ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $980m in November 2014, a decrease of $122m (11%) on the deficit in October 2014.

In seasonally adjusted terms, the balance on goods and services was a deficit of $925m in November 2014, an increase of $48m (5%) on the deficit in October 2014.


EXPORTS OF GOODS AND SERVICES

Between October and November 2014, the trend estimate of goods and services credits rose $171m (1%) to $26,958m.

In seasonally adjusted terms, goods and services credits rose $160m (1%) to $27,085m. Non-rural goods rose $486m (3%) and rural goods rose $179m (6%). Non-monetary gold fell $519m (38%). Net exports of goods under merchanting remained steady at $43m. Service credits rose $14m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $5m to $3,233m.

In seasonally adjusted terms, exports of rural goods rose $179m (6%) to $3,308m.

The main component contributing to the rise in seasonally adjusted estimates was cereal grains and cereal preparations, up $143m (27%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $199m (1%) to $17,474m.

In seasonally adjusted terms, exports of non-rural goods rose $486m (3%) to $17,917m.

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

• other mineral fuels, up $529m (21%)
• machinery, up $101m (13%).

Partly offsetting these rises were:

• metals (excl. non-monetary gold), down $110m (10%)
• metal ores and minerals, down $101m (1%).

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 rose $4m (10%) to $45m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $43m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $23m (2%) to $1,183m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $519m (38%) to $832m.


Exports of services


In trend terms, service credits fell $4m to $5,023m.

In seasonally adjusted terms, service credits rose $14m to $4,984m.

The main component contributing to the rise in seasonally adjusted estimates was other services, up $19m (1%).

In seasonally adjusted terms, tourism related service credits fell $9m to $3,163m.


IMPORTS OF GOODS AND SERVICES

Between October and November 2014, the trend estimate of goods and services debits rose $49m to $27,938m.

In seasonally adjusted terms, goods and services debits rose $208m (1%) to $28,010m. Intermediate and other merchandise goods rose $224m (2%) and consumption goods rose $131m (2%). Non-monetary gold fell $90m (27%) and capital goods fell $78m (1%). Service debits rose $20m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $27m to $6,934m.

In seasonally adjusted terms, imports of consumption goods rose $131m (2%) to $6,984m.

The main component contributing to the rise in seasonally adjusted estimates was non-industrial transport equipment, up $114m (7%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $80m (1%) to $5,446m.

In seasonally adjusted terms, imports of capital goods fell $78m (1%) to $5,392m.

The only component contributing to the fall in seasonally adjusted estimates was capital goods n.e.s., down $514m (44%).

Partly offsetting this fall was civil aircraft and confidentialised items, up $217m (62%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $53m (1%) to $9,471m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $224m (2%) to $9,585m.

The main component contributing to the rise in seasonally adjusted estimates was fuels and lubricants, up $255m (8%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $5m (2%) to $287m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $90m (27%) to $241m.


Imports of services


In trend terms, services debits fell $1m to $5,800m.

In seasonally adjusted terms, services debits rose $20m to $5,808m.

The main component contributing to the rise in seasonally adjusted estimates was transport, up $50m (4%), with freight transport up $42m (5%).

Partly offsetting this rise were:

• maintenance and repair services n.i.e., down $16m (50%)
• other services, down $10m (1%).

In seasonally adjusted terms, tourism related services debits rose $5m to $2,944m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) - Original terms
		Change in
		Jun 2014	Jul 2014	Aug 2014	Sep 2014	Oct 2014	Nov 2014
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	-6	9	1	-3	-10	4
	Unit value	-9	-7	-2	-3	p -	p10
Fines
	Quantity	-3	4	3	-4	7	-6
	Unit value	-10	-	-2	-4	p-3	p37
Coal
Hard coking
	Quantity	12	-17	13	3	-2	5
	Unit value	-3	-1	-	-1	p13	p2
Semi-soft
	Quantity	6	-4	5	5	-3	-10
	Unit value	-3	-2	-1	2	p6	p3
Thermal
	Quantity	-1	14	-	-9	1	3
	Unit value	-2	-2	-1	2	-2	4
- nil or rounded to zero (including null cells)
p preliminary figure or series subject to revision
(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 October and November 2014 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $149m (14%), with quantities up 4% and unit values up 10%.
Exports to:

• China (excluding SARs and Taiwan) rose $110m (16%), with quantities up 4% and unit values up 12%
• Japan rose $53m (25%), with quantities up 17% and unit values up 7%.

Iron ore fines rose $1,119m (29%), with quantities down 6% and unit values up 37%.
Exports to:

• China (excluding SARs and Taiwan) rose $1,067m (33%), with quantities down 7% and unit values up 43%
• Japan rose $76m (25%), with quantities up 18% and unit values up 6%.

Hard coking coal rose $95m (7%), with quantities up 5% and unit values up 2%.
Exports to Japan rose $100m (55%), with quantities up 51% and unit values up 3%.

Semi-soft coal fell $44m (8%), with quantities down 10% and unit values up 3%.
Exports to India fell $33m (34%), with quantities down 37% and unit values up 4%.

Thermal coal rose $82m (6%), with quantities up 3% and unit values up 4%.
Exports to Japan rose $158m (34%), with quantities up 33% and unit values up 1%.

Partly offsetting this rise were exports to:

• China (excluding SARs and Taiwan), down $41m (15%), with quantities down 16% and unit values up 1%
• Taiwan, down $33m (20%), with quantities down 21% and unit values up 1%.