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5368.0 - International Trade in Goods and Services, Australia, May 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/07/2008   
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MAY KEY FIGURES

March 2008
April 2008
May 2008
Apr 08 to May 08
$m
$m
$m
% change

BALANCE ON GOODS AND SERVICES
Trend estimates
-2 007
-1 093
-935
14
Seasonally adjusted
-2 386
12
-965
. .
CREDITS (Exports of goods & services)
Trend estimates
19 856
21 042
21 428
2
Seasonally adjusted
19 583
21 556
21 871
1
DEBITS (Imports of goods & services)
Trend estimates
21 863
22 136
22 364
1
Seasonally adjusted
21 968
21 544
22 836
6

. . not applicable

Balance on Goods and Services
Graph: Balance on Goods and Services



MAY KEY POINTS


BALANCE ON GOODS AND SERVICES
  • The trend estimate of the balance on goods and services was a deficit of $935m in May 2008, a decrease of $158m (14%) on the revised deficit in April 2008.
  • In seasonally adjusted terms, the balance on goods and services was a deficit of $965m in May 2008, a turnaround of $977m on April 2008.
  • The seasonally adjusted deficit was primarily due to the strong rise in goods and services debits, mainly intermediate and other goods.


CREDITS (EXPORTS OF GOODS & SERVICES)
  • Seasonally adjusted, goods and services credits rose $315m (1%) to $21,871m. Non-rural and other goods rose $232m (2%) and rural goods rose $51m (2%). Services credits rose $32m (1%).
  • The rise in non-rural and other goods was driven by coal, coke and briquettes, which rose $309m (13%), metal ores and minerals, which rose $233m (5%) and other minerals fuels, which rose $115m (7%).


DEBITS (IMPORTS OF GOODS & SERVICES)
  • Seasonally adjusted, goods and services debits rose $1,292m (6%) to $22,836m. Intermediate and other goods rose $867m (10%) and consumption goods rose $386m (8%) while capital goods fell $2m. Services debits rose $41m (1%).
  • The rise in intermediate and other goods was driven by fuels and lubricants, which rose $466m (17%) and processed industrial supplies nes, which rose $223m (13%).


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
June 2008 31 July 2008
July 2008 4 September 2008
August 2008 2 October 2008
September 2008 5 November 2008
October 2008 4 December 2008
November 2008 8 January 2009



REVISIONS

Revisions were made to incorporate the latest available data relating to merchandise trade and the international trade in services.

In original terms, these revisions have decreased the deficit on goods and services for April 2008 by $905m and for the twelve months to April 2008 by $1,564m.


IRON ORE PRICES

An adjustment has been made to iron ore exports in the balance of payments series. For details see page 4 - Iron Ore Prices Adjustment.


INFORMATION PAPER

An information paper Impact of introducing Revision 4 of the Standard International Trade Classification (cat. no. 5368.0.55.010) was released on 26 May 2008. The paper outlines the changes which will impact on data released in this and related publications from the July 2008 reference month.


INQUIRIES

For further information contact Selvi Sekhar on Canberra (02) 62525540 for goods, and Karen McGuigan on Canberra (02) 6252 5415 for services.


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