ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a surplus of $1,229m in February 2014, an increase of $308m (33%) on the surplus in January 2014.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,200m in February 2014, a decrease of $192m (14%) on the surplus in January 2014.


EXPORTS OF GOODS AND SERVICES

Between January and February 2014, the trend estimate of goods and services credits rose $475m (2%) to $29,677m.

In seasonally adjusted terms, goods and services credits rose $120m to $29,970m. Non-rural goods rose $420m (2%). Net exports of goods under merchanting remained steady at $15m. Rural goods fell $157m (4%) and non-monetary gold fell $133m (10%). Services credits fell $10m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $107m (3%) to $3,622m.

In seasonally adjusted terms, exports of rural goods fell $157m (4%) to $3,582m.

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

• other rural, down $59m (4%)
• cereal grains and cereal preparations, down $45m (5%)
• wool and sheepskins, down $39m (14%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $372m (2%) to $19,976m.

In seasonally adjusted terms, exports of non-rural goods rose $420m (2%) to $20,333m.

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

• other mineral fuels, up $232m (9%)
• coal, coke and briquettes, up $208m (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 fell $1m (7%) to $13m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $15m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $16m (1%) to $1,242m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $133m (10%) to $1,253m.


Exports of services


In trend terms, services credits rose $14m to $4,824m.

In seasonally adjusted terms, services credits fell $10m to $4,787m.

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

• travel, down $5m
• other services, down $5m.

In seasonally adjusted terms, tourism related services credits fell $8m to $3,003m.


IMPORTS OF GOODS AND SERVICES

Between January and February 2014, the trend estimate of goods and services debits rose $167m (1%) to $28,448m.

In seasonally adjusted terms, goods and services debits rose $312m (1%) to $28,770m. Capital goods rose $791m (15%) and non-monetary gold rose $109m (43%). Intermediate and other merchandise goods fell $531m (5%) and consumption goods fell $58m (1%). Services debits rose $3m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $28m to $6,898m.

In seasonally adjusted terms, imports of consumption goods fell $58m (1%) to $6,925m.

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

• consumption goods n.e.s., down $188m (8%)
• household electrical items, down $61m (12%).

Partly offsetting these falls was the non-industrial transport equipment component, up $199m (14%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $54m (1%) to $5,517m.

In seasonally adjusted terms, imports of capital goods rose $791m (15%) to $5,896m.

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

• capital goods n.e.s., up $743m (138%)
• industrial transport equipment n.e.s., up $304m (42%).

Partly offsetting these rises was the machinery and industrial equipment component, down $160m (9%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $79m (1%) to $9,951m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $531m (5%) to $9,800m.

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

• fuels and lubricants, down $274m (7%)
• other parts for capital goods, down $73m (5%)
• parts for transport equipment, down $70m (7%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $9m (3%) to $305m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $109m (43%) to $365m.


Imports of services


In trend terms, services debits rose $15m to $5,777m.

In seasonally adjusted terms, services debits rose $3m to $5,785m.

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

• travel, up $11m
• other services, up $10m (1%).

Partly offsetting these rises was the maintenance and repair services n.i.e. component, down $12m (17%).

In seasonally adjusted terms, tourism related services debits rose $11m to $2,894m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) - Original terms
		Change in
		Sep 2013	Oct 2013	Nov 2013	Dec 2013	Jan 2014	Feb 2014
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	5	9	-5	14	-18	11
	Unit value	-1	-5	2	4	3	-1
Fines
	Quantity	-1	-	-3	8	-11	2
	Unit value	-	-4	2	7	-	-2
Coal
Hard coking
	Quantity	11	8	-4	-3	2	-17
	Unit value	-3	-	5	-	4	-2
Semi-soft
	Quantity	-2	11	-19	12	-16	-6
	Unit value	-5	-1	2	4	-1	-3
Thermal
	Quantity	-5	12	-12	31	-20	5
	Unit value	-3	-4	-	5	2	-1
- 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 January and February 2014 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $148m (9%), with quantities up 11% and unit values down 1%.
Exports to:

• Japan rose $178m (73%), with quantities up 68% and unit values up 3%.

Partly offsetting this rise was exports to China, down $37m (3%), with quantities down 1% and unit values down 2%.

Iron ore fines rose $7m, with quantities up 2% and unit values down 2%.
Exports to:

• Japan rose $130m (34%), with quantities up 33% and unit values up 1%
• Taiwan rose $38m (68%), with quantities up 82% and unit values down 7%.

Partly offsetting these rises was exports to China, down $202m (5%), with quantities down 4% and unit values down 1%.

Hard coking coal fell $278m (19%), with quantities down 17% and unit values down 2%.
Exports to:

• China fell $216m (50%), with quantities down 51% and unit values up 1%
• Japan fell $129m (37%), with quantities down 34% and unit values down 5%.

Partly offsetting these falls was exports to India, up $83m (31%), with quantities up 31%.

Semi-soft coal fell $52m (9%), with quantities down 6% and unit values down 3%.
Exports to:

• India fell $50m (50%), with quantities down 49%.

Thermal coal rose $49m (4%), with quantities up 5% and unit values down 1%.
Exports to:

• Japan rose $80m (13%), with quantities up 15% and unit values down 2%
• Thailand rose $30m (280%), with quantities up 315% and unit values down 8%.

Partly offsetting these rises was exports to the Republic of Korea, down $85m (28%), with quantities down 26% and unit values down 2%.