Wednesday, March 05, 2008 10:34:15 PM - Registering its second-largest trade deficit ever, Australia's seasonally adjusted balance on goods and services showed a deficit of A$2.723 billion in January, the Australian Bureau of Statistics said Thursday, marking an increase of 41 percent and A$786 million over the revised December figure. Exports were up 2 percent, while imports jumped 5 percent.
The provisional trend estimate of the balance on goods and services was a deficit of A$2.521 billion in January, an increase of $109 million or 5 percent on the revised deficit in December 2007.The increase in the seasonally adjusted deficit was due to the rise in goods and services debits, mainly intermediate and other goods, outweighing the rise in goods and services credits, mainly non-rural and other goods.
Among exports, goods and services credits rose A$322 million to A$19.020 billion. Non-rural and other goods rose 2 percent or A$296 million, while rural goods were up 1 percent or A$25 million. Services credits jumped by A$1 million.
The rise in non-rural and other goods was driven by non-monetary gold, which rose A$316 million or 36 percent - and by metal ores and minerals, which rose A$312 million or 10 percent.
The value of imports was inflated by weather-affected demand as goods and services debits rose 5 percent or A$1.106 billion to $21.742 billion. Intermediate and other goods rose 13 percent or A$984 million and consumption goods rose 3 percent or A$144 million, while capital goods fell 3 percent or A$105 million. Services debits rose 2 percent or A$82 million.
The rise in intermediate and other goods was driven mainly by non-monetary gold, which rose A$410 million or 120 percent and fuels and lubricants, which rose A$372 million or 16 percent.
Also on Thursday, the trend estimate for total dwelling units approved fell by 0.6 percent in January, the ABS said. The seasonally adjusted estimate for total dwelling units approved rose 1.9 percent in January following a revised fall of 11.3 percent in December.
The trend estimate for private sector houses approved fell 0.4 percent in January following a revised fall of 0.2 percent in December. The seasonally adjusted estimate for private sector houses approved rose 2.7 percent in January following a revised fall of 4.8 percent in December.
The trend estimate for the value of total building approved rose 0.9 percent in January. The trend estimate for the value of new residential building approved rose 0.7 percent and the value of alterations and additions rose 0.1 percent. The value of non-residential building approved rose 1.5 percent.
The seasonally adjusted estimate for the value of total building approved rose 15.7 percent in January. The seasonally adjusted estimate for the value of new residential building approved fell 1.4 percent in January. The seasonally adjusted estimate for the value of alterations and additions rose 8.1 percent and the value of non-residential building rose 40.9 percent.