ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services was a deficit of $1,708m in January 2010, a decrease of $1m on the deficit in December 2009.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,176m in January 2010, a decrease of $998m on the deficit in December 2009.


EXPORTS OF GOODS AND SERVICES

Between December 2009 and January 2010 the trend estimate of goods and services credits rose $108m (1%) to $19,806m.

In seasonally adjusted terms, goods and services credits rose $278m (1%) to $20,146m. Non-monetary gold rose $167m (15%) and non-rural goods rose $130m (1%). Rural goods fell $36m (2%). Services credits rose $13m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $26m (1%) to $2,026m.

In seasonally adjusted terms, exports of rural goods fell $36m (2%) to $2,081m.

The main component contributing to the fall in seasonally adjusted estimates was other rural, down $87m (9%).

Partly offsetting this decrease was the cereal grains and cereal preparations component, up $54m (13%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $50m to $12,059m.

In seasonally adjusted terms, exports of non-rural goods rose $130m (1%) to $12,305m.

The main component contributing to the rise in seasonally adjusted estimates was metal ores and minerals, up $239m (7%).

Partly offsetting this increase was the coal, coke & briquettes component, down $94m (3%).

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting fell $2m (7%) to $27m.

In seasonally adjusted terms, net exports of goods under merchanting rose $4m (15%) to $31m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $29m (2%) to $1,210m.

In seasonally adjusted terms, non-monetary gold rose $167m (15%) to $1,246m.


Exports of services


In trend terms, services credits rose $6m to $4,485m.

In seasonally adjusted terms, services credits rose $13m to $4,483m.

The main component contributing to the rise in the seasonally adjusted estimates was other services, up $43m (4%).

This rise was partly offset by the travel services component, down $31m (1%).

In seasonally adjusted terms, tourism related services credits fell $29m (1%) to $2,956m.


IMPORTS OF GOODS AND SERVICES

Between December 2009 and January 2010 the trend estimate of goods and services debits rose $107m to $21,514m.

In seasonally adjusted terms, goods and services debits fell $719m (3%) to $21,323m. Intermediate and other merchandise goods fell $517m (7%), non-monetary gold fell $314m (47%) and capital goods fell $31m (1%). Consumption goods rose $122m (2%) and services debits rose $20m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $2m to $5,026m.

In seasonally adjusted terms, imports of consumption goods rose $122m (2%) to $5,090m.

The main component contributing to the rise in the seasonally adjusted estimates was textiles, clothing and footwear, up $151m (30%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $42m (1%) to $3,915m.

In seasonally adjusted terms, imports of capital goods fell $31m (1%) to $3,959m.

The main component contributing to the fall in the seasonally adjusted estimates was machinery and industrial equipment, down $70m (6%).

This fall was partly offset by the capital goods n.e.s. component, up $44m (4%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $59m (1%) to $7,427m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $517m (7%) to $7,306m.

The main component contributing to the fall in the seasonally adjusted estimates was fuels and lubricants, down $666m (25%). In original terms, on a merchandise trade basis crude petroleum decreased $325m (22%) with volumes down 22%. Refined petroleum decreased $282m (29%) with prices up 7% and volumes down 33%.

The main components partly offsetting this seasonally adjusted fall were:

• other merchandise goods, up $116m
• processed industrial supplies, up $84m (5%)
• parts for transport equipment, up $60m (9%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $33m (6%) to $524m.

In seasonally adjusted terms, non-monetary gold debits fell $314m (47%) to $351m.


Imports of services


In trend terms, services debits rose $37m (1%) to $4,622m.

In seasonally adjusted terms, services debits rose $20m to $4,616m.

The main component contributing to the rise in the seasonally adjusted estimates was other services, up $51m (4%).

This rise was partly offset by the transport services component, down $33m (3%).

In seasonally adjusted terms, tourism related services debits fell $18m (1%) to $2,491m.