ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services was a deficit of $1,722m in August 2009, an increase of $436m (34%) on a revised deficit in July 2009.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,524m in August 2009, a decrease of $259m (15%) on a revised deficit in July 2009.


EXPORTS OF GOODS AND SERVICES

Between July 2009 and August 2009 the trend estimate of goods and services credits fell $498m (3%) to $19,029m.

In seasonally adjusted terms, goods and services credits fell $357m (2%) to $19,325m. Non-rural goods fell $318m (3%), rural goods fell $62m (3%) and non-monetary gold fell $6m (1%). Services credits rose $29m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $70m (3%) to $2,167m.

In seasonally adjusted terms, exports of rural goods fell $62m (3%) to $2,153m.

The main component contributing to the fall in the seasonally adjusted estimates was other rural, down $65m (7%).

In original terms, exports of rural goods fell $23m (1%) to $2,086m.

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $271m (2%) to $11,619m.

In seasonally adjusted terms, exports of non-rural goods fell $318m (3%) to $11,793m.

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

• coal, coke & briquettes, down $248m (8%)
• other non-rural (incl. sugar and beverages), down $50m (6%)
• other mineral fuels, down $49m (4%)
• metal ores and minerals, down $49m (1%).

Partly offsetting these decreases were:

• metals (excl. non-monetary gold), up $76m (10%)
• transport equipment, up $57m (19%).

In original terms, exports of non-rural goods fell $34m to $12,191m.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting fell $1m (4%) to $23m.

In both original terms and seasonally adjusted terms, net exports of goods under merchanting remained steady at $25m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $169m (19%) to $729m.

In both original terms and seasonally adjusted terms, non-monetary gold fell $6m (1%) to $829m.


Exports of services


In trend terms, services credits rose $13m to $4,490m.

In seasonally adjusted terms, services credits rose $29m (1%) to $4,525m.

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

• travel services, up $34m (1%)
• maintenance and repair services n.i.e., up $4m (80%)
• other services, up $3m.

Partly offsetting these rises were:

• transport services, down $7m (1%)
• manufacturing services on physical inputs owned by others, down $4m (14%).

In seasonally adjusted terms, tourism related services credits rose $34m (1%) to $2,985m.


IMPORTS OF GOODS AND SERVICES

Between July 2009 and August 2009 the trend estimate of goods and services debits fell $61m to $20,752m.

In seasonally adjusted terms, goods and services debits fell $615m (3%) to $20,849m. Intermediate and other merchandise goods fell $729m (10%) and consumption goods fell $305m (6%). Non-monetary gold rose $300m (118%), capital goods rose $83m (2%) and services debits rose $35m (1%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $34m (1%) to $5,184m.

In seasonally adjusted terms, imports of consumption goods fell $305m (6%) to $4,981m.

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

• consumption goods n.e.s., down $153m (9%)
• non-industrial transport equipment, down $87m (8%)
• textiles, clothing and footwear, down $42m (6%).

In original terms, imports of consumption goods fell $490m (9%) to $4,923m.

CAPITAL GOODS

In trend terms, imports of capital goods fell $21m (1%) to $3,644m.

In seasonally adjusted terms, imports of capital goods rose $83m (2%) to $3,905m.

The component contributing to the rise in the seasonally adjusted estimates was capital goods n.e.s., up $231m (26%).

Partly offsetting this rise were:

• industrial transport equipment n.e.s., down $59m (14%)
• machinery and industrial equipment, down $52m (4%)
• ADP equipment, down $31m (5%).

In original terms, imports of capital goods fell $113m (3%) to $3,732m.

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $13m to $6,925m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $729m (10%) to $6,651m.

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

• fuels and lubricants, down $592m (24%)
• processed industrial supplies n.e.s., down $91m (6%)
• other parts for capital goods, down $34m (3%).

Partly offsetting these falls was the primary industrial supplies n.e.s. component, up $44m (56%).

In original terms the fall in the fuels and lubricants component was driven by crude petroleum, down $364m (26%) with volumes down 24% and prices down 2% and refined petroleum products, down $216m (24%) with volumes down 25% and prices up 2%.

In original terms, imports of intermediate and other merchandise goods fell $904m (12%) to $6,541m.

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $104m (25%) to $304m.

In both original terms and seasonally adjusted terms, non-monetary gold debits rose $300m (118%) to $555m.


Imports of services


In trend terms, services debits rose $42m (1%) to $4,695m.

In seasonally adjusted terms, services debits rose $35m (1%) to $4,757m.

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

• travel services, up $32m (2%)
• other services, up $9m (1%).

Partly offsetting these increases was the transport services component, down $6m (1%).

In seasonally adjusted terms, tourism related services debits rose $48m (2%) to $2,488m.