In trend terms, the balance on goods and services was a surplus of $2,176m in January 2017, an increase of $520m (31%) on the surplus in December 2016.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,302m in January 2017, a decrease of $2,032m (61%) on the surplus in December 2016.

In seasonally adjusted terms, goods and services credits fell $945m (3%) to $31,796m. Non-monetary gold fell $671m (39%) and non-rural goods fell $403m (2%). Rural goods rose $57m (1%) and net exports of goods under merchanting rose $1m (17%). Services credits rose $72m (1%).