ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $598m in May 2012, a rise of $9m on the deficit in April 2012.

In seasonally adjusted terms, the balance on goods and services was a deficit of $285m in May 2012, a rise of $259m on the deficit in April 2012.


EXPORTS OF GOODS AND SERVICES

Between April and May 2012 the trend estimate of goods and services credits rose $186m (1%) to $25,889m.

In seasonally adjusted terms, goods and services credits rose $570m (2%) to $26,766m. Non–rural goods rose $342m (2%), non–monetary gold rose $185m (15%) and rural goods rose $40m (1%). Net exports of goods under merchanting remained steady at $21m. Services credits rose $4m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $16m (1%) to $2,785m.

In seasonally adjusted terms, exports of rural goods rose $40m (1%) to $2,881m.

The main component contributing to the rise in seasonally adjusted estimates was other rural, up $46m (4%).

NON–RURAL GOODS

In trend terms, exports of non–rural goods rose $152m (1%) to $17,461m.

In seasonally adjusted terms, exports of non–rural goods rose $342m (2%) to $18,067m.

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

• metals (excl. non–monetary gold), up $141m (16%)
• metal ores and minerals, up $124m (2%)
• other manufactures, up $106m (7%)
• other mineral fuels, up $105m (5%).

Partly offsetting these rises was the coal, coke and briquettes component, down $121m (3%).

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 fell $1m (5%) to $19m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $21m.

NON–MONETARY GOLD

In trend terms, exports of non–monetary gold fell $1m to $1,287m.

In original and seasonally adjusted terms, exports of non–monetary gold rose $185m (15%) to $1,457m.


Exports of services


In trend terms, services credits rose $20m to $4,336m.

In seasonally adjusted terms, services credits rose $4m to $4,341m.

The main component contributing to the rise in seasonally adjusted estimates was other services, up $9m (1%).

Partly offsetting this rise was the travel component, down $5m.

In seasonally adjusted terms, tourism related services credits fell $7m to $2,813m.


IMPORTS OF GOODS AND SERVICES

Between April and May 2012 the trend estimate of goods and services debits rose $195m (1%) to $26,487m.

In seasonally adjusted terms, goods and services debits rose $829m (3%) to $27,051m. Intermediate and other merchandise goods rose $503m (6%), capital goods rose $176m (3%), non–monetary gold rose $108m (27%) and consumption goods rose $10m. Services debits rose $33m (1%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $39m (1%) to $5,708m.

In seasonally adjusted terms, imports of consumption goods rose $10m to $5,736m.

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

• consumption goods n.e.s., up $62m (4%)
• textiles, clothing and footwear, up $32m (4%).

Partly offsetting these rises was the non–industrial transport equipment component, down $81m (5%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $36m (1%) to $5,899m.

In seasonally adjusted terms, imports of capital goods rose $176m (3%) to $6,056m.

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

• industrial transport equipment n.e.s., up $112m (12%)
• capital goods n.e.s., up $72m (5%).

Partly offsetting these rises was the civil aircraft and confidentialised items component, down $94m (20%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $80m (1%) to $9,293m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $503m (6%) to $9,561m.

The main component contributing to the rise in the seasonally adjusted estimates was fuels and lubricants, up $492m (16%).

NON–MONETARY GOLD

In trend terms, imports of non–monetary gold remained steady at $445m.

In original and seasonally adjusted terms, imports of non–monetary gold rose $108m (27%) to $511m.


Imports of services


In trend terms, services debits rose $39m (1%) to $5,141m.

In seasonally adjusted terms, services debits rose $33m (1%) to $5,188m.

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

• maintenance and repair services n.i.e., up $24m
• travel, up $23m (1%).

Partly offsetting these rises was the other services component, down $12m (1%).

In seasonally adjusted terms, tourism related services debits rose $27m (1%) to $2,862m.


Selected commodities

Selected commodities, Quantity and unit value analysis: Recorded Trade Basis(a) – Original terms
		Change in
		Dec 2011	Jan 2012	Feb 2012	Mar 2012	Apr 2012	May 2012
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	22	–28	17	–1	23	–15
	Unit value	–2	–3	–3	1	3	4
Fines
	Quantity	12	–22	17	–8	10	11
	Unit value	–5	–1	–1	4	4	–
Coal
Hard coking
	Quantity	15	1	–26	–3	7	9
	Unit value	–5	–10	–6	–2	–	2
Semi–soft
	Quantity	–	–5	1	10	7	–7
	Unit value	–8	–5	–12	5	–	–
Thermal
	Quantity	24	–13	–15	5	16	–8
	Unit value	–1	–2	–4	–	–3	2
– nil or rounded to zero (including null cells)
(a) Data in this table are on a revised merchandise trade basis and exclude value adjustments applied to balance of payments series.

On a recorded trade basis, in original terms (noting the footnote in the above table), between April and May 2012 large value movements were recorded for the following selected commodities:

Iron ore lump fell $178m (12%) with quantities down 15% and unit values up 4%.
Exports to:

• China fell $94m (10%), with quantities down 15% and unit values up 5%
• Taiwan fell $35m (47%), with quantities down 49% and unit values up 3%
• Republic of Korea fell $27m (19%), with quantities down 22% and unit values up 4%.

Iron ore fines rose $412m (11%) driven by quantities.
Exports to:

• China rose $449m (17%), with quantities up 16% and unit values up 1%
• Republic of Korea rose $29m (7%), with quantities up 9% and unit values down 1%
• Japan fell $63m (11%), with quantities down 8% and unit values down 3%.

Hard coking coal rose $146m (10%) with quantities up 9% and unit values up 2%.
Exports to:

• Japan rose $85m (23%), with quantities up 31% and unit values down 6%
• India rose $84m (23%), with quantities up 17% and unit values up 5%
• United Kingdom fell $66m (100%), driven by quantities.

Semi–soft coal fell $54m (7%) driven by quantities.
Exports to:

• Spain fell $15m (100%), driven by quantities
• India fell $10m (15%), with quantities down 7% and unit values down 8%.

Thermal coal fell $83m (6%) with quantities down 8% and unit values up 2%.
Exports to:

• Mexico fell $83m (100%), driven by quantities
• China fell $55m (18%), with quantities down 22% and unit values up 5%
• Japan rose $52m (9%), with quantities up 8%.