ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $1,915m in July 2014, an increase of $385m (25%) on the deficit in June 2014.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,359m in July 2014, a decrease of $205m (13%) on the deficit in June 2014.


EXPORTS OF GOODS AND SERVICES

Between June and July 2014, the trend estimate of goods and services credits fell $355m (1%) to $26,548m.

In seasonally adjusted terms, goods and services credits rose $280m (1%) to $27,022m. Non-monetary gold rose $150m (14%), rural goods rose $75m (2%), non-rural goods rose $44m and net exports of goods under merchanting rose $1m (100%). Services credits rose $10m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $12m to $3,299m.

In seasonally adjusted terms, exports of rural goods rose $75m (2%) to $3,428m.

The main component contributing to the rise in seasonally adjusted estimates was meat and meat preparations, up $74m (8%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $347m (2%) to $17,183m.

In seasonally adjusted terms, exports of non-rural goods rose $44m to $17,380m.

The main component contributing to the rise in seasonally adjusted estimates was metal ores and minerals, up $249m (4%).

Partly offsetting this rise were:

• metals (excl. non-monetary gold), down $85m (8%)
• other mineral fuels, down $75m (3%)
• other non-rural (incl. sugar and beverages), down $51m (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 remained steady at $0m.

In seasonally adjusted terms, net exports of goods under merchanting rose $1m (100%) to $2m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $18m (2%) to $1,081m.

In original and seasonally adjusted terms, exports of non-monetary gold rose $150m (14%) to $1,223m.


Exports of services


In trend terms, services credits rose $22m to $4,985m.

In seasonally adjusted terms, services credits rose $10m to $4,989m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $20m (1%).

Partly offsetting this rise was the other services component, down $11m (1%).

In seasonally adjusted terms, tourism related services credits rose $18m (1%) to $3,132m.


IMPORTS OF GOODS AND SERVICES

Between June and July 2014, the trend estimate of goods and services debits rose $30m to $28,463m.

In seasonally adjusted terms, goods and services debits rose $74m to $28,381m. Intermediate and other merchandise goods rose $89m (1%) and consumption goods rose $19m. Non-monetary gold fell $77m (23%) and capital goods fell $2m. Services debits rose $45m (1%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods fell $12m to $6,923m.

In seasonally adjusted terms, imports of consumption goods rose $19m to $6,908m.

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

• consumption goods n.e.s., up $22m (1%)
• household electrical items, up $21m (5%).

Partly offsetting these rises was food and beverages, mainly for consumption, down $27m (3%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $8m to $5,077m.

In seasonally adjusted terms, imports of capital goods fell $2m to $4,976m.

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

• capital goods n.e.s., down $105m (13%)
• ADP equipment, down $52m (8%).

Partly offsetting these falls was civil aircraft and confidentialised items, up $156m (33%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $15m to $10,034m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $89m (1%) to $10,110m.

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

• fuels and lubricants, up $111m (3%)
• parts for transport equipment, up $74m (8%).

Partly offsetting these rises was processed industrial supplies n.e.s., down $84m (3%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $6m (2%) to $305m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $77m (23%) to $255m.


Imports of services


In trend terms, services debits rose $24m to $6,123m.

In seasonally adjusted terms, services debits rose $45m (1%) to $6,131m.

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

• travel, up $28m (1%)
• other services, up $20m (1%).

In seasonally adjusted terms, tourism related services debits rose $26m (1%) to $3,183m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) - Original terms
		Change in
		Feb 2014	Mar 2014	Apr 2014	May 2014	Jun 2014	Jul 2014
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	12	-	-4	4	-6	11
	Unit value	-3	-9	-2	-6	-9	p-4
Fines
	Quantity	1	20	5	1	-3	7
	Unit value	-5	-10	-5	-9	-9	p12
Coal
Hard coking
	Quantity	-15	22	7	-8	11	-19
	Unit value	-4	-4	-10	-3	-2	p3
Semi-soft
	Quantity	-8	13	-6	5	5	-6
	Unit value	-2	-4	-7	-3	-2	-1
Thermal
	Quantity	5	-7	2	4	-1	13
	Unit value	-1	-5	-6	1	-2	-1
- nil or rounded to zero (including null cells)
p preliminary figure or series subject to revision
(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 June and July 2014 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $88m (7%), with quantities up 11% and unit values down 4%.
Exports to China (excluding SARs and Taiwan) rose $115m (15%), with quantities up 14% and unit values up 1%.

Partly offsetting this rise was exports to Japan, down $35m (11%), with quantities up 1% and unit values down 12%.

Iron ore fines rose $788m (20%), with quantities up 7% and unit values up 12%.
Exports to:

• China (excluding SARs and Taiwan) rose $581m (18%), with quantities up 2% and unit values up 15%
• Japan rose $176m (56%), with quantities up 72% and unit values down 9%.

Hard coking coal fell $210m (17%), with quantities down 19% and unit values up 3%.
Exports to:

• China (excluding SARs and Taiwan) fell $101m (34%), with quantities down 39% and unit values up 7%
• India fell $73m (20%), with quantities down 24% and unit values up 4%.

Semi-soft coal fell $35m (6%), with quantities down 6% and unit values down 1%.
Exports to the Republic of Korea fell $46m (38%), with quantities down 37% and unit values down 1%.

Thermal coal rose $147m (12%), with quantities up 13% and unit values down 1%.
Exports to Japan rose $123m (24%), with quantities up 26% and unit values down 2%.