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FEBRUARY KEY FIGURES

	December 2005	January 2006	February 2006	Jan 06 to Feb 06
	$m	$m	$m	% change
Trend
Balance on goods & services	-1 614	-1 551	-1 426	. .
Credits (exports of goods & services)	15 776	16 044	16 316	2
Debits (imports of goods & services)	17 390	17 595	17 742	1
Seasonally Adjusted
Balance on goods & services	-926	-2 476	-595	. .
Credits (exports of goods & services)	16 533	15 338	16 813	10
Debits (imports of goods & services)	17 459	17 814	17 408	-2
. . not applicable

Balance on goods and services

• The provisional trend estimate of the balance on goods and services was a deficit of $1,426m in February 2006, a decrease of $125m on the revised deficit in January.
• Goods and services credits rose $272m (2%) to $16,316m. Goods and services debits rose $147m (1%) to $17,742m.

• In seasonally adjusted terms, the balance on goods and services was a deficit of $595m in February, a decrease of $1,881m on the revised deficit in January.
• The February deficit was the lowest since July 2002.
• Goods and services credits rose $1,475m (10%) to $16,813m. Non-rural and other goods rose $1,504m (15%) and rural goods fell $36m (2%). Services credits rose $7m.
• Goods and services debits fell $406m (2%) to $17,408m. Capital goods fell $450m (12%), consumption goods fell $147m (3%), while intermediate and other goods rose $212m (3%). Services debits fell $21m (1%).

• In original terms, the February balance on goods and services was a deficit of $105m, a decrease of $2,761m on the deficit in January. Goods and services credits rose $1,412m (10%) and goods and services debits fell $1,349m (8%).
• In the eight months to February, exports of non-rural and other goods were up $17.5b (27%) and rural goods were down $0.9b (5%) on the corresponding period in 2004-05.

In original terms, these revisions have:

• decreased the deficit on goods and services for January 2006 by $161m
• decreased the deficit for the seven months to January 2006 by $696m.

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 February 2006 was a deficit of $1,426m, a decrease of $125m on the deficit in January.

In seasonally adjusted terms, the balance on goods and services in February 2006 was a deficit of $595m, a decrease of $1,881m on the deficit in January.

Exports of goods

GOODS CREDITS

In seasonally adjusted terms, exports of rural goods fell $36m (2%) to $2,098m.

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

• cereal grains and cereal preparations, down $25m (6%)
• other rural, down $24m (3%)
• wool and sheepskins, down $10m (5%).

In original terms, exports of rural goods rose $217m (12%) to $2,016m.

Non-rural goods

The trend estimate of non-rural goods exports rose $172m (2%) to $10,064m.

In seasonally adjusted terms, exports of non-rural goods rose $1,406m (15%) to $10,530m.

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

• metal ores and minerals, up $709m (36%)
• other mineral fuels, up $343m (34%)
• metals (excluding non-monetary gold), up $175m (21%)
• other non-rural, up $72m (7%)
• machinery, up $50m (8%).

• metal ores and minerals, up $561m (32%), in contrast to an average January to February fall of 5% over the previous three years, driven by increases in volumes for:
  • non-agglomerated iron ore, up 27%
  • copper ore, up 92%
  • zinc ore, up 35%.
• other mineral fuels, up $183m (18%), in contrast to an average January to February fall of 8% over the previous three years, driven by an increase in volumes for crude oil, up 57%.
• metals (excluding non-monetary gold), up $53m (6%), in contrast to an average January to February fall of 11% over the previous three years, driven by an increase in volumes for aluminium, up 8%.

Other goods

The trend estimate of other goods exports rose $52m (6%) to $917m.

In seasonally adjusted terms, exports of other goods rose $98m (12%) to $935m.

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

• non-monetary gold, up $79m (14%)
• goods for processing, up $13m (8%).

Exports of services

SERVICES CREDITS

Seasonally adjusted, services credits rose $7m to $3,250m.

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

• other services, up $8m (1%)
• transportation services, up $3m.

Seasonally adjusted, tourism related services credits rose $8m to $2,041m.

IMPORTS OF GOODS AND SERVICES

The trend estimate of goods and services debits rose $147m (1%) between January and February to $17,742m.

In seasonally adjusted terms, goods and services debits fell $406m (2%) to $17,408m. Capital goods fell $450m (12%), consumption goods fell $147m (3%) and other goods fell $112m (16%). Intermediate and other merchandise goods rose $324m (5%). Services debits fell $21m (1%).

Imports of goods

GOODS DEBITS

In seasonally adjusted terms, imports of consumption goods fell $147m (3%) to $4,112m.

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

• textiles, clothing and footwear, down $60m (11%)
• consumption goods n.e.s., down $57m (4%)
• non-industrial transport equipment, down $55m (5%).

• toys, books and leisure goods, up $18m (5%)
• food and beverages for consumption, up $17m (3%).

Capital goods

The trend estimate of imports of capital goods rose $15m to $3,477m.

In seasonally adjusted terms, imports of capital goods fell $450m (12%) to $3,178m.

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

• civil aircraft, down $455m
• capital goods n.e.s., down $64m (13%)
• telecommunications equipment, down $59m (11%).

• industrial transport equipment n.e.s., up $123m (32%).
• machinery and industrial equipment, up $39m (3%)

Intermediate and Other Merchandise Goods

The trend estimate of imports of intermediate and other merchandise goods rose $82m (1%) to $6,116m.

In seasonally adjusted terms, intermediate and other merchandise goods imports rose $324m (5%) to $6,246m.

The main movements contributing to the rise in the seasonally adjusted estimates were:

• fuels and lubricants, up $241m (14%), largely driven by other petroleum products, up $162m (24%) primarily on increased volumes
• processed industrial supplies n.e.s., up $57m (5%)
• iron and steel, up $41m (18%)
• parts for transport equipment, up $38m (6%).

• other parts for capital goods, down $22m (3%)
• plastics, down $15m (7%)
• other merchandise goods, down $13m (16%).

Other Goods

The trend estimate of imports of other goods rose $27m (5%) to $595m.

In seasonally adjusted terms, other goods imports fell $112m (16%) to $587m.

The main movement contributing to the fall in the seasonally adjusted estimates was goods for processing, down $107m (20%).

In original terms, other goods imports fell $109m (16%) to $586m.

Imports of services

SERVICES DEBITS

Seasonally adjusted, services debits fell $21m (1%) to $3,285m.

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

• transportation services, down $19m (2%)
• travel services, down $8m (1%).

Seasonally adjusted, tourism related services debits fell $27m (2%) to $1,674m.