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5368.0 - International Trade in Goods and Services, Australia, May 2012 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/07/2012   
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MAY KEY FIGURES

Mar 2012
Apr 2012
May 2012
Apr 12 to May 12
$m
$m
$m
% change

BALANCE ON GOODS AND SERVICES
Trend estimates
-540
-589
-598
. .
Seasonally adjusted
-1 004
-26
-285
. .
CREDITS (Exports of goods & services)
Trend estimates
25 580
25 703
25 889
1
Seasonally adjusted
25 335
26 196
26 766
2
DEBITS (Imports of goods & services)
Trend estimates
26 120
26 292
26 487
1
Seasonally adjusted
26 339
26 222
27 051
3

. . not applicable

Balance on Goods and Services
Graph: This graph shows the Balance on Goods and Services for the Trend and Seasonally adjusted series



MAY KEY POINTS


BALANCE ON GOODS AND SERVICES
  • In trend terms, the balance on goods and services was a deficit of $598m in May 2012, a rise of $9m on the deficit in April 2012.
  • In seasonally adjusted terms, the balance on goods and services was a deficit of $285m in May 2012, a rise of $259m on the deficit in April 2012.


CREDITS (EXPORTS OF GOODS & SERVICES)
  • In seasonally adjusted terms, goods and services credits rose $570m (2%) to $26,766m. Non-rural goods rose $342m (2%), non-monetary gold rose $185m (15%) and rural goods rose $40m (1%). Net exports of goods under merchanting remained steady at $21m. Services credits rose $4m.


DEBITS (IMPORTS OF GOODS & SERVICES)
  • In seasonally adjusted terms, goods and services debits rose $829m (3%) to $27,051m. Intermediate and other merchandise goods rose $503m (6%), capital goods rose $176m (3%), non-monetary gold rose $108m (27%) and consumption goods rose $10m. Services debits rose $33m (1%).


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
June 2012 2 August 2012
July 2012 7 September 2012
August 2012 3 October 2012
September 2012 5 November 2012
October 2012 7 December 2012
November 2012 8 January 2013



REVISIONS

Revisions have been made to incorporate the latest data relating to international merchandise trade and international trade in services:
  • on a recorded trade basis, international merchandise exports and imports have been revised back to November 2011
  • on a balance of payments basis, goods and services have been revised back to July 2011.

Table 17 summarises revisions to goods and services on a balance of payments basis, in original current price terms, since the last issue of this publication. In original terms, the revisions have increased the surplus on goods and services for the ten months to April 2012 by $1,253m.


CHANGES IN THIS AND FORTHCOMING ISSUES

Changes in this issue:
  • Amendments to existing customs tariff code correspondences and free standing descriptors
  • An improvement to the seasonal adjustment methodology for goods credits at current prices from July 1971 to June 1977.

Changes in forthcoming issues:
  • Australian customs tariff codes for 1 July 2012
  • Australian Harmonized Export Commodity Classification (AHECC) Codes for 1 July 2012
  • Change to release date of October 2012 issue.


VALUE ADJUSTMENTS

Adjustments have been made to the value of the 'metal ores and minerals', 'coal, coke and briquettes' and 'capital goods n.e.s.' components in the balance of payments series.

See the section Commodity value adjustment for details.


FEATURE ARTICLE

Export and Import Invoice Currencies, June 2012. See the section Feature article and Invitation to comment for details.


INVITATION TO COMMENT

Invitation to comment on the International Merchandise Trade Australia: Concepts, Sources and Methods, 2001 (cat. no. 5489.0). See the section Feature article and Invitation to comment for details.


INQUIRIES

For further information contact Selvi Sekhar on Canberra (02) 62525540 for Goods, and Lee Taylor on Canberra (02) 6252 6377 for Services.


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