ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $679m in May 2014, an increase of $491m (261%) on the deficit in April 2014.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,911m in May 2014, an increase of $1,131m (145%) on the deficit in April 2014.


EXPORTS OF GOODS AND SERVICES

Between April and May 2014, the trend estimate of goods and services credits fell $386m (1%) to $27,808m.

In seasonally adjusted terms, goods and services credits fell $1,300m (5%) to $26,681m. Non-rural goods fell $1,184m (6%), rural goods fell $62m (2%) and non-monetary gold fell $61m (6%). Net exports of goods under merchanting remained steady at $0m. Services credits rose $8m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $66m (2%) to $3,333m.

In seasonally adjusted terms, exports of rural goods fell $62m (2%) to $3,204m.

The main component contributing to the fall in seasonally adjusted estimates was cereal grains and cereal preparations, down $63m (8%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $285m (2%) to $18,500m.

In seasonally adjusted terms, exports of non-rural goods fell $1,184m (6%) to $17,576m.

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

• metal ores and minerals, down $760m (9%)
• other mineral fuels, down $352m (13%).

For price and volume details, see the Selected commodities section.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting fell $2m (100%) to $0m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $0m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $37m (3%) to $1,079m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $61m (6%) to $1,005m.


Exports of services


In trend terms, services credits rose $3m to $4,896m.

In seasonally adjusted terms, services credits rose $8m to $4,896m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $30m (1%).

Partly offsetting this rise was the other services component, down $17m (1%).

In seasonally adjusted terms, tourism related services credits rose $30m (1%) to $3,059m.


IMPORTS OF GOODS AND SERVICES

Between April and May 2014, the trend estimate of goods and services debits rose $105m to $28,487m.

In seasonally adjusted terms, goods and services debits fell $169m (1%) to $28,592m. Capital goods fell $195m (4%) and consumption goods fell $34m. Non-monetary gold rose $38m (12%) and intermediate and other merchandise goods rose $17m. Services debits rose $6m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $30m to $7,015m.

In seasonally adjusted terms, imports of consumption goods fell $34m to $7,002m.

The main component contributing to the fall in seasonally adjusted estimates was textiles, clothing and footwear, down $67m (5%).

Partly offsetting this fall was food and beverages, mainly for consumption, up $43m (4%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $1m to $5,052m.

In seasonally adjusted terms, imports of capital goods fell $195m (4%) to $5,091m.

The main component contributing to the fall in seasonally adjusted estimates was capital goods n.e.s., down $282m (30%).

Partly offsetting this fall was machinery and industrial equipment, up $137m (8%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $24m to $9,976m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $17m to $9,967m.

The main component contributing to the rise in seasonally adjusted estimates was fuels and lubricants, up $175m (5%).

Partly offsetting this rise was processed industrial supplies n.e.s., down $167m (6%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $5m (2%) to $327m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $38m (12%) to $346m.


Imports of services


In trend terms, services debits rose $44m (1%) to $6,115m.

In seasonally adjusted terms, services debits rose $6m to $6,187m.

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

• travel, up $11m
• other services, up $8m.

Partly offsetting these rises was transport, down $14m (1%).

In seasonally adjusted terms, tourism related services debits fell $6m to $3,185m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) - Original terms
		Change in
		Dec 2013	Jan 2014	Feb 2014	Mar 2014	Apr 2014	May 2014
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	14	-18	12	-	-4	4
	Unit value	4	3	-2	-9	-1	p -
Fines
	Quantity	7	-10	1	20	5	2
	Unit value	6	-	-5	-10	-4	p4
Coal
Hard coking
	Quantity	-3	2	-16	23	6	-8
	Unit value	-	-	-4	-4	p-5	p-2
Semi-soft
	Quantity	13	-14	-8	13	-6	4
	Unit value	5	-1	-3	-4	-6	-1
Thermal
	Quantity	31	-20	5	-7	2	4
	Unit value	5	2	-1	-5	-6	1
- nil or rounded to zero (including null cells)
p preliminary figure or series subject to revision
(a) Data in this table are on a revised international merchandise trade basis and exclude value adjustments applied to balance of payments series.

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between April and May 2014 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $51m (3%), with quantities up 4%.
Exports to Taiwan rose $43m (72%), with quantities up 79% and unit values down 4%.

Iron ore fines rose $285m (6%), with quantities up 2% and unit values up 4%.
Exports to China (excluding SARs and Taiwan) rose $344m (9%), with quantities up 3% and unit values up 6%.

Partly offsetting this rise was exports to the Republic of Korea, down $92m (21%), with quantities down 19% and unit values down 3%.

Hard coking coal fell $138m (10%), with quantities down 8% and unit values down 2%.
Exports to China (excluding SARs and Taiwan) fell $240m (53%), with quantities down 52% and unit values down 3%.

Partly offsetting this fall was exports to Japan, up $77m (34%), with quantities up 40% and unit values down 4%.

Semi-soft coal rose $16m (3%), with quantities up 4% and unit values down 1%.
Exports to Brazil rose $23m (171%), with quantities up 183% and unit values down 4%.

Thermal coal rose $60m (5%), with quantities up 4% and unit values up 1%.
Exports to Japan rose $64m (14%), with quantities up 16% and unit values down 2%.