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MARCH KEY FIGURES

	January 2006	February 2006	March 2006	Feb 06 to Mar 06
	$m	$m	$m	% change
Trend
Balance on goods & services	-1 512	-1 411	-1 307	. .
Credits (exports of goods & services)	16 060	16 273	16 434	1
Debits (imports of goods & services)	17 572	17 684	17 741	-
Seasonally Adjusted
Balance on goods & services	-2 422	-415	-1 545	. .
Credits (exports of goods & services)	15 372	16 958	16 072	-5
Debits (imports of goods & services)	17 794	17 373	17 617	1
. . 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 $1,307m in March 2006, a decrease of $104m on the revised deficit in February.
• Goods and services credits rose $161m (1%) to $16,434m. Goods and services debits rose $57m to $17,741m.

• In seasonally adjusted terms, the balance on goods and services was a deficit of $1,545m in March, an increase of $1,130m on the revised deficit in February.
• Goods and services credits fell $886m (5%) to $16,072m. Non-rural and other goods fell $1,009m (9%) while rural goods rose $153m (7%). Services credits fell $30m (1%).
• Goods and services debits rose $244m (1%) to $17,617m. Capital goods rose $410m (13%), consumption goods rose $46m (1%), while intermediate and other goods fell $176m (3%). Services debits fell $36m (1%).

• In original terms, the March balance on goods and services was a deficit of $1,158m, a turnaround of $1,165m on the revised surplus of $7m in February. Goods and services credits rose $931m (6%) and goods and services debits rose $2,096m (13%).
• In the nine months to March, exports of non-rural and other goods were up $19.9b (27%) while rural goods were down $0.6b (3%) on the corresponding period in 2004-05.

The new system will be implemented in September quarter 2006.

As merchandise trade statistics and trade in goods on a balance of payments basis are presented in this publication, the ABS has delayed the release of upcoming issues for May 2006 through to July 2006. If additional small delays are required for subsequent issues, they will be advised in future releases of this publication.

The table below provides the previously advertised and new release dates for this publication.

• decreased the deficit on goods and services for February 2006 by $112m resulting in a surplus of $7m
• decreased the deficit for the eight months to February 2006 by $71m.

FEATURE ARTICLE

A feature article addressing the methodology for compiling counts of the number of exporters was released on 7 April 2006. The article can be accessed on the ABS web site www.abs.gov.au from the summary page of the February 2006 issue of this publication.

INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Tom Jebbink on Canberra (02) 6252 5540.

ANALYSIS AND COMMENTS


BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services in March 2006 was a deficit of $1,307m, a decrease of $104m on the deficit in February.

In seasonally adjusted terms, the balance on goods and services in March 2006 was a deficit of $1,545m, an increase of $1,130m on the deficit in February.

The sum of the seasonally adjusted balances for the three months to March 2006 was a deficit of $4,382m, a decrease of $325m on the deficit of $4,707m for the three months to December 2005. However, if the seasonal factors used in compiling quarterly Balance of Payments are applied, the preliminary March quarter 2006 deficit was $4,676m, an increase of $502m on the revised December quarter 2005 deficit of $4,174m.

EXPORTS OF GOODS AND SERVICES

The trend estimate of goods and services credits rose $161m (1%) between February and March to $16,434m.

In seasonally adjusted terms, goods and services credits fell $886m (5%) to $16,072m. Non-rural and other goods fell $1,009m (9%) while rural goods rose $153m (7%). Services credits fell $30m (1%).

Exports of goods

GOODS CREDITS

In seasonally adjusted terms, exports of rural goods rose $153m (7%) to $2,260m.

All seasonally adjusted components of rural goods contributed to the rise with:

• cereal grains and cereal preparations, up $76m (18%)
• other rural, up $35m (4%)
• wool and sheepskins, up $26m (13%)
• meat and meat preparations, up $16m (3%).

Non-rural goods

The trend estimate of non-rural goods exports rose $60m (1%) to $10,019m.

In seasonally adjusted terms, exports of non-rural goods fell $940m (9%) to $9,674m.

The main movements in the seasonally adjusted components contributing to the
fall were:

• metal ores and minerals, down $471m (18%)
• other mineral fuels, down $398m (29%)
• metals (excluding non-monetary gold), down $68m (7%)
• other non-rural, down $42m (4%)
• other manufactures, down $29m (2%).

• coal, coke and briquettes, up $48m (2%)
• transport equipment, up $21m (5%).

• metal ores and minerals, down $109m (5%), in contrast to an average February to March rise of 24% over the previous three years, largely driven by:
  • copper ore, down $135m (37%), on decreased volumes
  • non-agglomerated iron ore, down $81m (8%), with volumes down 12% and prices up 4%.
• other mineral fuels, down $230m (19%), in contrast to an average February to March rise of 14% over the previous three years, largely driven by decreased volumes for:
  • crude oil, down $144m (26%)
  • LNG exports, down $90m (25%).
• metals (excluding non-monetary gold), up $129m (14%), compared to an average February to March rise of 27% over the previous three years, largely due to copper and aluminium exports not sustaining the previous three year average increase.

Other goods

The trend estimate of other goods exports rose $37m (4%) to $947m.

In seasonally adjusted terms, exports of other goods fell $69m (7%) to $878m.

The main component contributing to the fall in the seasonally adjusted estimates was non-monetary gold, down $103m (16%), partly offset by goods for processing, up $26m (15%).

Exports of services

SERVICES CREDITS

Seasonally adjusted, services credits fell $30m (1%) to $3,260m.

The movements in the seasonally adjusted components contributing to this fall were:

• travel services, down $12m (1%)
• other services, down $12m (1%)
• transportation services, down $6m (1%).

IMPORTS OF GOODS AND SERVICES

The trend estimate of goods and services debits rose $57m between February and March to $17,741m.

In seasonally adjusted terms, goods and services debits rose $244m (1%) to $17,617m. Capital goods rose $410m (13%), consumption goods rose $46m (1%), other goods rose $66m (11%), while intermediate and other merchandise goods fell $242m (4%). Services debits fell $36m (1%).

Imports of goods

GOODS DEBITS

Consumption goods

The trend estimate of imports of consumption goods fell $6m to $4,194m.

In seasonally adjusted terms, imports of consumption goods rose $46m (1%) to $4,144m.

The components contributing to the rise in the seasonally adjusted estimates were:

• non-industrial transport equipment, up $31m (3%)
• textiles, clothing and footwear, up $20m (4%)
• household electrical items, up $13m (4%).

• food and beverages for consumption, down $9m (2%)
• toys, books and leisure goods, down $8m (2%).

Capital goods

The trend estimate of imports of capital goods fell $5m to $3,544m.

In seasonally adjusted terms, imports of capital goods rose $410m (13%) to $3,615m.

All components contributed to the rise in the seasonally adjusted estimates. The main movements were:

• civil aircraft, up $195m
• machinery and industrial equipment, up $76m (6%)
• industrial transport equipment n.e.s., up $63m (12%)
• capital goods n.e.s., up $57m (14%).

Intermediate and Other Merchandise Goods

The trend estimate of imports of intermediate goods rose $30m to $6,087m.

In seasonally adjusted terms, intermediate goods imports fell $242m (4%) to $5,991m.

The main components contributing to the fall in the seasonally adjusted estimates were:

• processed industrial supplies n.e.s., down $121m (10%)
• fuel and lubricants, down $68m (3%)
• organic and inorganic chemicals, down $66m (18%).

In original terms, intermediate and other merchandise goods rose $387m (7%) to $6,306m.

Other Goods

The trend estimate of imports of other goods rose $39m (6%) to $653m.

In seasonally adjusted terms, other goods imports rose $66m (11%) to $643m.

The main component contributing to the rise in the seasonally adjusted estimates was goods for processing, up $61m (14%).

In original terms, other goods imports rose $70m (12%) to $647m.

Imports of services

SERVICES DEBITS

Seasonally adjusted, services debits fell $36m (1%) to $3,224m.

The movements in the seasonal components contributing to this fall were:

• transportation services, down $41m (3%), with freight services down $53m
• other services, down $7m (1%).

Seasonally adjusted, tourism related services debits rose $15m (1%) to $1,665m.