ANALYSIS AND COMMENTS
BALANCE ON GOODS AND SERVICES
The trend estimate of the balance on goods and services in February 2007 was a deficit of $1,028m, a decrease of $45m on the deficit in January.
In seasonally adjusted terms, the balance on goods and services in February 2007 was a deficit of $838m, an increase of $6m on the deficit in January.
EXPORTS OF GOODS AND SERVICES
The trend estimate of goods and services credits rose $113m (1%) between January and February to $18,266m.
In seasonally adjusted terms, goods and services credits rose $388m (2%) to $18,546m. Non-rural goods rose $222m (2%), other goods rose $136m (14%) and rural goods rose $24m (1%). Services credits rose $7m.
Exports of goods
GOODS CREDITS
RURAL GOODS
The trend estimate of rural goods exports fell $26m (1%) to $2,080m.
In seasonally adjusted terms, exports of rural goods rose $24m (1%) to $2,089m.
The components contributing to the rise in the seasonally adjusted series were:
- other rural, up $19m (2%)
- wool and sheep skins, up $14m (5%)
- cereal grains and cereal preparations, up $11m (4%).
Partly offsetting these effects was the meat and meat preparations component, down $20m (3%)
In original terms, exports of rural goods rose $333m (20%) to $1,986m.
NON-RURAL GOODS
The trend estimate of non-rural goods exports rose $97m (1%) to $11,255m.
In seasonally adjusted terms, exports of non-rural goods rose $222m (2%) to $11,438m.
The components contributing to the rise in the seasonally adjusted series were:
- metal ores and minerals, up $267m (9%)
- other non rural, up $50m (4%)
- metals (excl. gold), up $49m (4%)
- transport equipment, up $43m (12%).
Partly offsetting these effects were:
- coal, coke and briquettes, down $151m (7%)
- other mineral fuels, down $19m (2%)
- machinery, down $12m (2%).
In original terms, exports of non-rural goods rose $158m (2%) to $10,217m.
OTHER GOODS
The trend estimate of other goods exports rose $21m (2%) to $1,026m.
In seasonally adjusted terms, exports of other goods rose $136m (14%) to $1,116m.
The main component contributing to the rise in the seasonally adjusted series was non-monetary gold, up $146m (18%).
In original terms, exports of other goods rose $138m (14%) to $1,113m.
Exports of services
SERVICES CREDITS
In trend terms, services credits rose $23m (1%) to $3,906m.
Seasonally adjusted, services credits rose $7m to $3,904m.
All components contributed to the rise in the seasonally adjusted estimates with:
- other services, up $4m
- transportation services, up $3m.
Seasonally adjusted, tourism related services credits rose $12m to $2,506m. This series is seasonally adjusted independently to the series that comprise services credits.
IMPORTS OF GOODS AND SERVICES
The trend estimate of goods and services debits rose $68m between January and February to $19,294m.
In seasonally adjusted terms, goods and services debits rose $394m (2%) to $19,385m. Consumption goods rose $227m (5%), capital goods rose $101m (3% ), other goods rose $93m (15%) while intermediate and other merchandise goods fell $21m. Services debits fell $5m.
Imports of goods
GOODS DEBITS
CONSUMPTION GOODS
The trend estimate of imports of consumption goods rose $50m (1%) to $4,792m.
In seasonally adjusted terms, imports of consumption goods rose $227m (5%) to $4,888m.
The main components contributing to the rise in the seasonally adjusted estimates were:
- food and beverages, mainly for consumption, up $77m (13%)
- consumption goods n.e.s., up $73m (5%)
- household electrical items, up $34m (10%)
- textiles, clothing and footwear, up $33m (6%).
In original terms, imports of consumption goods rose $18m to $4,379m.
CAPITAL GOODS
The trend estimate of imports of capital goods rose $20m (1%) to $3,546m.
In seasonally adjusted terms, imports of capital goods rose $101m (3%) to $3,556m.
The main components contributing to the rise in the seasonally adjusted estimates were:
- industrial transport equipment n.e.s., up $118m (20%)
- ADP equipment, up $41m (7%).
Partly offsetting these effects was the telecommunications equipment component, down $47m (11%).
In original terms, imports of capital goods fell $227m (7%) to $3,001m.
INTERMEDIATE AND OTHER MERCHANDISE GOODS
The trend estimate of imports of intermediate and other merchandise goods fell $31m to $6,558m.
In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $21m to $6,497m.
The main components contributing to the fall in the seasonally adjusted estimates were:
- other parts for capital goods, down $75m (7%)
- fuels and lubricants, down $49m (3%)
- parts for ADP equipment, down $29m (21%).
Largely offsetting these effects were:
- processed industrial supplies, up $85m (6%)
- primary industrial supplies n.e.s., up $29m (25%)
- parts for transport equipment, up $29m (4%).
In original terms, intermediate and other merchandise goods fell $401m (6%) to $6,153m.
OTHER GOODS
The trend estimate of imports of other goods rose $20m (3%) to $655m.
In both original and seasonally adjusted terms, other goods debits rose $93m (15%) to $732m.
The main component contributing to the rise in these estimates was non-monetary gold, up $126m (30%), partly offset by goods for processing, down $40m (78%).
Imports of services
SERVICES DEBITS
In trend terms, services debits rose $9m to $3,744m.
Seasonally adjusted, services debits fell $5m to $3,712m.
The components that contributed to the fall in the seasonally adjusted estimates were:
- travel services, down $9m (1%)
- transportation services, down $5m.
Partly offsetting these effects was the other services component, up $9m (1%).
Seasonally adjusted, tourism related services debits rose $16m (1%) to $1,902m. This series is seasonally adjusted independently to the series that comprise services debits.