Trade BalanceJUNE KEY POINTS
BALANCE ON GOODS AND SERVICES
- In trend terms, the balance on goods and services was a surplus of $1,428m in June 2018, an increase of $186m on the surplus in May 2018.
- In seasonally adjusted terms, the balance on goods and services was a surplus of $1,873m in June 2018, an increase of $1,148m on the surplus in May 2018.
CREDITS (EXPORTS OF GOODS AND SERVICES)
- In seasonally adjusted terms, goods and services credits rose $914m (3%) to $36,439m. Non-rural goods rose $542m (2%), rural goods rose $181m (5%) and non-monetary gold rose $104m (6%). Net exports of goods under merchanting remained steady at $4m. Services credits rose $87m (1%).
DEBITS (IMPORTS OF GOODS AND SERVICES)
- In seasonally adjusted terms, goods and services debits fell $233m (1%) to $34,567m. Intermediate and other merchandise goods fell $400m (4%), non-monetary gold fell $112m (15%) and consumption goods fell $14m. Capital goods rose $313m (5%). Services debits fell $22m.
2017-18 SITUATION
- In original terms, the balance on goods and services for 2017-18 was a surplus of $6.3b, a decrease of $4.6b on the surplus of $10.9b recorded in 2016-17, resulting from a $31.9b (9%) increase in goods and services debits and a $27.3b (7%) increase in goods and services credits.
ANALYSIS AND COMMENTS
BALANCE ON GOODS AND SERVICES
In trend terms, the balance on goods and services was a surplus of $1,428m in June 2018, an increase of $186m on the surplus in May 2018.
In seasonally adjusted terms, the balance on goods and services was a surplus of $1,873m in June 2018, an increase of $1,148m on the surplus in May 2018.
The sum of seasonally adjusted balances for the three months to June 2018 was a surplus of $3,192m, a decrease of $165m on the surplus of $3,357m for the three months to March 2018. However, if seasonal factors used in compiling the quarterly balance of payments are applied, the preliminary June quarter 2018 surplus was $2,860m, a decrease of $490m on the March quarter 2018 surplus of $3,350m.