On the bare numbers the trade figures for May were pretty simple, exports up, imports flat and surplus up to $2.33 billion.
But on closer inspection, there were quite a few contributing factors, such as a small fall in the value of oil and petrol imports, a rise in coal exports, a fall in imports of airliners and a sharp rise in exports of non-monetary gold.
And there was the lingering impact of the March 11 earthquake and tsunami in Japan, which has rattled trade accounts around the world, including Australia’s.
According to the Australian Bureau of Statistics the big fall in car imports from Japan in April was reversed in May, but there was a noticeable drop in exports of iron ore (our biggest earner) to our second biggest market.
The ABS said that in May, merchandise imports from Japan rose $314m (or 40%) after falling 48% in April from March. The reason for that was a sharp fall in car imports.
The ABS said there was a sharp rise in May in car imports (non-industrial transport equipment) which was up 159% or $190 million after falling $498 million in April (a drop of 81%).
And fuels and lubricants rose $150 million "from a value of $2m in April, after falling $81m (97%) between March and April 2011", according to the ABS..
And on the export side, the ABS said there was a 4% ($150 million) drop in May’s shipments to Japan "due primarily to a fall of $217m (19%) in the metal ores and minerals component". (That’s iron ore mostly.)
Overall, the balance of goods and services was a surplus of $2.333 billion in May, seasonally adjusted, compared with an upwardly revised surplus of $1.617 billion in April ($1.557 million originally reported).
During May exports were up 3% in seasonally adjusted terms, while imports were steady.
Economists’ forecasts had been around a surplus of $1.9 billion in the month.
Exports rose $813 million to $26,258 million, with shipments of non-monetary gold jumped $536 million (or 49%), rural goods up $172 million (or 6%) and non-rural goods $103 million (1%) higher.
That 1% rise in exports of non-rural goods took the total to $17.561 billion.
The main components contributing to the rise in the seasonally adjusted estimates were: other mineral fuels up $187 million (9%) coal, coke and briquettes up $92 million (3%).
There was an 11% or $156 million rise in hard coking coal exports, with exports to France up $70 million and India up $59 million, both driven by increases in volumes.
Partly offsetting these increases was the metal ores and minerals component, down $200 million, or a fall of 3%, with the drop to Japan the culprit.
The ABS said that in seasonally adjusted terms, exports of non-monetary gold for May 2011 were "the 5th highest on record at $1,621m, rising $536m (49%) between April and May 2011, after falling $260m (19%) between March and April 2011.
"On a recorded trade basis, between April and May 2011, non-monetary gold rose $546m (53%).
"Exports to United Kingdom were up $889m, driven by an increase in volumes. Partly offsetting this rise was exports to Singapore, down $319m, driven by a decrease in volumes."
On the imports side, they were up just $97 million (seasonally adjusted) to $23.926 billion.
The ABS said that imports of "consumption goods rose $204m (4%) and intermediate and other merchandise goods rose $159m (2%).
"In seasonally adjusted terms, imports of consumption goods rose $204m (4%) to $5,261m.
"The main component contributing to the rise in the seasonally adjusted estimates was non-industrial transport equipment, up $219m (23%) after falling $422m (31%) between March and April 2011."
"In seasonally adjusted terms, imports of capital goods fell $347 million, or 8%, to $4.139 billion.
"The main component contributing to the fall in the seasonally adjusted estimates was civil aircraft and confidentialised items, down $301m (42%).
"In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $159m (or 2%) to $9,017m.
‘The main components contributing to the rise in the seasonally adjusted estimates were: processed industrial supplies up $105m (6%) and primary industrial supplies up $97m (69%).
"Partly offsetting these increases was the fuels and lubricants component, down $143m (4%).
"In seasonally adjusted terms, imports of non-monetary gold fell $23m (6%) to $368m," the ABS said.
