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5368.0 - International Trade in Goods and Services, Australia, Jun 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 31/07/2008   
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JUNE KEY FIGURES

April 2008
May 2008
June 2008
May 08 to Jun 08
$m
$m
$m
% change

BALANCE ON GOODS AND SERVICES
Trend estimates
-253
-42
158
. .
Seasonally adjusted
607
-253
411
. .
CREDITS (Exports of goods & services)
Trend estimates
21 905
22 367
22 773
2
Seasonally adjusted
22 169
22 595
23 049
2
DEBITS (Imports of goods & services)
Trend estimates
22 158
22 408
22 614
1
Seasonally adjusted
21 561
22 848
22 638
-1

. . not applicable

Balance on Goods and Services
Graph: Balance on Goods and Services



JUNE KEY POINTS


BALANCE ON GOODS AND SERVICES
  • The trend estimate of the balance on goods and services was a surplus of $158m in June 2008, a turnaround of $200m on a revised deficit in May 2008.
  • In seasonally adjusted terms, the balance on goods and services was a surplus of $411m in June 2008, a turnaround of $664m on a revised deficit in May 2008.
  • The seasonally adjusted surplus was primarily due to the strong rise in goods and services credits, mainly in non-rural and other goods.


CREDITS (EXPORTS OF GOODS & SERVICES)
  • Seasonally adjusted, goods and services credits rose $454m (2%) to $23,049m. Non-rural and other goods rose $509m (3%) while rural goods fell $97m (4%). Services credits rose $42m (1%).
  • The rise in non-rural and other goods was driven by coal, coke and briquettes, which rose $657m (21%).


DEBITS (IMPORTS OF GOODS & SERVICES)
  • Seasonally adjusted, goods and services debits fell $210m (1%) to $22,638m. Intermediate and other goods fell $472m (5%) and consumption goods fell $102m (2%) while capital goods rose $341m (9%). Services debits rose $23m (1%).
  • The fall in intermediate and other goods was driven by fuels and lubricants, which fell $341m (11%) and goods for processing, which fell $128m (91%).


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
July 2008 4 September 2008
August 2008 2 October 2008
September 2008 5 November 2008
October 2008 4 December 2008
November 2008 8 January 2009
December 2008 3 February 2009



REVISIONS

Revisions were made to incorporate the latest available data relating to merchandise trade and the international trade in services. In original terms, these revisions have:
  • turned around the deficit of goods and services for May 2008 by $650m, resulting in a surplus of $446m
  • decreased the deficit on goods and services for the 11 months to May 2008 by $1,280m.

In the June 2008 issue of Merchandise Imports, Australia (cat. no. 5439.0), preliminary analysis showed that goods debits decreased by 2% in seasonally adjusted terms. After incorporating additional information, final goods debits decreased by 1%.


IRON ORE AND COAL PRICES

Adjustments have been made to iron ore and coal exports in the Balance of Payments series. For details see page 4 - Commodity Prices Adjustment.


CHANGES IN FORTHCOMING ISSUE

Details of Major changes in July issue are provided on page 6 and details of Changes in Time Series Spreadsheets are provided on page 8.


INQUIRIES

For further information contact Selvi Sekhar on Canberra (02) 62525540 for goods, and Karen McGuigan on Canberra (02) 6252 5415 for services.


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