FEBRUARY KEY FIGURES

		December 2008	January 2009	February 2009	Jan 09 to Feb 09
		$m	$m	$m	% change
BALANCE ON GOODS AND SERVICES
	Trend estimates	1 571	1 763	1 885	7
	Seasonally adjusted	137	926	2 109	128
CREDITS (Exports of goods & services)
	Trend estimates	25 495	25 117	24 687	-2
	Seasonally adjusted	24 786	23 884	24 933	4
DEBITS (Imports of goods & services)
	Trend estimates	23 924	23 354	22 802	-2
	Seasonally adjusted	24 648	22 958	22 824	-1

Balance on Goods and Services

FEBRUARY KEY POINTS


BALANCE ON GOODS AND SERVICES

• The trend estimate of the balance on goods and services was a surplus of $1,885m in February 2009, an increase of $122m on a revised surplus in January 2009.
• In seasonally adjusted terms, the balance on goods and services was a surplus of $2,109m in February 2009, an increase of $1,183m on a revised surplus in January 2009.
• The increase in the seasonally adjusted surplus was primarily due to the strong rise in goods and services credits, mainly in non-rural and other goods.

CREDITS (EXPORTS OF GOODS & SERVICES)

• Seasonally adjusted, goods and services credits rose $1,049m (4%) to $24,933m. Other goods rose $816m (49%), rural goods rose $150m (6%) and non-rural goods rose $58m. Services credits rose $25m (1%).
• The rise in other goods was largely driven by the non-monetary gold component, which rose $784m (55%).

DEBITS (IMPORTS OF GOODS & SERVICES)

• Seasonally adjusted, goods and services debits fell $134m (1%) to $22,824m. Consumption goods fell $691m (13%), intermediate and other merchandise goods fell $342m (5%) while other goods rose $619m (43%) and capital goods rose $318m (7%). Services debits fell $39m (1%).
• The components in consumption goods with the largest falls were non-industrial transport equipment, down $227m (22%) and consumption goods n.e.s., down $143m (8%).
• The rise in other goods was largely driven by the non-monetary gold component, up $782m (79%).

NOTES

FORTHCOMING ISSUES

ISSUE	Release Date
March 2009	6 May 2009
April 2009	4 June 2009
May 2009	2 July 2009
June 2009	5 August 2009
July 2009	3 September 2009
August 2009	6 October 2009

REVISIONS

Revisions have been made to incorporate the latest available data relating to merchandise trade and international trade in services. In original terms, these revisions have:

• increased the deficit on goods and services for January 2009 by $106m.
• increased the deficit on goods and services for 2007-08 by $123m, with:
  • goods debits increasing by $47m
  • services credits decreasing by $326m
  • services debits decreasing by $250m.

Revisions to goods credits result from exporters and their agents lodging revised entries with the Australian Customs Services. Some exporters of bulk commodities have a confirming exporter status which means they have an agreed period of up to six months to finalise their lodgements.

Both services credits and debits were revised back to July 2007 to incorporate the latest survey results, revised survey data for previous quarters and the latest administrative data.

The revisions above are in current price, original terms. They reflect revisions to both price and volume component of various items. The impact on volume levels and changes will be published in the March quarter 2009 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) on 2 June 2009.


AVAILABILITY OF RELATED DATA

Characteristics of Australian Exporters, 2007-08 (cat. no. 5368.0.55.006) was released on 26 March 2009 and is accessible from the ABS website <www.abs.gov.au>. This provides an analysis of the number and characteristics of Australia's exporters.

The trade in services data cubes, listed under Time Series Data, for data on a calendar year basis, are usually released with the March issue of this publication. However, only table 9 will be released with the March 2009 issue. The other tables will be released on 19 June 2009.


GOODS DEBITS CONFIDENTIALITY

The confidentiality treatment described in the December 2008 issue of this publication is continued in this issue. This treatment impacts on the civil aircraft, capital goods n.e.s. and other merchandise goods components from September 2008.


INQUIRIES

For further information contact Selvi Sekhar on Canberra (02) 6252 5540 for goods, and Karen McGuigan on Canberra (02) 6252 5415 for services.