ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services was a surplus of $448m in May 2009, a decrease of $251m (36%) on a revised surplus in April 2009.

In seasonally adjusted terms, the balance on goods and services was a deficit of $556m in May 2009, an increase of $274m (97%) on a revised deficit in April 2009.


EXPORTS OF GOODS AND SERVICES

Between April 2009 and May 2009 the trend estimate of goods and services credits fell $659m (3%) to $21,401m.

In seasonally adjusted terms, goods and services credits fell $1,112m (5%) to $20,392m. Non-rural goods fell $684m (5%), other goods fell $368m (24%) and rural goods fell $86m (3%). Services credits rose $27m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $21m (1%) to $2,510m.

In seasonally adjusted terms, export of rural goods fell $86m (3%) to $2,375m.

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

• other rural, down $62m (6%)
• cereal grains and cereal preparations, down $41m (7%).

Partly offsetting these decreases was the meat and meat preparations component, up $24m (4%).

In original terms, exports of rural goods rose $21m (1%) to $2,506m.

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $553m (4%) to $12,573m.

In seasonally adjusted terms, exports of non-rural goods fell $684m (5%) to $12,177m.

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

• coal, coke and briquettes, down $540m (15%)
• other mineral fuels, down $88m (7%)
• metal ores and minerals, down $78m (2%).

Partly offsetting these decreases was the other non-rural component, up $114m (14%).

An adjustment has been made to the value of the metal ores and minerals component for both April and May 2009 for details see Commodity prices adjustment.

In original terms, exports of non-rural goods fell $92m (1%) to $12,186m.

OTHER GOODS

In trend terms, exports of other goods fell $112m (6%) to $1,682m.

In seasonally adjusted terms, other goods fell $368m (24%) to $1,173m.

The main component contributing to the fall in seasonally adjusted estimates was non-monetary gold, down $351m (27%).

In original terms, exports of other goods fell $362m (24%) to $1,171m.


Exports of services


In trend terms, services credits rose $26m (1%) to $4,636m.

In seasonally adjusted terms, services credits rose $27m (1%) to $4,668m.

The main component contributing to the rise in the seasonally adjusted estimates was travel services, up $31m (1%).

In seasonally adjusted terms, tourism related services credits rose $24m (1%) to $3,041m.


IMPORTS OF GOODS AND SERVICES

Between April 2009 and May 2009 the trend estimate of goods and services debits fell $407m (2%) to $20,954m.

In seasonally adjusted terms, goods and services debits fell $838m (4%) to $20,948m. Capital goods fell $577m (14%), intermediate and other merchandise goods fell $464m (7%), consumption goods fell $54m (1%) and services debits fell $37m (1%). Other goods rose $294m (35%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods fell $11m to $4,952m.

In seasonally adjusted terms, imports of consumption goods fell $54m (1%) to $5,021m.

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

• textiles, clothing and footwear, down $54m (7%)
• non-industrial transport equipment, down $20m (2%).

These decreases were partly offset by the household electrical items component, up $29m (6%).

In original terms, imports of consumption goods fell $184m (4%) to $4,547m.

CAPITAL GOODS

In trend terms, imports of capital goods fell $98m (3%) to $3,769m.

In seasonally adjusted terms, imports of capital goods fell $577m (14%) to $3,615m.

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

• capital goods n.e.s., down $302m (24%)
• machinery and industrial equipment, down $221m (15%)
• ADP equipment, down $61m (10%).

In original terms, imports of capital goods fell $524m (13%) to $3,482m.

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $171m (3%) to $6,614m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $464m (7%) to $6,626m.

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

• other merchandise goods, down $132m (60%)
• iron and steel, down $80m (22%)
• other parts for capital goods, down $58m (5%)
• parts for transport equipment, down $55m (9%).

In original terms, imports of intermediate and other merchandise goods fell $703m (10%) to $6,343m.

OTHER GOODS

In trend terms, imports of other goods fell $107m (9%) to $1,129m.

In both original terms and seasonally adjusted terms, other goods debits rose $294m (35%) to $1,136m. The main components contributing to this increase were goods for processing, up $203m and non-monetary gold, up $89m (14%).


Imports of services


In trend terms, services debits fell $21m to $4,489m.

In seasonally adjusted terms, services debits fell $37m (1%) to $4,550m.

The component contributing to the fall in the seasonally adjusted estimates was transportation services, down $53m (5%) while other services rose $9m (1%) and travel services rose $8m.

In seasonally adjusted terms, tourism related services debits fell $8m to $2,383m.