AUGUST KEY FIGURES

		Jun 2012	Jul 2012	Aug 2012	Jul 12 to Aug 12
		$m	$m	$m	% change
BALANCE ON GOODS AND SERVICES
	Trend estimates	-1 128	-1 337	-1 625	-22
	Seasonally adjusted	-791	-1 530	-2 027	-32
CREDITS (Exports of goods & services)
	Trend estimates	25 680	25 591	25 422	-1
	Seasonally adjusted	26 155	25 433	24 589	-3
DEBITS (Imports of goods & services)
	Trend estimates	26 808	26 928	27 047	-
	Seasonally adjusted	26 946	26 963	26 615	-1
- nil or rounded to zero (including null cells)

Balance on Goods and Services

AUGUST KEY POINTS


BALANCE ON GOODS AND SERVICES

• In trend terms, the balance on goods and services was a deficit of $1,625m in August 2012, a rise of $288m (22%) on the deficit in July 2012.
• In seasonally adjusted terms, the balance on goods and services was a deficit of $2,027m in August 2012, a rise of $497m (32%) on the deficit in July 2012.

CREDITS (EXPORTS OF GOODS & SERVICES)

• In seasonally adjusted terms, goods and services credits fell $844m (3%) to $24,589m. Non-rural goods fell $933m (6%) and non-monetary gold fell $2m. Rural goods rose $37m (1%). Net exports of goods under merchanting remained steady at $16m. Services credits rose $53m (1%).

DEBITS (IMPORTS OF GOODS & SERVICES)

• In seasonally adjusted terms, goods and services debits fell $348m (1%) to $26,615m. Intermediate and other merchandise goods fell $383m (4%) and non-monetary gold fell $130m (24%). Consumption goods rose $107m (2%) and capital goods rose $10m. Services debits rose $50m (1%).

NOTES

FORTHCOMING ISSUES

ISSUE	Release Date
September 2012	5 November 2012
October 2012	7 December 2012
November 2012	8 January 2013
December 2012	5 February 2013
January 2013	7 March 2013
February 2013	3 April 2013

REVISIONS

Revisions have been made to incorporate the latest data relating to international trade in goods and services since the last issue of this publication:

• on an international merchandise trade basis, exports and imports have been revised back to February 2012
• on a balance of payments basis, goods and services have been revised back to July 2008.

Table 17 summarises revisions to goods and services on a balance of payments basis, in original current price terms. In original terms, the revisions have:

• decreased the surplus on goods and services for 2008-09 by $1,213m
• increased the deficit on goods and services for 2009-10 by $1,141m
• increased the surplus on goods and services for 2010-11 by $140m
• increased the surplus on goods and services for 2011-12 by $64m
• increased the deficit on goods and services for July 2012 by $1,027m.

Revisions to 2011-12 predominantly include updated merchandise trade data for the previous six months to February 2012 in line with the standard revision policy. Revisions to 2008-09 to 2010-11 include updated source data and improved methodology. Significant revisions to individual months of the Fuels and lubricants component on a balance of payments basis reflect a timing adjustment using month of arrival data.


CHANGES IN THIS ISSUE

The seasonally adjusted and trend estimates of goods and services on a balance of payments basis have been revised as a result of the annual seasonal re-analysis. This re-analysis reviews the seasonal and trading day factors in more detail than is possible in the monthly processing cycle and assesses the appropriateness of any prior corrections.


VALUE ADJUSTMENTS

Adjustments have been made to the value of the 'metal ores and minerals' and 'capital goods n.e.s.' components in the balance of payments series.

See the Value adjustment section for details.


INQUIRIES

For further information contact Val Tot on Canberra (02) 6252 5540 for Goods, and Lee Taylor on Canberra (02) 6252 6377 for Services.