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NOVEMBER KEY FIGURES

		Sep 2011	Oct 2011	Nov 2011	Oct 11 to Nov 11
		$m	$m	$m	% change
BALANCE ON GOODS AND SERVICES
	Trend estimates	1 911	1 807	1 642	. .
	Seasonally adjusted	2 012	1 418	1 380	. .
CREDITS (Exports of goods & services)
	Trend estimates	27 246	27 368	27 413	-
	Seasonally adjusted	27 159	27 189	27 247	-
DEBITS (Imports of goods & services)
	Trend estimates	25 335	25 561	25 771	1
	Seasonally adjusted	25 147	25 771	25 867	-
. . not applicable
- nil or rounded to zero (including null cells)

Balance on Goods and Services

• The trend estimate of the balance on goods and services was a surplus of $1,642m in November 2011, a fall of $165m on the surplus in October 2011.
• In seasonally adjusted terms, the balance on goods and services was a surplus of $1,380m in November 2011, a fall of $38m on the surplus in October 2011.

• In seasonally adjusted terms, goods and services credits rose $58m to $27,247m. Non-monetary gold rose $358m (32%) and rural goods rose $32m (1%). Non-rural goods fell $239m (1%). Services credits fell $93m (2%).

• In seasonally adjusted terms, goods and services debits rose $96m to $25,867m. Capital goods rose $305m (6%). Non-monetary gold fell $214m (24%), intermediate and other merchandise goods fell $19m and consumption goods fell $16m. Services debits rose $41m (1%).

• on a recorded trade basis, international merchandise exports and imports have been revised back to May 2011
• on a balance of payments basis,
  • goods credits have been revised back to April 2011
  • goods debits have been revised back to February 2011
  • services credits have been revised back to September 2010
  • services debits have been revised back to July 2010.

• increased the surplus on goods and services for 2010-11 by $49m
• decreased the surplus on goods and services for the four months to October 2011 by $308m.

• for this issue, a negative adjustment of $75m has been applied to the 'metal ores and minerals' component
• no adjustments have been made to the 'coal, coke and briquettes' component.

• the balance of payments goods debits component 'capital goods n.e.s.' includes an estimate of expenditure on capital goods that have changed ownership but have not yet crossed the Customs frontier.