ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate(footnote 1) of the balance on goods and services was a deficit of $502m in April 2010.

In seasonally adjusted terms, the balance on goods and services was a surplus of $134m in April 2010, a turnaround of $2,174m on the revised deficit in March 2010.


EXPORTS OF GOODS AND SERVICES

The trend estimate¹ of goods and services credits was $21,942m in April 2010.

In seasonally adjusted terms, goods and services credits rose $2,191m (11%) to $22,661m. Non-rural goods rose $2,292m (18%) and net exports of goods under merchanting rose $15m (65%). Rural goods fell $67m (3%), non-monetary gold fell $48m (4%), and services credits fell $1m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $18m (1%) to $2,137m.

In seasonally adjusted terms, exports of rural goods fell $67m (3%) to $2,076m.

The main component contributing to the fall in seasonally adjusted estimates was cereal grains and cereal preparations, down $70m (15%).

Partly offsetting this decrease was the meat and meat preparations component, up $26m (5%).

NON-RURAL GOODS

In seasonally adjusted terms, exports of non-rural goods rose $2,292m (18%) to $14,778m.

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

• metal ores and minerals, up $1,011m (25%). In original terms(footnote 2) , the rise in metal ores and minerals was driven by iron ore and concentrates, up $768m (32%) with volumes up 2% and prices up 29%.
• coal, coke and briquettes, up $875m (40%). In original terms², the coal, coke and briquettes component rose $790m (35%) with volumes up 26% and prices up 7%.
• other mineral fuels, up $259m (14%)
• metals (excl. non-monetary gold), up $120m (13%)
• other non-rural (incl. sugar and beverages), up $101m (10%).

Partly offsetting these increases were the other manufactures component, down $39m (3%) and the transport equipment component, down $30m (8%).

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting rose $4m (15%) to $30m.

In seasonally adjusted terms, net exports of goods under merchanting rose $15m (65%) to $38m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $17m (2%) to $1,118m.

In seasonally adjusted terms, exports of non-monetary gold fell $48m (4%) to $1,154m.


Exports of services


In trend terms, services credits rose $37m (1%) to $4,621m.

In seasonally adjusted terms, services credits fell $1m to $4,615m.

The main components contributing to the change in the seasonally adjusted estimates were travel services, down $11m and transport services, up $12m (2%).

In seasonally adjusted terms, tourism related services credits fell $3m to $3,132m.


IMPORTS OF GOODS AND SERVICES

Between March 2010 and April 2010 the trend estimate of goods and services debits rose $234m (1%) to $22,444m.

In seasonally adjusted terms, goods and services debits rose $17m to $22,527m. Non-monetary gold rose $299m (50%), consumption goods rose $151m (3%), and capital goods rose $30m (1%). Intermediate and other merchandise goods fell $439m (6%), and services debits fell $24m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $48m (1%) to $5,280m.

In seasonally adjusted terms, imports of consumption goods rose $151m (3%) to $5,312m.

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

• non-industrial transport equipment, up $134m (9%)
• consumption goods n.e.s., up $29m (2%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $43m (1%) to $4,122m.

In seasonally adjusted terms, imports of capital goods rose $30m (1%) to $4,110m.

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

• industrial transport equipment n.e.s., up $35m (5%)
• machinery and industrial equipment, up $34m (3%)
• telecommunications equipment, up $20m (4%).

Partly offsetting these increases was the capital goods n.e.s component, down $66m (6%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $59m (1%) to $7,569m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $439m (6%) to $7,429m.

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

• other merchandise goods, down $263m (76%)
• other parts for capital goods, down $252m (21%).

Partly offsetting these decreases was the fuels and lubricants component, up $121m (5%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $63m (11%) to $663m.

In seasonally adjusted terms, imports of non-monetary gold rose $299m (50%) to $894m.


Imports of services


In trend terms, services debits rose $21m to $4,810m.

In seasonally adjusted terms, services debits fell $24m to $4,782m.

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

• travel services, down $16m (1%)
• transport services, down $7m (1%).

Partly offsetting these increases was the other services component, up $5m.

In seasonally adjusted terms, tourism related services debits fell $25m (1%) to $2,517m.

1 A trend break of $800m was applied between March and April 2010. See 'Iron ore prices' for details. <back
2 Based on the merchandise trade series used to compile goods credits. <back