ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $1,270m in January 2013, a fall of $239m (16%) on the deficit in December 2012.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,057m in January 2013, a rise of $369m (54%) on the deficit in December 2012.


EXPORTS OF GOODS AND SERVICES

Between December 2012 and January 2013, the trend estimate of goods and services credits rose $197m (1%) to $24,931m.

In seasonally adjusted terms, goods and services credits fell $185m (1%) to $25,023m. Non–rural goods fell $424m (3%) and rural goods fell $81m (3%). Non–monetary gold rose $211m (17%) and net exports of goods under merchanting rose $10m (200%). Services credits rose $98m (2%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $1m to $2,943m.

In seasonally adjusted terms, exports of rural goods fell $81m (3%) to $2,877m.

The main component contributing to the fall in seasonally adjusted estimates was other rural, down $142m (10%).

Partly offsetting this fall was the cereal grains and cereal preparations component, up $77m (12%).

NON–RURAL GOODS

In trend terms, exports of non–rural goods rose $191m (1%) to $16,180m.

In seasonally adjusted terms, exports of non–rural goods fell $424m (3%) to $16,280m.

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

• coal, coke and briquettes, down $146m (5%)
• other manufactures, down $110m (8%)
• metals (excl. non–monetary gold), down $79m (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 rose $10m (200%) to $15m.

NON–MONETARY GOLD

In trend terms, exports of non–monetary gold fell $4m to $1,414m.

In original and seasonally adjusted terms, exports of non–monetary gold rose $211m (17%) to $1,426m.


Exports of services


In trend terms, services credits rose $9m to $4,386m.

In seasonally adjusted terms, services credits rose $98m (2%) to $4,425m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $63m (2%).

In seasonally adjusted terms, tourism related services credits rose $63m (2%) to $2,854m.


IMPORTS OF GOODS AND SERVICES

Between December 2012 and January 2013, the trend estimate of goods and services debits fell $43m to $26,200m.

In seasonally adjusted terms, goods and services debits rose $185m (1%) to $26,081m. Capital goods rose $292m (5%) and consumption goods rose $166m (3%). Intermediate and other merchandise goods fell $258m (3%) and non–monetary gold fell $6m (2%). Services debits fell $10m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $34m (1%) to $5,793m.

In seasonally adjusted terms, imports of consumption goods rose $166m (3%) to $5,872m.

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

• non–industrial transport equipment, up $131m (8%)
• food and beverages, mainly for consumption, up $38m (5%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $25m to $5,639m.

In seasonally adjusted terms, imports of capital goods rose $292m (5%) to $5,669m.

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

• telecommunications equipment, up $257m (52%)
• capital goods n.e.s., up $99m (7%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods fell $66m (1%) to $8,913m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $258m (3%) to $8,716m.

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

• fuels and lubricants, down $228m (7%)
• organic and inorganic chemicals, down $75m (20%).

NON–MONETARY GOLD

In trend terms, imports of non–monetary gold fell $33m (8%) to $381m.

In original and seasonally adjusted terms, imports of non–monetary gold fell $6m (2%) to $371m.


Imports of services


In trend terms, services debits fell $3m to $5,475m.

In seasonally adjusted terms, services debits fell $10m to $5,452m.

The main component contributing to the fall in seasonally adjusted estimates was transport, down $22m (2%).

In seasonally adjusted terms, tourism related services debits rose $2m to $2,889m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis – Original terms
		Change in
		Aug 2012	Sep 2012	Oct 2012	Nov 2012	Dec 2012	Jan 2013
		%	%	%	%	%	%
Iron ore(a)
Lump
	Quantity	6	–4	9	–1	17	–15
	Unit value	–7	–11	2	4	1	11
Fines
	Quantity	5	–5	4	–3	23	–19
	Unit value	–10	–13	3	6	3	12
Coal
Hard coking
	Quantity	13	16	–11	21	8	–16
	Unit value	–4	–5	–15	–8	1	4
Semi–soft
	Quantity	–11	10	–3	15	8	–16
	Unit value	–2	–6	–8	–9	2	2
Thermal
	Quantity	–14	13	10	–16	22	–10
	Unit value	–3	–3	1	–5	–3	–
– 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 December 2012 and January 2013 the largest movements recorded for the following selected commodities were:

Iron ore lump fell $77m (6%), with quantities down 15% and unit values up 11%. Exports to Japan fell $100m (29%), with quantities down 32% and unit values up 4%.

Iron ore fines fell $356m (9%), with quantities down 19% and unit values up 12%. Exports to:

• China fell $127m (4%), with quantities down 15% and unit values up 13%
• Japan fell $115m (25%), with quantities down 27% and unit values up 3%
• Republic of Korea fell $71m (18%), with quantities down 24% and unit values up 8%.

Hard coking coal fell $172m (13%), with quantities down 16% and unit values up 4%. Exports to:

• India fell $140m (39%), with quantities down 39%
• China fell $131m (30%), with quantities down 34% and unit values up 5%.

Semi–soft coal fell $87m (14%), with quantities down 16% and unit values up 2%. Exports to China fell $92m (38%), with quantities down 41% and unit values up 6%.

Thermal coal fell $147m (10%), with quantities down 10%. Exports to China fell $93m (29%), with quantities down 28% and unit values down 1%.