ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

In trend terms, the balance on goods and services was a deficit of $952m in August 2013, an increase of $128m (16%) on the deficit in July 2013.

In seasonally adjusted terms, the balance on goods and services was a deficit of $815m in August 2013, a decrease of $560m (41%) on the deficit in July 2013.


EXPORTS OF GOODS AND SERVICES

Between July and August 2013, the trend estimate of goods and services credits rose $165m (1%) to $26,678m.

In seasonally adjusted terms, goods and services credits rose $810m (3%) to $27,116m. Non–rural goods rose $565m (3%) and non–monetary gold rose $307m (33%). Net exports of goods under merchanting remained steady at $31m. Rural goods fell $12m. Services credits fell $50m (1%).


Exports of goods

RURAL GOODS

In trend terms, exports of rural goods rose $18m (1%) to $3,265m.

In seasonally adjusted terms, exports of rural goods fell $12m to $3,260m. The only component contributing to the fall in seasonally adjusted estimates was other rural, down $51m (3%).

Partly offsetting this fall was the wool and sheepskins component, up $26m (9%).

NON–RURAL GOODS

In trend terms, exports of non–rural goods rose $166m (1%) to $17,755m.

In seasonally adjusted terms, exports of non–rural goods rose $565m (3%) to $18,105m.

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

• metal ores and minerals, up $538m (7%)
• other manufactures, up $136m (10%).

Partly offsetting these rises was the coal, coke and briquettes component, down $154m (4%).

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 rose $1m (3%) to $31m.

In seasonally adjusted terms, net exports of goods under merchanting remained steady at $31m.

NON–MONETARY GOLD

In trend terms, exports of non–monetary gold fell $22m (2%) to $1,146m.

In original and seasonally adjusted terms, exports of non–monetary gold rose $307m (33%) to $1,250m.


Exports of services


In trend terms, services credits rose $3m to $4,482m.

In seasonally adjusted terms, services credits fell $50m (1%) to $4,470m.

The main component contributing to the fall in seasonally adjusted estimates was other services, down $41m (3%).

In seasonally adjusted terms, tourism related services credits fell $8m to $2,818m.


IMPORTS OF GOODS AND SERVICES

Between July and August 2013, the trend estimate of goods and services debits rose $292m (1%) to $27,630m.

In seasonally adjusted terms, goods and services debits rose $251m (1%) to $27,931m. Consumption goods rose $309m (5%), non–monetary gold rose $107m (27%) and capital goods rose $14m. Intermediate and other merchandise goods fell $185m (2%). Services debits rose $5m.


Imports of goods


CONSUMPTION GOODS

In trend terms, imports of consumption goods rose $123m (2%) to $6,850m.

In seasonally adjusted terms, imports of consumption goods rose $309m (5%) to $7,057m.

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

• non–industrial transport equipment, up $82m (5%)
• food and beverages, mainly for consumption, up $77m (9%)
• textiles, clothing and footwear, up $51m (5%).

CAPITAL GOODS

In trend terms, imports of capital goods rose $92m (2%) to $5,733m.

In seasonally adjusted terms, imports of capital goods rose $14m to $5,664m.

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

• civil aircraft and confidentialised items, up $54m (16%)
• industrial transport equipment n.e.s., up $28m (4%)
• capital goods n.e.s., up $23m (2%)
• ADP equipment, up $15m (2%).

Partly offsetting these rises was the machinery and industrial transport equipment component, down $113m (6%).

INTERMEDIATE AND OTHER MERCHANDISE GOODS

In trend terms, imports of intermediate and other merchandise goods rose $66m (1%) to $9,236m.

In seasonally adjusted terms, imports of intermediate and other merchandise goods fell $185m (2%) to $9,346m.

The main components contributing to the fall in seasonally adjusted estimates was fuels and lubricants, down $404m (12%).

Partly offsetting this fall was the processed industrial supplies n.e.s. component, up $274m (12%).

NON–MONETARY GOLD

In trend terms, imports of non–monetary gold rose $14m (3%) to $446m.

In original and seasonally adjusted terms, imports of non–monetary gold rose $107m (27%) to $508m.


Imports of services


In trend terms, services debits fell $4m to $5,364m.

In seasonally adjusted terms, services debits rose $5m to $5,356m.

The main component contributing to the rise in seasonally adjusted estimates was maintenance and repair services n.i.e., up $15m (38%).

Partly offsetting this rise was the transport component, down $8m (1%), with passenger transport down $7m (1%).

In seasonally adjusted terms, tourism related services debits fell $3m to $2,773m.


Selected commodities

Selected commodities, Quantity and unit value analysis: International merchandise trade basis (a) – Original terms
		Change in
		Mar 2013	Apr 2013	May 2013	Jun 2013	Jul 2013	Aug 2013
		%	%	%	%	%	%
Iron ore
Lump
	Quantity	28	8	–11	–1	4	–
	Unit value	–2	3	2	–3	4	6
Fines
	Quantity	23	–1	8	–7	2	14
	Unit value	–2	–2	–	–6	5	7
Coal
Hard coking
	Quantity	–3	11	4	12	–17	5
	Unit value	–1	–	1	–	–2	1
Semi–soft
	Quantity	31	–18	37	–26	4	22
	Unit value	1	–	4	4	–2	–5
Thermal
	Quantity	–6	19	–6	25	2	–12
	Unit value	–1	–3	5	1	2	2
– 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 July and August 2013 the largest movements recorded for the following selected commodities were:

Iron ore lump rose $86m (6%), with unit values up 6%.
Exports to:

• Japan rose $51m (14%), with quantities up 13% and unit values up 1%
• China rose $42m (4%), with quantities down 3% and prices up 8%.

Iron ore fines rose $864m (21%), with quantities up 14% and unit values up 7%.
Exports to:

• China rose $630m (20%), with quantities up 11% and unit values up 8%
• the Republic of Korea rose $148m (48%), with quantities up 44% and unit values up 3%.

Hard coking coal rose $67m (6%), with quantities up 5% and unit values up 1%.
Exports to:

• China rose $116m (38%), with quantities up 29% and unit values up 7%.

Semi–soft coal rose $98m (16%), with quantities up 22% and unit values down 5%.
Exports to:

• Japan rose $100m (57%), with quantities up 64% and unit values down 4%.

Thermal coal fell $156m (10%), with quantities down 12% and unit values up 2%.
Exports to:

• the Republic of Korea fell $96m (32%), with quantities down 35% and unit values up 4%
• Taiwan fell $46m (30%), with quantities down 30%.