ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $451m in February 2012, a turnaround of $479m on the surplus in January 2012.

In seasonally adjusted terms, the balance on goods and services was a deficit of $480m in February 2012, a fall of $491m on the deficit in January 2012.


EXPORTS OF GOODS AND SERVICES

Between January 2012 and February 2012 the trend estimate of goods and services credits fell $600m (2%) to $25,179m.

In seasonally adjusted terms, goods and services credits fell $518m (2%) to $24,425m. Non-rural goods fell $490m (3%) and rural goods fell $253m (9%). Non-monetary gold rose $365m (43%). Net exports of goods under merchanting remained steady at $30m. Services credits fell $141m (3%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods fell $80m (3%) to $2,733m.

In seasonally adjusted terms, exports of rural goods fell $253m (9%) to $2,554m.

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

• other rural, down $96m (8%)
• cereal grains and cereal preparations, down $80m (11%)
• wool and sheepskins, down $65m (21%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $440m (3%) to $17,063m.

In seasonally adjusted terms, exports of non-rural goods fell $490m (3%) to $16,597m.

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

• coal, coke and briquettes, down $671m (16%)
• other mineral fuels, down $96m (4%)
• metals (excl. non-monetary gold), down $94m (10%).

Partly offsetting these falls was the metal ores and minerals component, up $443m (7%).

For price and volume details, see the Selected commodities table at the end of this section.

NET EXPORTS OF GOODS UNDER MERCHANTING

In trend terms, net exports of goods under merchanting rose $2m (6%) to $36m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $30m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold fell $61m (5%) to $1,248m.

In original and seasonally adjusted terms, exports of non-monetary gold rose $365m (43%) to $1,220m.


Exports of services


In trend terms, services credits fell $20m to $4,100m.

In seasonally adjusted terms, services credits fell $141m (3%) to $4,024m.

The main component contributing to the fall in seasonally adjusted estimates was travel, down $138m (5%).

In seasonally adjusted terms, tourism related services credits fell $143m (5%) to $2,633m.


IMPORTS OF GOODS AND SERVICES

Between January 2012 and February 2012 the trend estimate of goods and services debits fell $121m to $25,630m.

In seasonally adjusted terms, goods and services debits fell $1,009m (4%) to $24,905m. Consumption goods fell $395m (7%), intermediate and other merchandise goods fell $307m (3%) and capital goods fell $257m (5%). Non-monetary gold rose $10m (2%). Services debits fell $61m (1%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $1m to $5,520m.

In seasonally adjusted terms, imports of consumption goods fell $395m (7%) to $5,333m.

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

• consumption goods n.e.s., down $257m (14%)
• textiles, clothing and footwear, down $123m (17%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $23m to $5,563m.

In seasonally adjusted terms, imports of capital goods fell $257m (5%) to $5,325m.

The main component contributing to the fall in seasonally adjusted estimates was machinery and industrial equipment, down $229m (12%).

Partly offsetting this fall was the civil aircraft and confidentialised items component, up $129m (40%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $80m (1%) to $8,897m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $307m (3%) to $8,614m.

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

• iron and steel, down $84m (21%)
• processed industrial supplies n.e.s., down $68m (3%)
• other merchandise goods, down $61m (51%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $36m (6%) to $541m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $10m (2%) to $536m.


Imports of services


In trend terms, services debits rose $16m to $5,108m.

In seasonally adjusted terms, services debits fell $61m (1%) to $5,097m.

The main component contributing to the fall in the seasonally adjusted estimates was transport, down $61m (4%), with freight, down $58m (8%).

In seasonally adjusted terms, tourism related services debits rose $9m to $2,820m.


Selected commodities

Selected commodities, Quantity and unit value analysis: Recorded Trade Basis(a)
		Change in
		Sep 2011	Oct 2011	Nov 2011	Dec 2011	Jan 2012	Feb 2012
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	-4	2	-8	21	-27	16
	Unit value	3	-6	-13	-1	-5	-2
Fines
	Quantity	-1	4	-9	13	-22	17
	Unit value	4	-5	-14	-5	-2	-
Coal
Hard coking
	Quantity	-8	-2	-3	15	1	-27
	Unit value	-	-3	-2	-5	-3	-1
Semi-soft
	Quantity	15	-8	8	-	-6	5
	Unit value	-3	4	-5	-8	-1	-13
Thermal
	Quantity	-6	5	-7	24	-12	-16
	Unit value	-	5	1	-1	-2	-4
- nil or rounded to zero (including null cells)
(a) Data in this table are on a revised merchandise trade basis and exclude value adjustments applied to balance of payments series.

On a recorded trade basis (noting the footnote in the above table), between January and February 2012, large value movements were recorded for the following selected commodities:

• Iron ore lump rose $140m (13%) with quantities up 16% and unit values down 2%. Exports to:
  • China rose $126m (19%), with quantities up 18% and unit values up 1%.
• Iron ore fines rose $507m (18%) with quantities up 17%. Exports to:
  • Republic of Korea rose $250m (101%), with quantities up 103% and unit values down 1%.
  • China rose $227m (11%), with quantities up 8% and unit values up 3%.
• Hard coking coal fell $579m (27%) with quantities down 27% and unit values down 1%. Exports to:
  • Japan fell $327m (60%), with quantities down 59% and unit values down 3%.
  • China fell $111m (37%), with quantities down 44% and unit values up 11%.
  • India fell $93m (20%), with quantities down 17% and unit values down 4%.
• Semi-soft coal fell $62m (9%) with quantities up 5% and unit values down 13%. Exports to:
  • Japan fell $132m (49%), with quantities down 44% and unit values down 9%.
  • India fell $41m (38%), with quantities down 32% and unit values down 9%.
  • China rose $142m, with quantities up 155% and unit values down 7%.
• Thermal coal fell $289m (19%) with quantities down 16% and unit values down 4%. Exports to:
  • Mexico fell $58m (62%), with quantities down 60% and unit values down 6%.
  • Taiwan fell $49m (36%), with quantities down 34% and unit values down 4%.
  • Republic of Korea fell $44m (16%), with quantities down 12% and unit values down 4%.
  • China fell $40m (29%), with quantities down 24% and unit values down 6%.