ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services was a deficit of $1,691m in November 2009, an increase of $129m on a revised deficit in October 2009.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,700m in November 2009, a decrease of $380m on a revised deficit in October 2009.


EXPORTS OF GOODS AND SERVICES

Between October 2009 and November 2009 the trend estimate of goods and services credits fell $72m to $19,275m.

In seasonally adjusted terms, goods and services credits fell $291m (2%) to $19,032m. Non–rural goods fell $314m (3%) and non–monetary gold fell $29m (3%). Rural goods rose $86m (5%). Services credits fell $33m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $50m (3%) to $1,895m.

In seasonally adjusted terms, exports of rural goods rose $86m (5%) to $1,947m.

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

• other rural, up $52m (7%)
• wool and sheepskins, up $29m (16%).

NON–RURAL GOODS

In trend terms, exports of non–rural goods fell $79m (1%) to $11,710m.

In seasonally adjusted terms, exports of non–rural goods fell $314m (3%) to $11,499m.

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

• other non–rural (incl. sugar and beverages), down $160m (15%)
• coal, coke & briquettes, down $132m (5%). In original terms, bituminous coal fell $105m (11%), with volumes down 13% and prices up 3%.
• metals (excluding non–monetary gold), down $120m (14%). In original terms, copper fell $125m (51%), with volumes down 52% and prices up 2%.
• other mineral fuels, down $96m (7%). In original terms, crude fell $368 (42%) with volumes down 40% and prices down 4%. This was partly offset by LNG, up $137m (25%) with volumes up 17% and prices up 7%.

Partly offsetting these decreases was the metal ores and minerals component, up $186m (5%). In original terms, copper ore rose $153m (50%) with volumes up 25% and prices up 20%.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting fell $2m (6%) to $32m.

In both original terms and seasonally adjusted terms, net exports of goods under merchanting remained steady at $27m.

NON–MONETARY GOLD

In trend terms, exports of non–monetary gold rose $50m (4%) to $1,169m.

In both original terms and seasonally adjusted terms, non–monetary gold fell $29m (3%) to $1,122m.


Exports of services


In trend terms, services credits rose $9m to $4,469m.

In seasonally adjusted terms, services credits fell $33m (1%) to $4,438m.

The main component contributing to the fall in the seasonally adjusted estimates was travel services, down $29m (1%).

In seasonally adjusted terms, tourism related services credits fell $27m (1%) to $2,972m.


IMPORTS OF GOODS AND SERVICES

Between October 2009 and November 2009 the trend estimate of goods and services debits rose $57m to $20,966m.

In seasonally adjusted terms, goods and services debits fell $670m (3%) to $20,733m. Capital goods fell $307m (8%), non–monetary gold fell $231m (34%) and intermediate and other merchandise goods fell $127m (2%). Consumption goods rose $12m. Services debits fell $19m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods fell $12m to $5,045m.

In seasonally adjusted terms, imports of consumption goods rose $12m to $5,050m.

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

• non–industrial transport equipment, up $52m (4%)
• household electrical items, up $45m (11%).

Partly offsetting these rises was the food and beverages, mainly for consumption component, down $63m (9%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $11m to $3,743m.

In seasonally adjusted terms, imports of capital goods fell $307m (8%) to $3,737m.

The main component contributing to the fall in the seasonally adjusted estimates was capital goods n.e.s., down $429m (35%).

Partly offsetting this fall was the machinery and industrial equipment component, up $118m (10%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $15m to $7,096m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $127m (2%) to $6,974m.

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

• other merchandise goods, down $71m (51%)
• other parts for capital goods, down $69m (6%)
• parts for transport equipment, down $67m (10%).

Partly offsetting these falls was the fuels and lubricants component, up $50m (2%).

NON–MONETARY GOLD

In trend terms, imports of non–monetary gold rose $6m (1%) to $571m.

In both original terms and seasonally adjusted terms, non–monetary gold fell $231m (34%) to $441m.


Imports of services


In trend terms, services debits rose $37m (1%) to $4,510m.

In seasonally adjusted terms, services debits fell $19m to $4,530m.

The main component contributing to the fall in the seasonally adjusted estimates was transport services, down $29m (3%) with freight services down $30m (5%).

Partly offsetting this fall was the maintenance and repair services n.i.e. component, up $6m (40%).

In seasonally adjusted terms, tourism related services debits rose $3m to $2,461m.