What is Australias balance on goods? Use the following balance of payments data for Australia from the

Question:

What is Australia’s balance on goods?

Use the following balance of payments data for Australia from the IMF to answer Problems 3.1–3.4.
Assumptions (
million US$) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Goods: export 107,011 124,913 142,421 189,057 154,777 213,782 271,719 257,950 254,180 240,704 188,345 Goods: imports -120,383 -134,509 -160,205 -193,972 -159,216 -196,303 -242,238 -270,136 -249,700 -240,252 -207,658 Balance on goods -13,372 -9,596 -17,784 -4,915 -4,439 17,479 22,481 -12,186 4,480 453 -19,313 Service Credits 31,047 33,088 40,496 45,240 40,814 46,968 51,653 53,034 53,550 54,240 49,716 Service debits -30,505 -32,219 -39,908 -48,338 -42,165 -51,313 -61,897 -65,405 -67,977 -63,549 -57,269 Balance on services 542 869 588 -3,098 -1,351 -4,345 -10,244 -12,371 -14,427 -9,309 -7,553 Income Credits 16,445 21,748 32,655 37,320 27,402 35,711 47,852 47,168 46,316 46,637 38,105 Income debits -44,166 -54,131 -73,202 -76,719 -65,809 -84,646 -102,400 -88,255 -85,289 -79,805 -67,842 Balance on Income 27,722 -32,383 -40,547 -39,399 -38,407 -48,935 -54,548 -41,087 -38,973 -33,168 -29,736 Current tranfers:
Credits 3,333 3,698 4,402 4,431 4,997 5,813 7,510 7,271 7,109 6,962 5,853 Current tranfers:
debits -3,813 -4,092 -4,690 -4,805 -5,799 -7,189 -9,723 9,635 -9,346 -8,996 -7,685 Balance on Current tranfers -480 -394 -288 -374 -802 -1,376 -2,213 16,906 -2,237 -2,034 -1,832

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