ANALYSIS AND COMMENTS
BALANCE ON GOODS AND SERVICES
The trend estimate of the balance on goods and services in November 2007 was a deficit of $2,470m, an increase of $173m on the deficit in October.
In seasonally adjusted terms, the balance on goods and services in November 2007 was a deficit of $2,254m, a decrease of $609m on the deficit in October.
EXPORTS OF GOODS AND SERVICES
The trend estimate of goods and services credits fell $28m between October and November to $17,932m.
In seasonally adjusted terms, goods and services credits rose $978m (6%) to $18,379m. Non-rural goods rose $739m (7%), other goods rose $154m (14%), and rural goods rose $100m (5%). Services credits fell $14m.
Exports of goods
GOODS CREDITS
RURAL GOODS
The trend estimate of rural goods exports rose $12m (1%) to $1,939m.
In seasonally adjusted terms, exports of rural goods rose $100m (5%) to $1,977m.
The components contributing to the rise in the seasonally adjusted series were:
- meat and meat preparations, up $66m (13%)
- wool and sheepskins, up $31m (13%)
- other rural, up $14m (2%).
In original terms, exports of rural goods rose $81m (4%) to $2,030m.
Non-rural goods
The trend estimate of non-rural goods exports fell $49m to $10,753m.
In seasonally adjusted terms, exports of non-rural goods rose $739m (7%) to $11,036m.
The main components contributing to the rise in the seasonally adjusted series were:
- metal ores and minerals, up $563m (22%)
- metals (excluding non-monetary gold), up $182m (19%).
Both of these components had a 20% decrease between September and October 2007 before a similar increase between October and November 2007.
Partly offsetting these effects was the other mineral fuels component, down $122m (8%).
In original terms, exports of non-rural goods rose $179m (2%) to $10,909m.
Movements in the original series contributing to the rise in seasonally adjusted terms were:
- metal ores and minerals, up $158m (6%), in contrast to an average October to November fall of 10% over the previous three years, with:
- non-agglomerated iron ore, up $96m (7%) with volumes up 10% and prices down 3%
- copper ore, up $52m (26%) with volumes up 35% and prices down 6%
- uranium, up $29m (45%) with volumes up 26% and prices up 15%.
- metals (excluding non-monetary gold), up $177m (18%), of which:
- lead, up $102m (232%) with volumes up 199% and prices up 11%
- aluminium, up $90m (25%) with volumes up 28% and prices down 2%.
Other goods
The trend estimate of other goods exports fell $10m (1%) to $1,116m.
In seasonally adjusted terms, exports of other goods rose $154m (14%) to $1,246m.
The main components contributing to the rise in the seasonally adjusted series were:
- non-monetary gold, up $128m (13%)
- goods procured in ports by carriers, up $20m (18%).
In original terms, exports of other goods rose $156m (14%) to $1,249m.
Exports of Services
SERVICES CREDITS
In trend terms, services credits rose $19m to $4,124m.
Seasonally adjusted, services credits fell $14m to $4,120m.
The main components contributing to the fall in the seasonally adjusted series were:
- transportation services, down $13m (2%)
- travel services, down $7m.
Partly offsetting these effects was the other services component, up $5m.
Seasonally adjusted, tourism related services credits fell $20m (1%) to $2,606m. 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 $145m (1%) between October and November to $20,402m.
In seasonally adjusted terms, goods and services debits rose $370m (2%) to $20,634m. Capital goods rose $222m (6%), consumption goods rose $179m (4%) and other goods rose $15m (2%) while intermediate and other merchandise goods fell $94m (1%). Services debits rose $47m (1%).
Imports of goods
GOODS DEBITS
CONSUMPTION GOODS
The trend estimate of imports of consumption goods rose $48m (1%) to $4,827m.
In seasonally adjusted terms, imports of consumption goods rose $179m (4%) to $4,897m.
The main components contributing to the rise in the seasonally adjusted estimates were:
- non-industrial transport equipment, up $77m (6%)
- food and beverages, mainly for consumption, up $54m (9%)
- toys, books and leisure goods, up $25m (7%).
In original terms, imports of consumption goods fell $52m (1%) to $5,512m.
CAPITAL GOODS
The trend estimate of imports of capital goods rose $7m to $3,612m.
In seasonally adjusted terms, imports of capital goods rose $222m (6%) to $3,698m.
The main components contributing to the rise in the seasonally adjusted estimates were:
- machinery and industrial equipment, up $148m (13%)
- industrial transport equipment n.e.s., up $85m (15%)
- ADP equipment, up $35m (6%).
Partly offsetting these effects were:
- civil aircraft, down $37m
- telecommunications equipment, down $21m (4%).
In original terms, imports of capital goods rose $395m (11%) to $4,085m.
INTERMEDIATE AND OTHER MERCHANDISE GOODS
The trend estimate of imports of intermediate and other merchandise goods rose $54m (1%) to $7,158m.
In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $94m (1%) to $7,170m.
The main components contributing to the fall in the seasonally adjusted estimates were:
- fuels and lubricants, down $59m (3%)
- primary industrial supplies n.e.s., down $42m (28%)
- food and beverages, mainly for industry, down $17m (20%).
Partly offsetting these effects were:
- parts for transport equipment, up $38m (5%)
- iron and steel, up $15m (5%).
In original terms, imports of intermediate and other merchandise goods fell $386m (5%) to $7,305m.
OTHER GOODS
The trend estimate of imports of other goods fell $6m (1%) to $766m.
In both original and seasonally adjusted terms, other goods debits rose $15m (2%) to $795m.
The main component contributing to the rise in both original and seasonally adjusted estimates was goods for processing, up $24m to $25m, partly offset by non-monetary gold, down $8m (1%).
Imports of services
SERVICES DEBITS
In trend terms, services debits rose $42m (1%) to $4,039m.
Seasonally adjusted, services debits rose $47m (1%) to $4,073m.
All components contributed to the rise in the seasonally adjusted estimates with:
- travel services, up $34m (2%)
- other services, up $11m (1%)
- transportation services, up $2m.
Seasonally adjusted, tourism related services debits rose $9m to $2,071m. This series is seasonally adjusted independently to the series that comprise services debits.
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