m (3.7%), driven by Fuels and lubricants, down $374m (7.6%).

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between June 2024 and July 2024 the largest movements recorded for the following selected commodities were:

International merchandise trade exports data presented in the above tables 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.

International merchandise trade exports data presented in this publication are based on information reported by exporters to the Department of Home Affairs (Home Affairs). At the time of initial reporting to Home Affairs, the final prices at which transactions take place are not known for some commodities. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to 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. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Iron ore adjustments are applied on an international merchandise trade basis at the Australian Harmonized Export Commodity Classification (AHECC) level. Coal, coke and briquettes are adjusted on a balance of payments basis in current price, original terms. When final transaction information becomes available the adjusted estimates are replaced with these data.

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the change of ownership of large value capital expenditure items can occur prior to the items crossing the customs frontier. The ABS may adjust the relevant balance of payments series to record the timing when transfer of ownership was affected.

On a merchandise trade basis, adjustments have been applied to iron ore lumps and iron ore fines. When final transaction information becomes available, the adjusted estimates are replaced with these data. For price and volume details, see the Selected commodities section.

Coal (in original terms)

In the international merchandise trade series, the unit value of coal, coke and briquettes rose 1.8% between May 2024 and June 2024 and fell 6.3% between June 2024 and July 2024.

In the balance of payments series, the unit value of coal, coke and briquettes rose 0.4% between May 2024 and June 2024 and fell 5.6% between June 2024 and July 2024.

Since the previous issue of this publication, revisions have been made to align with the data published in the June quarter 2024 issue of Balance of Payments and International Investment Position, Australia released on 3 September, 2024 and Australian National Accounts: National Income, Expenditure and Product, released on 4 September, 2024. 

On an international merchandise trade basis, goods exports and imports have been revised back to January 2024.

On a balance of payments basis, revisions have been applied to:

• Goods exports back to October 2023
• Goods imports back to October 2023

Table 17 summarises revisions to goods on a balance of payments basis since the last issue of this publication.

International trade in goods statistics are subject to confidentiality. Where necessary, a restriction is placed, at the commodity level, to restrict the level of detail available. Depending on the nature of restriction, this may be all detail relating to the product (no commodity details), or a restriction of only some variables (e.g. selected country details). Users of this publication and other international trade statistics should use the Confidential Commodities List (CCL) in Table 92 to determine whether a particular statistic has been subject to confidentiality restrictions, and therefore may not represent the true aggregate value.

The CCL Data Cube registers all import and export commodities subject to a confidentiality restriction and presents information under the following headings:

• changes and new restrictions to import items in the current month
• changes and new restrictions to export items in the current month
• all import restrictions from January 1988 to the current month
• all export restrictions from January 1988 to the current month.

There are additional confidentiality applications that impact ABS international trade in goods statistics that are not reflected in this data cube. These are presented in the International Merchandise Trade, Australia: Concepts, Sources and Methods which also provides more detailed information on international merchandise trade confidentiality. 

For further information, including how to interpret the Confidential Commodities List, please see the Explanatory Notes section in Table 92.