ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $992m in February 2015, an increase of $1m on the deficit in January 2015.

In seasonally adjusted terms, the balance on goods and services was a deficit of $1,256m in February 2015, an increase of $253m (25%) on the deficit in January 2015.


EXPORTS OF GOODS AND SERVICES

Between January and February 2015, the trend estimate of goods and services credits rose $209m (1%) to $27,694m.

In seasonally adjusted terms, goods and services credits rose $282m (1%) to $27,874m. Rural goods rose $390m (11%) and non-monetary gold rose $98m (8%). Non-rural goods fell $218m (1%) and net exports of goods under merchanting remained steady at $34m. Services credits rose $11m.


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $120m (3%) to $3,716m.

In seasonally adjusted terms, exports of rural goods rose $390m (11%) to $3,920m.

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

• other rural, up $192m (13%)
• cereal grains and cereal preparations, up $150m (22%).

NON-RURAL GOODS

In trend terms, exports of non-rural goods rose $34m to $17,350m.

In seasonally adjusted terms, exports of non-rural goods fell $218m (1%) to $17,241m.

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

• metal ores and minerals, down $248m (4%)
• transport equipment, down $134m (23%).

Partly offsetting these falls were:

• coal, coke and briquettes, up $95m (3%)
• other mineral fuels, up $78m (3%).

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 $37m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $34m.

NON-MONETARY GOLD

In trend terms, exports of non-monetary gold rose $33m (3%) to $1,282m.

In original and seasonally adjusted terms, exports of non-monetary gold rose $98m (8%) to $1,386m.


Exports of services


In trend terms, service credits rose $24m to $5,310m.

In seasonally adjusted terms, services credits rose $11m to $5,292m.

The main component contributing to the rise in seasonally adjusted estimates was travel, up $10m.

In seasonally adjusted terms, tourism related service credits rose $13m to $3,323m.


IMPORTS OF GOODS AND SERVICES

Between January and February 2015, the trend estimate of goods and services debits rose $210m (1%) to $28,686m.

In seasonally adjusted terms, goods and services debits rose $534m (2%) to $29,129m. Intermediate and other merchandise goods rose $284m (3%), consumption goods rose $192m (3%) and non-monetary gold rose $96m (36%). Capital goods fell $116m (2%). Services debits rose $78m (1%).


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $99m (1%) to $7,385m.

In seasonally adjusted terms, imports of consumption goods rose $192m (3%) to $7,526m.

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

• textiles, clothing and footwear, up $77m (6%)
• consumption goods n.e.s., up $46m (2%)
• household electrical items, up $40m (8%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $43m (1%) to $5,736m.

In seasonally adjusted terms, imports of capital goods fell $116m (2%) to $5,707m.

The main component contributing to the fall in seasonally adjusted estimates was civil aircraft and confidentialised items, down $284m (34%).

Partly offsetting this fall was capital goods n.e.s., up $126m (14%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $58m (1%) to $9,484m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $284m (3%) to $9,721m.

The main component contributing to the rise in seasonally adjusted estimates was processed industrial supplies n.e.s., up $439m (16%).

Partly offsetting this rise was fuels and lubricants, down $197m (8%).

NON-MONETARY GOLD

In trend terms, imports of non-monetary gold rose $5m (2%) to $308m.

In original and seasonally adjusted terms, imports of non-monetary gold rose $96m (36%) to $362m.


Imports of services


In trend terms, imports of services debits rose $5m to $5,773m.

In seasonally adjusted terms, imports of services debits rose $78m (1%) to $5,813m.

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

• travel, up $36m (2%)
• maintenance and repair services n.i.e., up $28m (156%).

In seasonally adjusted terms, imports of tourism related services debits rose $40m (1%) to $2,898m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) - Original terms
		Change in
		Sep 2014	Oct 2014	Nov 2014	Dec 2014	Jan 2015	Feb 2015
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	-4	-9	1	19	-12	-7
	Unit value	-4	-1	-2	4	-1	4
Fines
	Quantity	-4	7	-8	9	-9	-1
	Unit value	-5	-5	-5	-	-	2
Coal
Hard coking
	Quantity	3	-	7	-11	-3	-13
	Unit value	-1	7	1	6	p8	p3
Semi-soft
	Quantity	5	-2	-13	33	-18	-20
	Unit value	2	3	1	6	p5	p3
Thermal
	Quantity	-9	1	3	13	-12	-8
	Unit value	2	-2	3	5	-2	6
- 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.

Unit values in this publication are presented in Australian dollar terms. Movements in the unit values for some commodities incorporate movements in the United States dollar prices reported to Customs and Border Protection and movements in the Australian dollar to United States dollar exchange rate.

On an international merchandise trade basis, in original terms (noting the footnote in the above table), between January and February 2015 the largest movements recorded for the following selected commodities were:

Iron ore lump, down $33m (3%), with quantities down 7% and unit values up 4%. Exports to Japan fell $37m (18%), with quantities down 17% and unit values down 1%.

Iron ore fines, up $19m (1%), with quantities down 1% and unit values up 2%. Exports to China (excluding SARs and Taiwan) rose $111m (4%), with quantities up 1% and unit values up 3%.

Partly offsetting this rise were exports to:

• Japan, down $68m (20%), with quantities down 18% and unit values down 3%
• the Republic of Korea, down $30m (10%), with quantities down 5% and unit values down 6%.

Hard coking coal, down $152m (11%), with quantities down 13% and unit values up 3%. Exports to:

• Japan fell $90m (34%), with quantities down 33% and unit values down 2%
• China (excluding SARs and Taiwan) fell $65m (23%), with quantities down 29% and unit values up 8%.

Semi-soft coal, down $107m (18%), with quantities down 20% and unit values up 3%. Exports to:

• China (excluding SARs and Taiwan) fell $38m (39%), with quantities down 39% and unit values down 1%
• Taiwan fell $29m (50%), with quantities down 51% and unit values up 1%
• the Republic of Korea fell $27m (21%), with quantities down 26% and unit values up 7%
• Japan fell $23m (13%), with quantities down 14% and unit values up 1%.

Thermal coal, down $31m (2%), with quantities down 8% and unit values up 6%. Exports to:

• Taiwan fell $54m (34%), with quantities down 37% and unit values up 5%
• China (excluding SARs and Taiwan) fell $38m (17%), with quantities down 21% and unit values up 5%.

Partly offsetting these falls were exports to Japan, up $46m (8%), with quantities up 2% and unit values up 5%.