MAY KEY FIGURES

		Mar 2014	Apr 2014	May 2014	Apr 14 to May 14
		$m	$m	$m	% change
BALANCE ON GOODS AND SERVICES
	Trend estimates	245	-188	-679	-261
	Seasonally adjusted	739	-780	-1 911	-145
CREDITS (Exports of goods and services)
	Trend estimates	28 517	28 194	27 808	-1
	Seasonally adjusted	28 603	27 981	26 681	-5
DEBITS (Imports of goods and services)
	Trend estimates	28 272	28 382	28 487	-
	Seasonally adjusted	27 864	28 761	28 592	-1
- nil or rounded to zero (including null cells)

Balance on Goods and Services

MAY KEY POINTS


BALANCE ON GOODS AND SERVICES

• In trend terms, the balance on goods and services was a deficit of $679m in May 2014, an increase of $491m (261%) on the deficit in April 2014.
• In seasonally adjusted terms, the balance on goods and services was a deficit of $1,911m in May 2014, an increase of $1,131m (145%) on the deficit in April 2014.

CREDITS (EXPORTS OF GOODS AND SERVICES)

• In seasonally adjusted terms, goods and services credits fell $1,300m (5%) to $26,681m. Non-rural goods fell $1,184m (6%), rural goods fell $62m (2%) and non-monetary gold fell $61m (6%). Net exports of goods under merchanting remained steady at $0m. Services credits rose $8m.

DEBITS (IMPORTS OF GOODS AND SERVICES)

• In seasonally adjusted terms, goods and services debits fell $169m (1%) to $28,592m. Capital goods fell $195m (4%) and consumption goods fell $34m. Non-monetary gold rose $38m (12%) and intermediate and other merchandise goods rose $17m. Services debits rose $6m.

NOTES

FORTHCOMING ISSUES

ISSUE	Release Date
June 2014	5 August 2014
July 2014	4 September 2014
August 2014	2 October 2014
September 2014	4 November 2014
October 2014	4 December 2014
November 2014	6 January 2015

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 November 2013
• on a balance of payments basis revisions have been applied to:
  • goods credits back to October 2013
  • goods debits back to July 2013
  • services credits and debits back to July 2013.

Table 17 summarises revisions to goods and services on a balance of payments basis, in original current price terms, since the last issue of this publication. In original terms, the revisions have increased the deficit on goods and services for the ten months to April 2014 by $488m.


CHANGES IN THIS ISSUE

Changes to Custom Tariff Free Standing Descriptors.

See the Changes in this issue for details.


VALUE ADJUSTMENTS

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

See the Value adjustments for details.


RELATED RELEASES

INFORMATION PAPER: REVISION TO CORRESPONDENCES TO AHECC AND CUSTOMS TARIFF

Information Paper: Revision to correspondences to AHECC and Customs Tariff (cat. no. 5368.0.55.021) was released on 23 June 2014. The paper outlines the changes to the correspondences between these classifications and the Standard International Trade Classification Rev. 4. The changes are to bring the correspondences in line with the international standard. The ABS will implement the changes in the August 2014 reference month.


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