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.