In trend terms, the balance on goods and services was a surplus of $1,425m in July 2018, an increase of $17m on the surplus in June 2018.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,551m in July 2018, a decrease of $386m on the surplus in June 2018.

In seasonally adjusted terms, goods and services credits fell $362m (1%) to $36,070m. Non-monetary gold fell $189m (10%), non-rural goods fell $138m (1%) and rural goods fell $76m (2%). Net exports of goods under merchanting rose $7m. Services credits rose $34m.