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5368.0 - International Trade in Goods and Services, Australia, Dec 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 04/02/2008   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services in December 2007 was a deficit of $2,293m, an increase of $32m on the revised deficit in November.


In seasonally adjusted terms, the balance on goods and services in December 2007 was a deficit of $1,936m, a decrease of $226m on the revised deficit in November.


The sum of the seasonally adjusted balances for the three months to December 2007 was a deficit of $6,924m, an increase of $2,055m on the deficit of $4,869m for the three months to September 2007. However, if the seasonal factors used in compiling quarterly Balance of Payments are applied, the December quarter 2007 deficit was $6,859m, an increase of $2,069m on the revised September quarter 2007 deficit of $4,790m.



EXPORTS OF GOODS AND SERVICES

The trend estimate of goods and services credits rose $107m (1%) between November and December to $18,237m.


In seasonally adjusted terms, goods and services credits rose $239m (1%) to $18,606m. Non-rural goods rose $224m (2%) and rural goods rose $178m (9%), while other goods fell $185m (15%). Services credits rose $22m (1%).



Exports of goods

GOODS CREDITS
Graph: Goods Credits



RURAL GOODS

The trend estimate of rural goods exports rose $38m (2%) to $2,027m.


In seasonally adjusted terms, exports of rural goods rose $178m (9%) to $2,138m.


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

  • cereal grains and cereal preparations, up $104m (46%)
  • other rural, up $43m (5%)
  • wool and sheepskins, up $17m (6%).

In original terms, exports of rural goods rose $309m (16%) to $2,275m.


Non-rural goods

The trend estimate of non-rural goods exports rose $57m (1%) to $10,966m.


In seasonally adjusted terms, exports of non-rural goods rose $224m (2%) to $11,254m.


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

  • coal, coke and briquettes, up $167m (10%)
  • metals (excluding non-monetary gold), up $166m (14%)
  • other non-rural (including sugar and beverages), up $47m (4%).

Partly offsetting these effects were:
  • other mineral fuels, down $72m (5%)
  • metal ores and minerals, down $66m (2%).

In original terms, exports of non-rural goods rose $1,234m (11%) to $12,107m.


Other goods

The trend estimate of other goods exports fell $7m (1%) to $1,097m.


In seasonally adjusted terms, exports of other goods fell $185m (15%) to $1,063m.


The main component contributing to the fall in the seasonally adjusted estimates was non-monetary gold, down $202m (19%), partly offset by goods procured in ports by carriers, up $13m (10%).


In original terms, exports of other goods fell $195m (16%) to $1,054m.



Exports of Services

SERVICES CREDITS
Graph: Services Credits



In trend terms, services credits rose $18m to $4,146m.


Seasonally adjusted, services credits rose $22m (1%) to $4,151m.


All components contributed to the rise in the seasonally adjusted estimates with:

  • travel services, up $10m
  • transportation services, up $7m (1%)
  • other services, up $4m.

Seasonally adjusted, tourism related services credits rose $15m (1%) to $2,630m. This series is seasonally adjusted independently of the components of total services credits.



IMPORTS OF GOODS AND SERVICES

The trend estimate of goods and services debits rose $138m (1%) between November and December to $20,529m.


In seasonally adjusted terms, goods and services debits rose $12m to $20,541m. Capital goods rose $105m (3%), intermediate and other merchandise goods rose $78m (1%) and consumption goods rose $60m (1%) while other goods fell $293m (38%). Services debits rose $63m (2%).


Preliminary analysis shows that, in seasonally adjusted terms, goods imports volumes rose about 3.1% during the December quarter 2007 and the implicit price deflator showed no change. In original terms, the Chain Laspeyres price index rose about 0.6% while the implicit price deflator fell about 0.3%. The final volume and price outcomes will be published in the December quarter 2007 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).



Imports of goods

GOODS DEBITS
Graph: Goods Debits



CONSUMPTION GOODS

The trend estimate of imports of consumption goods rose $54m (1%) to $4,928m.


In seasonally adjusted terms, imports of consumption goods rose $60m (1%) to $4,975m.


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

  • consumption goods n.e.s., up $41m (3%)
  • toys, books and leisure goods, up $22m (6%)
  • non-industrial transport equipment, up $16m (1%).

Partly offsetting these effects were:
  • household electrical items, down $17m (4%)
  • food and beverages, mainly for consumption, down $17m (3%).

In original terms, imports of consumption goods fell $761m (14%) to $4,749m.


CAPITAL GOODS

The trend estimate of imports of capital goods rose $50m (1%) to $3,709m.


In seasonally adjusted terms, imports of capital goods rose $105m (3%) to $3,784m.


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

  • civil aircraft, up $243m
  • ADP equipment, up $28m (5%).

Partly offsetting these effects were:
  • telecommunications equipment, down $90m (16%)
  • industrial transport equipment n.e.s., down $47m (7%)
  • machinery and industrial equipment, down $38m (3%).

In original terms, imports of capital goods fell $293m (7%) to $3,774m.


INTERMEDIATE AND OTHER MERCHANDISE GOODS

The trend estimate of imports of intermediate and other merchandise goods rose $56m (1%) to $7,224m.


In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $78m (1%) to $7,232m.


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

  • fuels and lubricants, up $84m (4%)
  • processed industrial supplies n.e.s., up $54m (3%)
  • primary industrial supplies n.e.s., up $12m (11%).

Partly offsetting these effects were:
  • organic and inorganic chemicals, down $44m (12%)
  • iron and steel, down $26m (9%).

In original terms, imports of intermediate and other merchandise goods fell $446m (6%) to $6,841m.


OTHER GOODS

The trend estimate of imports of other goods fell $55m (8%) to $618m.


In both original and seasonally adjusted terms, other goods debits fell $293m (38%) to $485m.


The main component contributing to the fall in both original and seasonally adjusted estimates was non-monetary gold, down $287m (46%).



Imports of services

SERVICES DEBITS
Graph: Services Debits



In trend terms, services debits rose $33m (1%) to $4,050m.


Seasonally adjusted, services debits rose $63m (2%) to $4,066m.


All components contributed to the rise in the seasonally adjusted estimates with:

  • transportation services, up $30m (2%)
  • travel services, up $25m (2%)
  • other services, up $8m (1%).

Seasonally adjusted, tourism related services debits rose $31m (1%) to $2,130m. This series is seasonally adjusted independently of the components of total services debits.

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