ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services in April 2008 was a deficit of $2,034m, a decrease of $175m (8%) on the revised deficit in March 2008.

In seasonally adjusted terms, the balance on goods and services in April 2008 was a deficit of $957m, a decrease of $1,591m (62%) on the revised deficit in March 2008.


EXPORTS OF GOODS AND SERVICES

The trend estimate of goods and services credits rose $304m (2%) between March and April to $19,759m.

In seasonally adjusted terms, goods and services credits rose $1,113m (6%) to $20,446m. Non-rural goods rose $650m (6%), other goods rose $305m (27%) and rural goods rose $143m (6%). Services credits rose $16m.


Exports of goods

RURAL GOODS

The trend estimate of rural goods exports rose $66m (3%) to $2,349m.

In seasonally adjusted terms, exports of rural goods rose $143m (6%) to $2,427m.

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

• meat and meat preparations, up $61m (11%)
• other rural, up $49m (5%)
• cereal grains and cereal preparations, up $36m (7%).

In original terms, exports of rural goods rose $54m (2%) to $2,449m.

Non-rural goods

In trend terms, non-rural goods rose $206m (2%) to $11,939m.

In seasonally adjusted terms, exports of non-rural goods rose $650m (6%) to $12,423m.

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

• coal, coke, and briquettes, up $418m (23%)
• other manufactures, up $132m (9%)
• metal ores and minerals, up $78m (2%).

Partly offsetting these were:

• other mineral fuels, down $73m (4%)
• metals (excluding non-monetary gold), down $20m (2%).

In original terms, non-rural goods rose $370m (3%) to $12,301m.

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

• coal, coke and briquettes, up $352m (19%), compared to an average 12% increase for the same month in the previous three years. Metallurgical coal was up $343m (18%), with volumes up 3% and prices up 15%.
• other manufactures, up $112m (8%), compared to an average 7% decrease for the same month in the previous three years, with medicinal and pharmaceutical products, up $92m (29%).

The values for iron ore and coal are as based on information provided to the Australian Customs Service by exporters and their agents. This information may be revised in subsequent months as the contracts are finalised (see Revisions notes on the Main features).

Other goods

In trend terms, other goods rose $23m (2%) to $1,351m.

In seasonally adjusted terms, exports of other goods rose $305m (27%) to $1,455m with non-monetary gold, up $285m (29%).

In original terms, exports of other goods rose $303m (26%) to $1,452m.


Exports of Services


In trend terms, services credits rose $8m to $4,119m.

In seasonally adjusted terms, services credits rose $16m to $4,141m.

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

• other services, up $15m (1%)
• transportation services, up $14m (2%).

Partly offsetting these effects was the travel services component, down $13m (1%).

In seasonally adjusted terms, tourism related services credits fell $34m (1%) to $2,575m. This series is seasonally adjusted independently to the components in services credits.


IMPORTS OF GOODS AND SERVICES

The trend estimate of goods and services debits rose $128m (1%) between March and April to $21,792m.

In seasonally adjusted terms, goods and services debits fell $477m (2%) to $21,403m. Capital goods fell $435m (10%) and consumption goods fell $323m (6%) while other goods rose $143m (19%) and intermediate and other merchandise goods rose $111m (1%). Services debits rose $26m (1%).


Imports of goods


CONSUMPTION GOODS

The trend estimate of imports of consumption goods rose $3m to $5,117m.

In seasonally adjusted terms, imports of consumption goods fell $323m (6%) to $4,920m.

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

• non-industrial transport equipment, down $206m (13%)
• consumption goods n.e.s., down $141m (9%).

Partly offsetting these were:

• food and beverages, mainly for consumption, up $15m (2%)
• household electrical items, up $11m (3%).

In original terms, imports of consumption goods rose $355m (8%) to $4,974m.

CAPITAL GOODS

The trend estimate of imports of capital goods rose $28m (1%) to $3,962m.

In seasonally adjusted terms, imports of capital goods fell $435m (10%) to $3,713m.

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

• civil aircraft, down $329m (77%)
• machinery and industrial equipment, down $154m (10%).

Partly offsetting these were:

• industrial transport equipment n.e.s., up $38m (6%)
• ADP equipment, up $32m (6%).

In original terms, imports of capital goods fell $388m (10%) to $3,674m.

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $68m (1%) to $7,833m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $111m (1%) to $7,829m.

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

• other parts for capital goods, up $78m (8%)
• parts for transport equipment, up $52m (7%).

Partly offsetting these was the processed industrial supplies n.e.s., component, down $81m (5%).

In original terms, imports of intermediate and other merchandise goods rose $580m (8%) to $8,141m.

OTHER GOODS

The trend estimate of imports of other goods rose $16m (2%) to $844m.

In both original and seasonally adjusted terms, other goods debits rose $143m (19%) to $889m largely contributed by non-monetary gold, up $123m (20%).


Imports of services


In trend terms, services debits rose $14m to $4,036m.

In seasonally adjusted terms, services debits rose $26m (1%) to $4,052m.

All components contributed to the rise in the seasonally adjusted estimates with:

• travel services, up $11m (1%)
• other services, up $9m (1%)
• transportation services, up $6m.

In seasonally adjusted terms, tourism related services debits rose $32m (2%) to $2,121m. This series is seasonally adjusted independently to the components in services debits.