ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $350m in November 2013, a decrease of $144m (29%) on the deficit in October 2013.

In seasonally adjusted terms, the balance on goods and services was a deficit of $118m in November 2013, a decrease of $240m (67%) on the deficit in October 2013.


EXPORTS OF GOODS AND SERVICES

Between October and November 2013, the trend estimate of goods and services credits rose $143m (1%) to $27,384m.

In seasonally adjusted terms, goods and services credits rose $94m to $27,377m. Non-rural goods rose $93m (1%) and rural goods rose $18m (1%). Net exports of goods under merchanting remained steady at $44m. Non-monetary gold fell $61m (4%). Services credits rose $45m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $36m (1%) to $3,049m.

In seasonally adjusted terms, exports of rural goods rose $18m (1%) to $3,046m.

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

• other rural, up $25m (2%)
• meat and meat preparations, up $18m (2%).

Partly offsetting these rises was the cereal grains and cereal preparations component, down $15m (3%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $122m (1%) to $18,330m.

In seasonally adjusted terms, exports of non-rural goods rose $93m (1%) to $18,302m.

The main component contributing to the rise in seasonally adjusted estimates was metal ores and minerals, up $341m (4%).

Partly offsetting this rise was the coal, coke and briquettes component, down $202m (6%).

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 $3m (8%) to $42m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $44m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $39m (3%) to $1,319m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $61m (4%) to $1,334m.


Exports of services


In trend terms, services credits rose $14m to $4,644m.

In seasonally adjusted terms, services credits rose $45m (1%) to $4,651m.

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

• travel, up $29m (1%)
• other services, up $14m (1%).

In seasonally adjusted terms, tourism related services credits rose $28m (1%) to $2,917m.


IMPORTS OF GOODS AND SERVICES

Between October and November 2013, the trend estimate of goods and services debits fell $3m to $27,733m.

In seasonally adjusted terms, goods and services debits fell $146m (1%) to $27,495m. Consumption goods fell $127m (2%) and non-monetary gold fell $42m (12%). Intermediate and other merchandise goods remained steady at $9,632m. Capital goods rose $70m (1%). Services debits fell $48m (1%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods fell $18m to $6,807m.

In seasonally adjusted terms, imports of consumption goods fell $127m (2%) to $6,685m.

The main component contributing to the fall in seasonally adjusted estimates was non-industrial transport equipment, down $145m (8%).

Partly offsetting this fall was the household electrical items component, up $34m (9%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $24m to $5,429m.

In seasonally adjusted terms, imports of capital goods rose $70m (1%) to $5,421m.

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

• capital goods n.e.s., up $163m (15%)
• machinery and industrial equipment, up $137m (8%).

Partly offsetting these rises was the civil aircraft and confidentialised items component, down $175m (34%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $79m (1%) to $9,667m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods remained steady at $9,632m.

The largest movements in components contributing to seasonally adjusted estimates were:

• fuels and lubricants, down $126m (3%)
• processed industrial supplies n.e.s., up $93m (4%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $16m (4%) to $356m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $42m (12%) to $319m.


Imports of services


In trend terms, services debits fell $23m to $5,475m.

In seasonally adjusted terms, services debits fell $48m (1%) to $5,438m.

The main component contributing to the fall in seasonally adjusted estimates was travel, down $41m (2%).

In seasonally adjusted terms, tourism related services debits fell $44m (2%) to $2,772m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) - Original terms
		Change in
		Jun 2013	Jul 2013	Aug 2013	Sep 2013	Oct 2013	Nov 2013
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	-1	4	-	5	8	-5
	Unit value	-4	4	7	-1	-5	3
Fines
	Quantity	-7	2	14	-1	1	-1
	Unit value	-6	4	7	-1	-4	6
Coal
Hard coking
	Quantity	11	-16	4	9	9	-3
	Unit value	-	-4	-1	-	-	4
Semi-soft
	Quantity	-26	5	23	-2	10	-19
	Unit value	4	-2	-4	-6	-1	4
Thermal
	Quantity	26	1	-11	-5	11	-12
	Unit value	1	1	1	-3	-4	2
- nil or rounded to zero (including null cells)
(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 2013 the largest movements recorded for the following selected commodities were:

Iron ore lump fell $29m (2%), with quantities down 5% and unit values up 3%.
Exports to:

• China fell $93m (8%), with quantities down 10% and unit values up 3%.

Partly offsetting this fall were exports to:

• the Republic of Korea, up $52m (66%), with quantities up 57% and unit values up 6%
• Japan, up $30m (10%), with quantities up 6% and unit values up 4%.

Iron ore fines rose $246m (5%), with quantities down 1% and unit values up 6%.
Exports to:

• the Republic of Korea rose $162m (54%), with quantities up 43% and unit values up 7%
• Japan rose $133m (37%), with quantities up 31% and unit values up 5%.

Partly offsetting these rises was exports to China, down $73m (2%), with quantities down 8% and unit values up 6%.

Hard coking coal rose $15m (1%), with quantities down 3% and unit values up 4%.

Semi-soft coal fell $118m (16%), with quantities down 19% and unit values up 4%.
Exports to:

• Japan fell $92m (37%), with quantities down 39% and unit values up 3%.

Thermal coal fell $155m (11%), with quantities down 12% and unit values up 2%.
Exports to:

• Japan fell $73m (10%), with quantities down 12% and unit values up 2%
• the Republic of Korea fell $62m (25%), with quantities down 25% and unit values up 1%.