ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $2,417m in November 2012, a rise of $197m (9%) on the deficit in October 2012.

In seasonally adjusted terms, the balance on goods and services was a deficit of $2,637m in November 2012, a rise of $194m (8%) on the deficit in October 2012.


EXPORTS OF GOODS AND SERVICES

Between October and November 2012, the trend estimate of goods and services credits fell $158m (1%) to $24,175m.

In seasonally adjusted terms, goods and services credits rose $285m (1%) to $24,681m. Non-rural goods rose $295m (2%) and rural goods rose $68m (2%). Non-monetary gold fell $144m (9%). Net exports of goods under merchanting remained steady at $6m. Services credits rose $65m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $20m (1%) to $2,998m.

In seasonally adjusted terms, exports of rural goods rose $68m (2%) to $3,073m.

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

• other rural, up $140m (11%)
• wool and sheepskins, up $23m (10%).

Partly offsetting these rises was the cereal grains and cereal preparations component, down $92m (11%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods fell $203m (1%) to $15,268m.

In seasonally adjusted terms, exports of non-rural goods rose $295m (2%) to $15,700m.

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

• metal ores and minerals, up $354m (6%)
• machinery, up $115m (17%).

Partly offsetting these rises were:

• other mineral fuels, down $83m (4%)
• coal, coke and briquettes, down $78m (2%)
• metals (excl. non-monetary gold), down $76m (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 fell $2m (17%) to $10m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $6m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $14m (1%) to $1,515m.

In original and seasonally adjusted terms, exports of non-monetary gold fell $144m (9%) to $1,491m.


Exports of services


In trend terms, services credits rose $16m to $4,386m.

In seasonally adjusted terms, services credits rose $65m (1%) to $4,411m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $61m (2%).

In seasonally adjusted terms, tourism related services credits rose $60m (2%) to $2,879m.


IMPORTS OF GOODS AND SERVICES

Between October and November 2012, the trend estimate of goods and services debits rose $40m to $26,593m.

In seasonally adjusted terms, goods and services debits rose $478m (2%) to $27,318m. Intermediate and other merchandise goods rose $411m (5%) and consumption goods rose $163m (3%). Non-monetary gold fell $179m (33%) and capital goods fell $2m. Services debits rose $85m (2%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $19m to $5,692m.

In seasonally adjusted terms, imports of consumption goods rose $163m (3%) to $5,814m.

The main component contributing to the rise in seasonally adjusted estimates was non-industrial transport equipment, up $137m (9%).

CAPITAL GOODS

In trend terms, imports of capital goods fell $2m to $5,676m.

In seasonally adjusted terms, imports of capital goods fell $2m to $6,120m.

The main component contributing to the fall in seasonally adjusted estimates was capital goods n.e.s., down $617m (36%).

Partly offsetting this fall were:

• industrial transport equipment n.e.s., up $485m (57%)
• telecommunications equipment, up $82m (12%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $16m to $9,157m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $411m (5%) to $9,417m.

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

• fuels and lubricants, up $189m (6%)
• processed industrial supplies n.e.s., up $64m (3%)
• organic and inorganic chemicals, up $60m (15%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold fell $21m (4%) to $490m.

In original and seasonally adjusted terms, imports of non-monetary gold fell $179m (33%) to $366m.


Imports of services


In trend terms, services debits rose $28m (1%) to $5,577m.

In seasonally adjusted terms, services debits rose $85m (2%) to $5,601m.

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

• transport, up $69m (5%), with freight transport up $53m (7%)
• travel, up $13m (1%).

In seasonally adjusted terms, tourism related services debits rose $29m (1%) to $2,899m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis - Original terms
		Change in
		Jun 2012	Jul 2012	Aug 2012	Sep 2012	Oct 2012	Nov 2012
		%	%	%	%	%	%
Iron ore(a)
Lump
	Quantity	-2	5	6	-4	9	-1
	Unit value	-4	-8	-7	-10	1	np
Fines
	Quantity	-3	1	5	-5	4	-
	Unit value	-3	-7	-10	-13	3	np
Coal
Hard coking
	Quantity	8	-21	14	16	-13	21
	Unit value	-2	-2	-4	-5	-14	-7
Semi-soft
	Quantity	-6	5	-11	10	-4	15
	Unit value	-4	-4	-2	-6	-6	-10
Thermal
	Quantity	9	13	-14	13	10	-17
	Unit value	-3	-5	-3	-3	1	-4
- nil or rounded to zero (including null cells)
np not available for publication
(a) Data in this table are on a revised international merchandise trade basis and exclude value adjustments applied to balance of payments series. Unit values for the latest month have been suppressed in this table because of the size of the iron ore value adjustment.

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between October and November 2012 the largest movements recorded for the following selected commodities were:

Quantities of iron ore lump exported fell 1% with quantities to:

• China down 2%
• Japan up 7%.

Quantities of iron ore fines exported remained steady with quantities to:

• China down 4%
• Japan up 37%
• Republic of Korea up 2%.

Hard coking coal rose $146m (13%) with quantities up 21% and unit values down 7%. Exports to:

• China rose $203m (89%), with quantities up 98% and unit values down 5%.

Semi-soft coal rose $23m (4%) with quantities up 15% and unit values down 10%. Exports to:

• China rose $67m (66%), with quantities up 61% and unit values up 3%.

Thermal coal fell $322m (20%) with quantities down 17% and unit values down 4%. Exports to:

• Japan fell $185m (26%), with quantities down 23% and unit values down 4%
• Mexico fell $76m (68%), with quantities down 68% and unit values up 1%.