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MARCH KEY FIGURES

	January 2005	February 2005	March 2005	Feb 05 to Mar 05
	$m	$m	$m	% change
Trend
Balance on goods & services	-2,376	-2,417	-2,445	. .
Credits (exports of goods & services)	13,297	13,352	13,384	-
Debits (imports of goods & services)	15,673	15,769	15,829	-
Seasonally Adjusted
Balance on goods & services	-2,237	-2,238	-2,672	. .
Credits (exports of goods & services)	13,472	13,403	13,284	-1
Debits (imports of goods & services)	15,709	15,641	15,956	2
. . not applicable
- nil or rounded to zero (including null cells)

Balance on goods and services

• The provisional trend estimate of the balance on goods and services was a deficit of $2,445m in March 2005, an increase of $28m on the deficit in February.
• Goods and services credits rose $32m to $13,384m. Non-rural and other goods rose $14m, while rural goods fell $27m (1%). Services credits rose $45m (1%).
• Goods and services debits rose $60m to $15,829m. Intermediate and other goods rose $45m (1%) and consumption goods rose $35m (1%), while capital goods fell $17m (1%). Services debits fell $3m.

• In seasonally adjusted terms, the balance on goods and services was a deficit of $2,672m in March, an increase of $434m on the deficit in February.
• Goods and services credits fell $119m (1%) to $13,284m. Rural goods fell $171m (8%), while non-rural and other goods rose $20m. Services credits rose $32m (1%).
• Goods and services debits rose $315m (2%) to $15,956m. Intermediate and other goods rose $503m (9%) and consumption goods rose $16m, while capital goods fell $111m (4%). Services debits fell $93m (3%).

• In original terms, the March balance on goods and services was a deficit of $2,132m, an increase of $1,383m on the deficit in February. Goods and services credits rose $145m (1%) and goods and services debits rose $1,528m (11%).
• In the nine months to March, exports of non-rural and other goods were up $10.4b (17%) and rural goods were up $2.0b (12%) on the corresponding period in 2003-04.

REVISIONS

Revisions were made to incorporate the latest available data relating to merchandise trade (including complete exports data for January and February 2005) and the quarterly Survey of International Trade in Services. In original terms, these revisions have increased the deficit on goods and services for the eight months to February 2005 by $107m.

AVAILABILITY OF DETAILED SERVICES DATA

Calendar and financial year statistics on Australian international trade in services by partner country and state are being released in conjunction with this issue. These data were previously released in feature articles associated with this publication. The feature articles have been replaced by AusStats tables containing detailed times series data. A list of these new AusStats tables, numbered 21 to 36, is available on page 4 of this publication. Corresponding with every March monthly release, the calendar year data will be updated, while with every September monthly release, the financial year data will be updated.

INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Artur Andrysiak on Canberra (02) 6252 6792.

ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services in March 2005 was a deficit of $2,445m, an increase of $28m on the deficit in February.

In seasonally adjusted terms, the balance on goods and services in March 2005 was a deficit of $2,672m, an increase of $434m on the deficit in February.

The sum of the seasonally adjusted balances for the three months to March 2005 was a deficit of $7,147m, a decrease of $27m on the deficit of $7,174m for the three months to December 2004. However, if the more detailed seasonal factors used in compiling quarterly Balance of Payments are applied, the March quarter 2005 deficit was $7,072m, an increase of $372m on the December quarter 2004 deficit of $6,700m.

EXPORTS OF GOODS AND SERVICES

The trend estimate of goods and services credits rose $32m between February and March to $13,384m.

In seasonally adjusted terms, goods and services credits fell $119m (1%) between February and March to $13,284m. Rural goods fell $171m (8%), while services credits rose $32m (1%) and non-rural and other goods rose $20m.

Exports of goods

GOODS CREDITS

In seasonally adjusted terms, exports of rural goods fell $171m (8%) to $1,904m.

In original terms, exports of rural goods rose $8m to $2,032m.

Movements in the original series contributing to the fall in seasonally adjusted terms were:

• other rural, up marginally, compared with an average February to March rise of 8% over the previous three years
• cereal grains and cereal preparations, down $98m (21%), compared with an average February to March fall of 10% over the previous three years
• wool and sheepskins, up $15m (6%), compared with an average February to March rise of 24% over the previous three years.

In seasonally adjusted terms, exports of non-rural and other goods rose $20m to $8,247m.

In original terms, exports of non-rural and other goods rose $962m (13%) to $8,348m.

Movements in the original series contributing to the rise in seasonally adjusted terms were:

• metal ores and minerals, up $402m (32%), compared with an average February to March rise of 14% over the previous three years
• other goods, down $5m (1%), compared with an average February to March fall of 9% over the previous three years.

• coal, coke and briquettes, up $7m (1%), compared with an average February to March rise of 13% over the previous three years
• metals (excluding gold), up $112m (18%), compared with an average February to March rise of 27% over the previous three years
• other non-rural, up $131m (16%), compared with an average February to March rise of 21% over the previous three years.

SERVICES CREDITS

Seasonally adjusted, services credits rose $32m (1%) to $3,133m.

Movements in the seasonally adjusted components contributing to this rise were:

• other services, up $16m (2%)
• passenger and other transportation services, up $15m (2%).

IMPORTS OF GOODS AND SERVICES

The trend estimate of goods and services debits rose $60m between February and March to $15,829m.

In seasonally adjusted terms, goods and services debits rose $315m (2%) to $15,956m. Intermediate and other goods rose $503m (9%) and consumption goods rose $16m, while capital goods fell $111m (4%) and services debits fell $93m (3%).

Preliminary analysis shows that goods imports volumes, in seasonally adjusted terms, increased about 3.1% during the March quarter 2005. The Chain Laspeyres price index fell about 1.9% and the implicit price deflator fell about 2.2%. The final volume and price outcomes will be published in the March quarter 2005 issue of Balance of Payments and International Investment Position, Australia (5302.0).

Imports of goods

GOODS DEBITS

In seasonally adjusted terms, imports of consumption goods rose $16m to $4,070m.

In original terms, imports of consumption goods fell $11m to $3,701m.

The main movement in the original series contributing to the rise in seasonally adjusted terms was food and beverages, up $49m (12%), compared with an average February to March rise of 9% over the previous three years.

Partly offsetting this effect was:

• textiles, clothing and footwear down $142m (25%), compared with an average February to March fall of 5% over the previous three years
• household electrical items, down $9m (3%), in contrast to an average February to March rise of 11% over the previous three years.

In seasonally adjusted terms, imports of capital goods fell $111m (4%) to $2,838m.

In original terms, imports of capital goods rose $418m (17%) to $2,896m.

Movements in the original series contributing to the fall in seasonally adjusted terms were:

• machinery and industrial equipment, up $8m (1%), compared with an average February to March rise of 9% over the previous three years
• telecommunications equipment, up $50m (16%), compared with an average February to March rise of 36% over the previous three years.

• industrial transport equipment n.e.s., up $81m (24%), compared with an average February to March rise of 9% over the previous three years
• civil aircraft, up $91m, compared with smaller February to March rises over the previous three years.

In seasonally adjusted terms, intermediate and other goods imports rose $503m (9%) to $6,002m.

In original terms, imports of intermediate and other goods rose $968m (19%) to $6,052m.

Movements in the original series contributing to the rise in seasonally adjusted terms were:

• fuels and lubricants, up $425m (44%), compared with an average February to March rise of 17% over the previous three years (crude petroleum volumes rose 29% and prices rose 13% between February and March)
• other goods, up $115m (34%), compared with an average February to March rise of 1% over the previous three years
• parts for transport equipment, up $106m (20%), compared with an average February to March rise of 12% over the previous three years
• other parts for capital goods, up $97m (13%), compared with an average February to March rise of 10% over the previous three years.

• processed industrial supplies n.e.s., up $94m (8%), compared with an average February to March rise of 14% over the previous three years
• iron and steel, up $5m (2%), compared with an average February to March rise of 8% over the previous three years
• plastics, up $7m (3%), compared with an average February to March rise of 12% over the previous three years.

SERVICES DEBITS

Seasonally adjusted, services debits fell $93m (3%) to $3,046m.

Movements in the seasonally adjusted components contributing to this fall were:

• freight transportation services, down $62m (10%)
• travel services, down $29m (3%)
• passenger and other transportation services, down $11m (2%).

Seasonally adjusted, tourism related services debits fell $92m (6%) to $1,504m.