ANALYSIS AND COMMENTS
BALANCE ON GOODS AND SERVICES
The trend estimate of the balance on goods and services in October 2007 was a deficit of $2,355m, an increase of $280m on the deficit in September.
In seasonally adjusted terms, the balance on goods and services in October 2007 was a deficit of $2,983m, an increase of $1,067m on the deficit in September.
In October 2007 the Australian dollar appreciated strongly against major currencies, including appreciating by 6% against United States dollar. Refer to table 16 for details.
EXPORTS OF GOODS AND SERVICES
The trend estimate of goods and services credits fell $167m (1%) between September and October to $17,757m.
In seasonally adjusted terms, goods and services credits fell $615m (3%) to $17,235m. Non-rural goods fell $703m (7%) and rural goods fell $99m (5%) while other goods rose $158m (17%). Services credits rose $29m (1%).
Exports of goods
GOODS CREDITS
RURAL GOODS
The trend estimate of rural goods exports rose $7m to $1,914m.
In seasonally adjusted terms, exports of rural goods fell $99m (5%) to $1,893m.
The components contributing to the fall in the seasonally adjusted series were:
- cereal grains and cereal preparations, down $74m (23%)
- meat and meat preparations, down $30m (6%)
- other rural, down $6m (1%).
In original terms, exports of rural goods fell $59m (3%) to $1,976m.
Non-rural goods
The trend estimate of non-rural goods exports fell $166m (2%) to $10,594m.
In seasonally adjusted terms, exports of non-rural goods fell $703m (7%) to $10,070m.
The main components contributing to the fall in the seasonally adjusted series were:
- metal ores and minerals, down $649m (20%)
- metals (excluding non-monetary gold), down $267m (22%)
- coal, coke and briquettes, down $202m (11%).
Partly offsetting these effects were:
- other mineral fuels, up $402m (43%)
- other non-rural, up $67m (7%).
In original terms, exports of non-rural goods fell $325m (3%) to $10,559m.
Other goods
The trend estimate of other goods exports fell $39m (3%) to $1,078m.
In seasonally adjusted terms, exports of other goods rose $158m (17%) to $1,089m.
The main component contributing to the rise in the seasonally adjusted series was non-monetary gold, up $150m (19%).
In original terms, exports of other goods rose $155m (17%) to $1,093m.
Exports of Services
SERVICES CREDITS
In trend terms, services credits rose $30m (1%) to $4,171m.
Seasonally adjusted, services credits rose $29m (1%) to $4,183m.
The components contributing to the rise in the seasonally adjusted estimates were:
- travel services, up $24m (1%)
- other services, up $18m (2%).
Partly offsetting this effect was the transportation services component, down $13m (2%).
Seasonally adjusted, tourism related services credits rose $26m (1%) to $2,670m. This series is seasonally adjusted independently to the series that comprise services credits.
IMPORTS OF GOODS AND SERVICES
The trend estimate of goods and services debits rose $112m (1%) between September and October to $20,112m.
In seasonally adjusted terms, goods and services debits rose $453m (2%) to $20,219m. Intermediate and other merchandise goods rose $414m (6%), other goods rose $210m (37%) while capital goods fell $191m (5%) and consumption goods fell $69m (1%). Services debits rose $89m (2%).
Imports of goods
GOODS DEBITS
CONSUMPTION GOODS
The trend estimate of imports of consumption goods rose $20m to $4,718m.
In seasonally adjusted terms, imports of consumption goods fell $69m (1%) to $4,698m.
The main components contributing to the fall in the seasonally adjusted estimates were:
- food and beverages, mainly for consumption, down $59m (9%)
- toys, books and leisure goods, down $19m (5%).
Partly offsetting these effects was the non-industrial transport equipment component, up $27m (2%).
In original terms, imports of consumption goods rose $613m (12%) to $5,570m.
CAPITAL GOODS
The trend estimate of imports of capital goods rose $5m to $3,551m.
In seasonally adjusted terms, imports of capital goods fell $191m (5%) to $3,451m.
The main component contributing to the fall in the seasonally adjusted estimates was machinery and industrial equipment, down $301m (21%).
Partly offsetting this effect were:
- telecommunications equipment, up $102m (21%)
- civil aircraft, up $44m.
In original terms, imports of capital goods rose $117m (3%) to $3,690m.
INTERMEDIATE AND OTHER MERCHANDISE GOODS
The trend estimate of imports of intermediate and other merchandise goods rose $67m (1%) to $7,082m.
In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $414m (6%) to $7,268m.
The main components contributing to the rise in the seasonally adjusted estimates were:
- fuels and lubricants, up $325m (16%)
- processed industrial supplies n.e.s., up $73m (5%).
Partly offsetting these effects was the organic and inorganic chemicals component, down $41m (10%).
In original terms, imports of intermediate and other merchandise goods rose $1,020m (15%) to $7,693m.
OTHER GOODS
The trend estimate of imports of other goods fell $14m (2%) to $766m.
In both original and seasonally adjusted terms, other goods debits rose $210m (37%) to $774m.
The main component contributing to the rise in both original and seasonally adjusted estimates was non-monetary gold, up $205m (47%).
Imports of services
SERVICES DEBITS
In trend terms, services debits rose $33m (1%) to $3,994m.
Seasonally adjusted, services debits rose $89m (2%) to $4,028m.
All components contributed to the rise in the seasonally adjusted estimates with:
- travel services, up $65m (5%)
- other services, up $12m (1%)
- transportation services, up $12m (1%).
Seasonally adjusted, tourism related services debits rose $66m (3%) to $2,058m. This series is seasonally adjusted independently to the series that comprise services debits.
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