ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services was a deficit of $1,769m in February 2010, an increase of $74m on the deficit in January 2010.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,924m in February 2010, an increase of $804m on the deficit in January 2010.


EXPORTS OF GOODS AND SERVICES

Between January 2010 and February 2010 the trend estimate of goods and services credits rose $94m to $19,982m.

In seasonally adjusted terms, goods and services credits fell $287m (1%) to $19,922m. Non-monetary gold fell $349m (28%) and non-rural goods fell $25m. Rural goods rose $45m (2%) and services credits rose $42m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $36m (2%) to $2,092m.

In seasonally adjusted terms, exports of rural goods rose $45m (2%) to $2,131m.

The main component contributing to the rise in the seasonally adjusted estimates was other rural, up $86m (9%).

Partly offsetting this increase was the cereal grains and cereal preparations component, down $42m (9%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $91m (1%) to $12,355m.

In seasonally adjusted terms, exports of non-rural goods fell $25m to $12,388m.

The main component contributing to the fall in the seasonally adjusted estimates was coal, coke and briquettes, down $317m (12%).

Partly offsetting this decrease was the other mineral fuels component, up $145m (10%).

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting fell $1m (6%) to $17m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $23m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $40m (4%) to $1,067m.

In seasonally adjusted terms, non-monetary gold fell $349m (28%) to $891m.


Exports of services


In trend terms, services credits rose $7m to $4,451m.

In seasonally adjusted terms, services credits rose $42m (1%) to $4,489m.

The main component contributing to the rise in the seasonally adjusted estimates was travel services, up $43m (2%).

In seasonally adjusted terms, tourism related services credits rose $42m (1%) to $3,030m.


IMPORTS OF GOODS AND SERVICES

Between January 2010 and February 2010 the trend estimate of goods and services debits rose $169m (1%) to $21,752m.

In seasonally adjusted terms, goods and services debits rose $516m (2%) to $21,845m. Consumption goods rose $263m (5%), non-monetary gold rose $116m (33%) and capital goods rose $65m (2%). Intermediate and other merchandise goods fell $57m (1%) and services debits rose $129m (3%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $60m (1%) to $5,195m.

In seasonally adjusted terms, imports of consumption goods rose $263m (5%) to $5,366m.

The main component contributing to the rise in the seasonally adjusted estimates was non-industrial transport equipment, up $210m (16%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $57m (1%) to $4,001m.

In seasonally adjusted terms, imports of capital goods rose $65m (2%) to $4,017m.

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

• machinery and industrial equipment, up $255m (23%)
• industrial transport equipment n.e.s., up $91m (18%).

Partly offsetting these rises were:

• capital goods, n.e.s., down $248m (21%)
• telecommunications equipment, down $56m (11%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $54m (1%) to $7,371m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $57m (1%) to $7,208m.

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

• other merchandise goods, down $129m (66%)
• other parts for capital goods, down $91m (8%).

Partly offsetting these falls was the fuels and lubricants component, up $148m (8%). In original terms on a merchandise trade basis, crude petroleum increased $56m (5%) with volumes up 8% and prices down 3%. Refined petroleum increased $94m (14%) with volumes up 17% and prices down 3%.

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $51m (10%) to $450m.

In seasonally adjusted terms, non-monetary gold debits rose $116m (33%) to $467m.


Imports of services


In trend terms, services debits rose $48m (1%) to $4,735m.

In seasonally adjusted terms, services debits rose $129m (3%) to $4,788m.

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

• transport services, up $41m (4%)
• maintenance and repair services n.i.e., up $38m
• other services, up $31m (2%)
• travel services, up $20m (1%).

In seasonally adjusted terms, tourism related services debits rose $27m (1%) to $2,522m.