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November key points


Balance on goods and services

• In trend terms, the balance on goods and services was a surplus of $5,392m in November 2019, a decrease of $455m on the surplus in October 2019.
• In seasonally adjusted terms, the balance on goods and services was a surplus of $5,800m in November 2019, an increase of $1,725m on the surplus in October 2019.

• In seasonally adjusted terms, goods and services credits rose $706m (2%) to $40,893m. Non-rural goods rose $718m (3%) and rural goods rose $9m. Non-monetary gold fell $120m (6%). Net exports of goods under merchanting remained steady at $5m. Services credits rose $99m (1%).

• In seasonally adjusted terms, goods and services debits fell $1,020m (3%) to $35,093m. Consumption goods fell $610m (7%), capital goods fell $259m (4%) and intermediate and other merchandise goods fell $102m (1%). Non-monetary gold rose $11m (2%). Services debits fell $58m (1%).

		Sep 2019	Oct 2019	Nov 2019	Oct 19 to Nov 19
		$m	$m	$m	% change
BALANCE ON GOODS AND SERVICES
	Trend estimates	6 225	5 847	5 392	-8
	Seasonally adjusted	6 118	4 075	5 800	42
CREDITS (Exports of goods & services)
	Trend estimates	41 649	41 318	40 902	-1
	Seasonally adjusted	42 139	40 187	40 893	2
DEBITS (Imports of goods & services)
	Trend estimates	35 423	35 471	35 510	-
	Seasonally adjusted	36 022	36 113	35 093	-3
- nil or rounded to zero (including null cells)