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DECEMBER KEY FIGURES

	October 2006	November 2006	December 2006	Nov 06 to Dec 06
	$m	$m	$m	% change
TREND
Balance on goods and services	-941	-1 074	-1 273	. .
Credits (exports of goods & services)	17 849	17 846	17 791	-
Debits (imports of goods & services)	18 790	18 920	19 064	1
SEASONALLY ADJUSTED
Balance on goods and services	-1 486	-897	-1 336	. .
Credits (exports of goods & services)	17 935	17 901	17 781	-1
Debits (imports of goods & services)	19 421	18 799	19 118	2
. . not applicable
- nil or rounded to zero (including null cells)

Balance on goods and services

• The provisional trend estimate of the balance on goods and services was a deficit of $1,273m in December 2006, an increase of $199m on the revised deficit in November.
• Goods and services credits fell $55m to $17,791m. Goods and services debits rose $144m (1%) to $19,064m.

• In seasonally adjusted terms, the balance on goods and services was a deficit of $1,336m in December, an increase of $439m on the revised deficit in November.
• Goods and services credits fell $120m (1%) to $17,781m. Rural goods fell $92m (4%) and non-rural and other goods fell $47m. Services credits rose $19m (1%).
• Goods and services debits rose $319m to $19,118m. Capital goods rose $206m (6%), intermediate and other goods rose $135m (2%) and consumption goods fell $29m (1%). Services debits rose $8m.

• In original terms, the December balance on goods and services was a deficit of $100m, a decrease of $1,542m on the revised deficit in November. Goods and services credits rose $671m (4%) while goods and services debits fell $871m (4%).
• The 2006 calendar year deficit on goods and services was $11,645m. The goods deficit was $12,648m while the services surplus was $1,003m.

• increased the deficit on goods and services for November 2006 by $40m
• decreased the deficit on goods and services for 2005-06 by $135m.

CHANGES TO EXPORT AND IMPORT STATISTICAL CODES

As advised in the previous issue, statistical codes in the Australian Harmonized Export Commodity Classification (AHECC) and the Customs Tariff will be revised with the January 2007 issue of this publication. The changes result from the implementation of an update to the international Harmonized Commodity Description and Coding System. The changes will not impact directly on the presentation of statistics in this publication but will impact on detailed import and export statistics provided via ABS Client Services.

More information about these changes is available from the ABS web site Information Paper: Changes on 1 January 2007 to Statistical Codes in the AHECC and the Customs Tariff, 2007 (cat. no. 1233.0.55.001). Included with the information paper are correspondences between the codes of the current and the updated versions of the AHECC and the Customs Tariff, and correspondences between the updated versions of the AHECC and the Customs Tariff, and related classifications. The correspondences can be used by clients to understand the impact on statistics.

FEATURE ARTICLE

A feature article on Australia's International Trade in Services by Partner Country, 2006, Preliminary, will be released on the ABS web site on 12 February 2007. The article provides preliminary calendar year data for 2006 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 2006 will be published with the March 2007 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0).

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.

SUMMARY COMMENTARY


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services in December 2006 was a deficit of $1,273m, an increase of $199m on the deficit in November.

In seasonally adjusted terms, the balance on goods and services in December 2006 was a deficit of $1,336m, an increase of $439m on the deficit in November.

The sum of the seasonally adjusted balances for the three months to December 2006 was a deficit of $3,719m, an increase of $2,140m on the deficit of $1,579m for the three months to September 2006. However, if the seasonal factors used in compiling quarterly Balance of Payments are applied, the December quarter 2006 deficit was $3,554m, an increase of $2,089m on the revised September quarter 2006 deficit of $1,465m.

EXPORTS OF GOODS AND SERVICES

The trend estimate of goods and services credits fell $55m between November and December to $17,791m.

In seasonally adjusted terms, goods and services credits fell $120m (1%) to $17,781m. Non-rural goods fell $237m (2%), rural goods fell $92m (4%) while other goods rose $190m (23%). Services credits rose $19m (1%).

Exports of goods

GOODS CREDITS

In seasonally adjusted terms, exports of rural goods fell $92m (4%) to $2,130m.

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

• other rural, down $70m (7%)
• cereal grains and cereal preparations, down $33m (9%).

In original terms, exports of rural goods rose $15m (1%) to $2,228m.

NON-RURAL GOODS

The trend estimate of non-rural goods exports fell $29m to $10,891m.

In seasonally adjusted terms, exports of non-rural goods fell $237m (2%) to $10,843m.

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

• other non-rural, down $177m (13%)
• other manufactures, down $138m (10%)
• coal, coke and briquettes, down $31m (2%).

• metals (excl. gold), up $87m (7%)
• metal ores and minerals, up $19m (1%).

OTHER GOODS

The trend estimate of other goods exports fell $26m (3%) to $923m.

In seasonally adjusted terms, exports of other goods rose $190m (23%) to $1,028m.

The main component contributing to the rise in the seasonally adjusted series was non-monetary gold, up $223m (33%), partly offset by goods for processing, down $38m (73%).

In original terms, exports of other goods rose $186m (22%) to $1,022m.

Exports of services

SERVICES CREDITS

Seasonally adjusted, services credits rose $19m (1%) to $3,780m.

All components contributed to the rise in the seasonally adjusted series where the main contributor was travel services, up $14m (1%).

Seasonally adjusted, tourism related services credits rose $6m to $2,411m.

IMPORTS OF GOODS AND SERVICES

The trend estimate of goods and services debits rose $144m between November and December to $19,064m.

In seasonally adjusted terms, goods and services debits rose $319m (2%) to $19,118m. Capital goods rose $206m (6%), intermediate and other merchandise goods rose $100m (2%), other goods rose $35m (7%) while consumption goods fell $29m (1%). Services debits rose $8m.

Preliminary analysis shows that goods imports volumes, in seasonally adjusted terms, increased about 7.3% during the December quarter 2006. The original Chain Laspeyres price index fell about 3.1% and the implicit price deflator fell about 2.7%. The final volume and price outcomes will be published in the December quarter 2006 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 fell $29m (1%) to $4,629m.

The main component contributing to the fall in the seasonally adjusted estimates was food and beverages, mainly for consumption, down $48m (7%).

In original terms, imports of consumption goods fell $798m (16%) to $4,344m.

CAPITAL GOODS

The trend estimate of imports of capital goods rose $59m (2%) to $3,479m.

In seasonally adjusted terms, imports of capital goods rose $206m (6%) to $3,568m.

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

• civil aircraft, up $222m
• ADP equipment, up $32m (6%).

• machinery and industrial equipment, down $38m (3%)
• capital goods n.e.s., down $14m (3%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

The trend estimate of imports of intermediate and other merchandise goods rose $36m (1%) to $6,648m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $100m (2%) to $6,702m.

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

• fuels and lubricants, up $352m (23%), with volumes of crude oil imports up 39%
• other merchandise goods, up $67m (75%)
• processed industrial supplies n.e.s., up $23m (2%)
• primary industrial supplies n.e.s., up $22m (19%).

• organic and inorganic chemicals, down $317m (54%)
• iron and steel, down $79m (21%).

OTHER GOODS

The trend estimate of imports of other goods fell $11m (2%) to $588m.

In both original and seasonally adjusted terms, other goods imports rose $35m (7%) to $529m.

The main component contributing to the rise in the estimates was goods for processing, up $90m, partly offset by non-monetary gold, down $55m (17%).

Imports of services

SERVICES DEBITS

Seasonally adjusted, services debits rose $8m to $3,690m.

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

• travel services, up $16m (1%)
• other services, up $5m.

Seasonally adjusted, tourism related services debits rose $56m (3%) to $1,973m.