ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $1,548m in August 2014, an increase of $74m (5%) on the deficit in July 2014.

In seasonally adjusted terms, the balance on goods and services was a deficit of $787m in August 2014, a decrease of $288m (27%) on the deficit in July 2014.


EXPORTS OF GOODS AND SERVICES

Between July and August 2014, the trend estimate of goods and services credits fell $195m (1%) to $26,110m.

In seasonally adjusted terms, goods and services credits fell $413m (2%) to $26,372m. Non-monetary gold fell $252m (21%), rural goods fell $142m (4%) and non-rural goods fell $17m. Net exports of goods under merchanting remained steady at $8m. Services credits fell $1m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $3m to $3,253m.

In seasonally adjusted terms, exports of rural goods fell $142m (4%) to $3,231m.

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

• other rural, down $91m (6%)
• cereal grains and cereal preparations, down $84m (12%).

Partly offsetting these falls was wool and sheepskins, up $23m (10%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $190m (1%) to $16,927m.

In seasonally adjusted terms, exports of non-rural goods fell $17m to $17,303m.

The main component contributing to the fall in seasonally adjusted estimates was other mineral fuels, down $226m (9%).

Partly offsetting this fall were:

• coal, coke and briquettes, up $114m (4%)
• other non-rural (incl. sugar and beverages), up $72m (9%).

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 $8m.

In seasonally adjusted terms, net exports of goods under merchanting also remained steady at $8m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $5m to $1,051m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $252m (21%) to $970m.


Exports of services


In trend terms, services credits rose $3m to $4,871m.

In seasonally adjusted terms, services credits fell $1m to $4,860m. The main component contributing to the fall in services credits was travel, down $12m.

Partly offsetting this fall was other services, up $9m (1%).

In seasonally adjusted terms, tourism related services credits fell $8m to $3,132m.


IMPORTS OF GOODS AND SERVICES

Between July and August 2014, the trend estimate of goods and services debits fell $122m to $27,657m.

In seasonally adjusted terms, goods and services debits fell $701m (3%) to $27,159m. Intermediate and other merchandise goods fell $878m (9%), consumption goods fell $65m (1%) and non-monetary gold fell $25m (10%). Capital goods rose $294m (6%). Services debits fell $27m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods fell $14m to $6,803m.

In seasonally adjusted terms, imports of consumption goods fell $65m (1%) to $6,778m.

The main component contributing to the fall in seasonally adjusted estimates was textiles, clothing and footwear, down $66m (6%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $7m to $5,138m.

In seasonally adjusted terms, imports of capital goods rose $294m (6%) to $5,238m.

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

• civil aircraft and confidentialised items, up $251m (40%)
• capital goods n.e.s., up $71m (10%).

Partly offsetting these rises was machinery and industrial equipment, down $123m (7%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $68m (1%) to $9,695m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $878m (9%) to $9,175m.

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

• fuels and lubricants, down $744m (20%)
• parts for transport equipment, down $182m (19%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $22m (8%) to $262m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $25m (10%) to $230m.


Imports of services


In trend terms, services debits fell $10m to $5,760m.

In seasonally adjusted terms, services debits fell $27m to $5,738m.

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

• travel, down $27m (1%)
• transport, down $10m (1%).

Partly offsetting these falls was maintenance and repair services n.i.e., up $18m (86%).

In seasonally adjusted terms, tourism related services debits fell $38m (1%) to $2,968m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) - Original terms
		Change in
		Mar 2014	Apr 2014	May 2014	Jun 2014	Jul 2014	Aug 2014
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	-	-4	5	-6	8	2
	Unit value	-9	-2	-6	-9	-6	2
Fines
	Quantity	20	5	1	-3	4	4
	Unit value	-10	-5	-9	-10	1	p20
Coal
Hard coking
	Quantity	22	7	-8	11	-18	14
	Unit value	-4	-10	-3	-3	p4	p2
Semi-soft
	Quantity	13	-6	5	6	-5	3
	Unit value	-4	-7	-3	-2	-1	-1
Thermal
	Quantity	-7	2	4	-1	13	1
	Unit value	-5	-6	1	-2	-2	-2
- 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 July and August 2014 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $39m (3%), with quantities up 2% and unit values up 2%.
Exports to China (excluding SARs and Taiwan) rose $63m (7%), with quantities up 2% and unit values up 5%.

Partly offsetting this rise was exports to Japan, down $42m (16%), with quantities down 10% and unit values down 7%.

Iron ore fines rose $1,054m (26%), with quantities up 4% and unit values up 20%.
Exports to China (excluding SARs and Taiwan) rose $1,234m (38%), with quantities up 9% and unit values up 26%.

Partly offsetting this rise was exports to Japan, down $173m (37%), with quantities down 33% and unit values down 6%.

Hard coking coal rose $170m (16%), with quantities up 14% and unit values up 2%.
Exports to:

• China (excluding SARs and Taiwan) rose $101m (52%), with quantities up 47% and unit values up 4%
• Japan rose $56m (28%), with quantities up 28%.

Semi-soft coal rose $7m (1%), with quantities up 3% and unit values down 1%.
Exports to China (excluding SARs and Taiwan) rose $61m (68%), with quantities up 67% and unit values up 1%.

Partly offsetting this rise were exports to:

• Brazil, down $18m (73%), with quantities down 72% and unit values down 1%
• Taiwan, down $17m (33%), with quantities down 28% and unit values down 7%
• the Republic of Korea, down $13m (18%), with quantities down 18% and unit values up 1%.

Thermal coal fell $8m (1%), with quantities up 1% and unit values down 2%.
Exports to:

• China (excluding SARs and Taiwan) fell $38m (14%), with quantities down 9% and unit values down 5%
• Malaysia fell $25m (37%), with quantities down 41% and unit values up 6%.

Partly offsetting these falls was exports to India, up $55m (200%), with quantities up 206% and unit values down 2%.