ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $662m in February 2013, a fall of $329m (33%) on the deficit in January 2013.

In seasonally adjusted terms, the balance on goods and services was a deficit of $178m in February 2013, a fall of $1,037m (85%) on the deficit in January 2013.


EXPORTS OF GOODS AND SERVICES

Between January and February 2013, the trend estimate of goods and services credits rose $280m (1%) to $25,329m.

In seasonally adjusted terms, goods and services credits rose $811m (3%) to $25,642m. Non–rural goods rose $714m (4%) and rural goods rose $202m (7%). Net exports of goods under merchanting remained steady at $20m. Non–monetary gold fell $143m (10%). Services credits rose $38m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $9m to $2,977m.

In seasonally adjusted terms, exports of rural goods rose $202m (7%) to $3,051m.

The main component contributing to the rise in seasonally adjusted estimates was other rural, up $134m (11%).

NON–RURAL GOODS

In trend terms, exports of non–rural goods rose $301m (2%) to $16,702m.

In seasonally adjusted terms, exports of non–rural goods rose $714m (4%) to $16,974m.

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

• coal, coke and briquettes, up $352m (12%)
• metals (excl. non–monetary gold), up $274m (35%)
• metal ores and minerals, up $207m (3%).

Partly offsetting these rises was the other mineral fuels component, down $250m (11%).

For price and volume details, see the Selected commodities section.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting remained steady at $19m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $20m.

NON–MONETARY GOLD

In trend terms, exports of non–monetary gold fell $41m (3%) to $1,332m.

In original and seasonally adjusted terms, exports of non–monetary gold fell $143m (10%) to $1,283m.


Exports of services


In trend terms, services credits rose $10m to $4,299m.

In seasonally adjusted terms, services credits rose $38m (1%) to $4,314m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $26m (1%).

In seasonally adjusted terms, tourism related services credits rose $30m (1%) to $2,757m.


IMPORTS OF GOODS AND SERVICES

Between January and February 2013, the trend estimate of goods and services debits fell $49m to $25,991m.

In seasonally adjusted terms, goods and services debits fell $226m (1%) to $25,820m. Capital goods fell $253m (4%) and non–monetary gold fell $32m (9%). Intermediate and other merchandise goods rose $41m and consumption goods rose $3m. Services debits rose $15m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $46m (1%) to $5,880m.

In seasonally adjusted terms, imports of consumption goods rose $3m to $5,910m.

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

• consumption goods n.e.s., up $72m (4%)
• textiles, clothing and footwear, up $67m (9%)
• food and beverages, mainly for consumption, up $46m (5%).

Partly offsetting these rises was the non–industrial transport equipment component, down $166m (9%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $23m to $5,562m.

In seasonally adjusted terms, imports of capital goods fell $253m (4%) to $5,417m.

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

• civil aircraft and confidentialised items, down $132m (45%)
• capital goods n.e.s., down $124m (9%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $40m to $8,886m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $41m to $8,821m.

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

• processed industrial supplies n.e.s., up $116m (5%)
• primary industrial supplies n.e.s., up $37m (35%)
• other parts for capital goods, up $26m (2%)
• organic and inorganic chemicals, up $23m (7%).

Partly offsetting these rises was the fuels and lubricants component, down $161m (5%).

NON–MONETARY GOLD

In trend terms, imports of non–monetary gold fell $29m (8%) to $341m.

In original and seasonally adjusted terms, imports of non–monetary gold fell $32m (9%) to $339m.


Imports of services


In trend terms, services debits fell $2m to $5,323m.

In seasonally adjusted terms, services debits rose $15m to $5,333m.

The main component contributing to the rise in seasonally adjusted estimates was transport, up $20m (1%), with freight transport up $18m (2%).

Partly offsetting this rise was the maintenance and repair services n.i.e. component, down $13m (30%).

In seasonally adjusted terms, tourism related services debits rose $9m to $2,770m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) – Original terms
		Change in
		Sep 2012	Oct 2012	Nov 2012	Dec 2012	Jan 2013	Feb 2013
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	-4	9	-2	18	-16	-13
	Unit value	-11	2	3	2	14	5
Fines
	Quantity	-5	4	-3	23	-19	-5
	Unit value	-13	2	6	3	14	7
Coal
Hard coking
	Quantity	16	-11	21	8	-15	-8
	Unit value	-5	-15	-8	1	3	-
Semi-soft
	Quantity	10	-3	15	8	-16	-6
	Unit value	-6	-8	-9	2	2	2
Thermal
	Quantity	13	10	-16	22	-9	-15
	Unit value	-3	1	-5	-3	-	1
- nil or rounded to zero (including null cells)
(a) Data in this table are on a revised international merchandise trade basis and exclude value adjustments applied to balance of payments series.

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between January and February 2013 the largest movements recorded for the following selected commodities were:

Iron ore lump fell $103m (8%), with quantities down 13% and unit values up 5%. Exports to China fell $129m (15%), with quantities down 23% and unit values up 10%.

Iron ore fines rose $55m (2%), with quantities down 5% and unit values up 7%. Exports to China rose $73m (3%), with quantities down 5% and unit values up 8%.

Hard coking coal fell $86m (7%), with quantities down 8%. Exports to China fell $72m (24%), with quantities down 20% and unit values down 5%.

Semi-soft coal fell $24m (5%), with quantities down 6% and unit values up 2%. Exports to China fell $50m (31%), with quantities down 32% and unit values up 1%.

Thermal coal fell $180m (13%), with quantities down 15% and unit values up 1%. Exports to:

• Japan fell $117m (18%), with quantities down 19% and unit values up 2%
• China fell $64m (28%), with quantities down 30% and unit values up 2%.