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DECEMBER KEY FIGURES

	October 2005	November 2005	December 2005	Nov 05 to Dec 05
	$m	$m	$m	% change
Trend
Balance on goods & services	-1 635	-1 692	-1 713	. .
Credits (exports of goods & services)	15 183	15 373	15 590	1
Debits (imports of goods & services)	16 818	17 065	17 303	1
Seasonally Adjusted
Balance on goods & services	-1 371	-2 473	-1 168	. .
Credits (exports of goods & services)	15 086	15 184	16 268	7
Debits (imports of goods & services)	16 457	17 657	17 436	-1
. . not applicable

Balance on goods and services

• The provisional trend estimate of the balance on goods and services was a deficit of $1,713m in December 2005, an increase of $21m on the revised deficit in November.
• Goods and services credits rose $217m (1%) to $15,590m. Goods and services debits rose $238m (1%) to $17,303m.

• In seasonally adjusted terms, the balance on goods and services was a deficit of $1,168m in December, a decrease of $1,305m on the revised deficit in November.
• Goods and services credits rose $1,084m (7%) to $16,268m. Non-rural and other goods rose $976m (10%) and rural goods rose $109m (5%). Services credits fell $1m.
• Goods and services debits fell $221m (1%) to $17,436m. Capital goods fell $154m (4%), intermediate and other goods fell $125m (2%) while consumption goods rose $2m. Services debits rose $56m (2%).

• In original terms, the December balance on goods and services was a deficit of $237m, a decrease of $2,908m on the deficit in November. Goods and services credits rose $1,695m (11%) while goods and services debits fell $1,213m (7%).
• The 2005 calendar year deficit on goods and services was $19,397m, a decrease of $6,177m on the deficit in 2004. The goods deficit was $17,879m and the services deficit was $1,518m.

In original terms, these revisions have:

• decreased the deficit on goods and services for November 2005 by $21m
• increased the deficit for the five months to November 2005 by $25m.

FEATURE ARTICLE

A feature article on Australia's International Trade in Services by Partner Country, 2005 will be released on the ABS web site <https://www.abs.gov.au> on 13 February 2006. The article provides preliminary calendar year data for 2005 for Australia's international trade in services with selected major trading partners. As the data is preliminary, care should be exercised in interpreting the data. More comprehensive and updated estimates for 2005 will be published with the March 2006 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0).

To access this article on the web site select Themes then Economy then International Trade then Topics of Interest.

INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Tom Jebbink on Canberra (02) 6252 5540.

ANALYSIS AND COMMENTS

BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services in December 2005 was a deficit of $1,713m, an increase of $21m on the deficit in November.

In seasonally adjusted terms, the balance on goods and services in December 2005 was a deficit of $1,168m, a decrease of $1,305m on the deficit in November.

The sum of the seasonally adjusted balances for the three months to December 2005 was a deficit of $5,012m, an increase of $976m on the deficit of $4,036m for the three months to September 2005. However, when applying the seasonal factors used in compiling the quarterly Balance of Payments, the December quarter 2005 deficit was $4,371m, an increase of $59m on the revised September quarter 2005 deficit of $4,312m.

Exports of goods

GOODS CREDITS

In seasonally adjusted terms, exports of rural goods rose $109m (5%) to $2,095m.

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

• Cereal grains and cereal preparations, up $68m (20%)
• meat and meat preparations, up $29m (5%)
• other rural goods, up $14m (2%).

Cereal and cereal preparations, up $136m (47%), largely on increased volumes for both barley and wheat exports, and other rural goods, up $103m (12%), were the main contributors to this rise.

Non-rural goods

The trend estimate of non-rural goods exports rose $170m (2%) to $9,714m.

In seasonally adjusted terms, exports of non-rural goods rose $483m (5%) to $10,083m.

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

• metal ores and minerals, up $346m (16%)
• metals (excluding non-monetary gold), up $181m (22%)
• other manufactures, up $79m (6%)
• other non-rural, up $40m (4%).

• transport equipment, down $58m (12%)
• other mineral fuels, down $33m (3%).

• Metal ores and minerals, up $592m (27%), where the largest increases were in copper ores, up $357m (304%), with volumes up substantially and prices up 23%, aluminium oxide, up $78m (21%) and zinc, up $42m (45%), both largely on increased volumes
• Metals (excluding gold), up $188m (22%), where the large increase was in aluminium, up $196m (55%), largely on increased volumes
• Other non-rural, up $72m (8%), where the largest increase was in beverages, up $55m (28%).

In seasonally adjusted terms, exports of other goods rose $493m (91%) to $1,036m.

The main movement in the seasonally adjusted components contributing to the rise was non-monetary gold, up $528m, partly offset by goods for processing, down $31m.

Exports of services

SERVICES CREDITS

Seasonally adjusted, services credits fell $1m to $3,054m.

The main movement in the seasonally adjusted components contributing to this fall was passenger and other services, down $8m (1%), offset by travel services, up $6m.

In original terms, services credits fell $43m (1%) to $3,111m.

Seasonally adjusted, tourism related services credits rose $3m to $1,933m.

IMPORTS OF GOODS AND SERVICES

The trend estimate of goods and services debits rose $238m (1%) between November and December to $17,303m.

In seasonally adjusted terms, goods and services debits fell $221m (1%) to $17,436m. Intermediate and other merchandise goods fell $218m (4%) and capital goods fell $154m (4%) while other goods rose $93m (20%) and consumption goods rose $2m. Services debits rose $56m (2%).

Preliminary analysis shows that goods imports volumes, in seasonally adjusted terms, increased about 3.8% during the December quarter 2005. The Chain Laspeyres price index rose about 0.8% and the implicit price deflator rose about 1.0%. The final volume and price outcomes will be published in the December quarter 2005 issue of Balance of Payments and International Investment Position, Australia (cat.no. 5302.0).

Imports of goods

GOODS DEBITS

In seasonally adjusted terms, imports of consumption goods rose $2m to $4,339m.

The most significant increases were in:

• consumption goods n.e.s., up $22m (2%)
• textiles, clothing and footwear, up $13m (2%).

In original terms, imports of consumption goods fell $689m (14%) to $4,132m.

Capital goods

The trend estimate of imports of capital goods rose $93m (3%) to $3,409m.

In seasonally adjusted terms, imports of capital goods fell $154m (4%) to $3,402m.

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

• civil aircraft, down $198m
• ADP equipment, down $24m (4%)
• capital goods n.e.s., down $17m (4%).

• machinery and industrial equipment, up $59m (5%)
• industrial transport equipment n.e.s., up $21m (4%).

Intermediate Goods

The trend estimate of imports of intermediate goods rose $70m (1%) to $5,934m.

In seasonally adjusted terms, intermediate goods imports fell $218m (4%) to $5,861m.

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

• organic and inorganic chemicals, down $165m (34%)
• iron and steel, down $72m (22%)
• paper and paperboard, down $16m (8%)
• other merchandise goods, down $16m (19%).

• processed industrial supplies n.e.s., up $36m (3%)
• other parts for capital goods, up $24m (3%).

Other Goods

The trend estimate of imports of other goods rose $1m to $471m.

In seasonally adjusted terms, other goods imports rose $93m (20%) to $548m.

The main movement contributing to the rise in the seasonally adjusted estimates was goods for processing, up $95m (34%).

In original terms, other goods imports rose $94m (21%) to $547m.

Imports of services

SERVICES DEBITS

Seasonally adjusted, services debits rose $56m (2%) to $3,286m.

The movements in the seasonally adjusted components contributing to this rise were:

• travel services, up $35m (3%)
• transportation services, up $14m (1%)
• other services, up $7m (1%).