The Australian Bureau of Statistics (ABS) has just released a brand new data series entitled Balance of Payments – Goods and Services, which:
Provides preliminary quarterly estimates of goods and services data including preliminary quarterly estimates of Chain Volume Measures for goods debits. Preliminary seasonally adjusted quarterly balance on goods and services are compared to the sum of seasonally adjusted balances for the three months of the quarter.
I will admit upfront that I don’t fully understand the difference between this release to that of the ABS’ International Trade in Goods and Services, which is released monthly. Nevertheless, this release estimates that Australia’s balance on goods and services was a seasonally adjusted deficit of $4,645 million in the September quarter of 2012, a rise of $2,531 million (120%) on the June quarter 2012 deficit of $2,114m.
The key contributors to this deficit were:
- goods credits (exports), down $4,279 million (7%)
- metal ores and minerals, down $3,223 million (15%)
- coal, coke and briquettes, down $854 million (8%)
- other mineral fuels, up $845 million (13%).
- services credits (exports), up $232 million (2%), travel, up $187 million (2%).
- goods debits (imports), down $1,503 million (2%)
- capital goods n.e.s., down $837 million (20%).
- services debits, down $13 million
- travel, down $227 million (3%)
- transport, down $124 million (3%)
- other services, up $309 million (6%).
As a comparison, below is the quarterly trade deficit as shown in the September International Trade data released earlier in the month by the ABS. This showed a deficit in the September quarter of $4,566 million, an increase of $2,433 million (114%) from the $2,133 million deficit recorded in the June quarter.
Twitter: Leith van Onselen. Leith is the Chief Economist of Macro Investor, Australia’s independent investment newsletter covering trades, stocks, property and yield. Click for a free 21 day trial.
