In trend terms, the balance on goods and services was a surplus of $94m in January 2018, a decrease of $55m on the surplus in December 2017.

In seasonally adjusted terms, the balance on goods and services was a surplus of $1,055m in January 2018, a turnaround of $2,201m on the deficit in December 2017.

In seasonally adjusted terms, goods and services credits rose $1,394m (4%) to $33,924m. Non-rural goods rose $869m (4%) and non-monetary gold rose $770m (54%). Rural goods fell $312m (8%) and net exports of goods under merchanting fell $9m (17%). Services credits rose $77m (1%).