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5368.0 - International Trade in Goods and Services, Australia, May 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/07/2011   
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ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services was a surplus of $1,689m in May 2011, a rise of $54m on the surplus in April 2011.

In seasonally adjusted terms, the balance on goods and services was a surplus of $2,333m in May 2011, a rise of $716m on the surplus in April 2011.


EXPORTS OF GOODS AND SERVICES

Between April 2011 and May 2011 the trend estimate of goods and services credits rose $322m (1%) to $25,697m.

In seasonally adjusted terms, goods and services credits rose $813m (3%) to $26,258m. Non-monetary gold rose $536m (49%), rural goods rose $172m (6%) and non-rural goods rose $103m (1%). Net exports of goods under merchanting remained steady at $35m. Services credits rose $1m.


Exports of goods

GOODS CREDITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Goods Credits


RURAL GOODS

In trend terms, exports of rural goods rose $78m (3%) to $2,770m.

In seasonally adjusted terms, exports of rural goods rose $172m (6%) to $2,874m.

The main component contributing to the rise in seasonally adjusted estimates was other rural, up $184m (16%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $192m (1%) to $17,409m.

In seasonally adjusted terms, exports of non-rural goods rose $103m (1%) to $17,561m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • other mineral fuels, up $187m (9%)
  • coal, coke and briquettes, up $92m (3%).

Partly offsetting these increases was the metal ores and minerals component, down $200m (3%).

For price and volume details, see the section Commodity value adjustment.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting rose $3m (10%) to $32m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $35m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $67m (5%) to $1,337m.

In seasonally adjusted terms, exports of non-monetary gold for May 2011 is the 5th highest on record at $1,621m, rising $536m (49%) between April and May 2011, after falling $260m (19%) between March and April 2011.

On a recorded trade basis, between April and May 2011, non-monetary gold rose $546m (53%). Exports to United Kingdom were up $889m, driven by an increase in volumes. Partly offsetting this rise was exports to Singapore, down $319m, driven by a decrease in volumes.


Exports of services
SERVICES CREDITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Services Credits


In trend terms, services credits fell $16m to $4,150m.

In seasonally adjusted terms, services credits rose $1m to $4,167m.

The only component contributing to the rise in the seasonally adjusted estimates was other services, up $9m (1%).

In seasonally adjusted terms, tourism related services credits fell $2m to $2,757m.


IMPORTS OF GOODS AND SERVICES

Between April 2011 and May 2011 the trend estimate of goods and services debits rose $269m (1%) to $24,009m.

In seasonally adjusted terms, goods and services debits rose $97m to $23,926m. Consumption goods rose $204m (4%) and intermediate and other merchandise goods rose $159m (2%). Capital goods fell $347m (8%) and non-monetary gold fell $23m (6%). Services debits rose $104m (2%).


Imports of goods
GOODS DEBITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Goods Debits


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $29m (1%) to $5,356m.

In seasonally adjusted terms, imports of consumption goods rose $204m (4%) to $5,261m.

The main component contributing to the rise in the seasonally adjusted estimates was non-industrial transport equipment, up $219m (23%) after falling $422m (31%) between March and April 2011.

Partly offsetting this rise was the consumption goods n.e.s. component, down $47m (3%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $12m to $4,258m.

In seasonally adjusted terms, imports of capital goods fell $347m (8%) to $4,139m.

The main component contributing to the fall in the seasonally adjusted estimates was civil aircraft and confidentialised items, down $301m (42%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $186m (2%) to $9,009m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $159m (2%) to $9,017m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • processed industrial supplies n.e.s., up $105m (6%)
  • primary industrial supplies n.e.s., up $97m (69%).

Partly offsetting these increases was the fuels and lubricants component, down $143m (4%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $5m (1%) to $364m.

In seasonally adjusted terms, non-monetary gold fell $23m (6%) to $368m.


Imports of services
SERVICES DEBITS
Graph: This graph shows the Trend and Seasonally adjusted estimate for Services Debits


In trend terms, services debits rose $60m (1%) to $5,022m.

In seasonally adjusted terms, services debits rose $104m (2%) to $5,140m.

The main components contributing to the rise in the seasonally adjusted estimates were:
  • travel, up $53m (2%)
  • maintenance and repair services n.i.e., up $36m.

In seasonally adjusted terms, tourism related services debits rose $51m (2%) to $2,925m.


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