Australia Posts First Trade Surplus in 32 Months in November
Australia unexpectedly reported a trade surplus of AUD 1.24 billion in November of 2016, compared to a downwardly revised AUD 1.12 billion deficit in October and beating market expectations of a AUD 0.5 billion gap. It was the first trade surplus since March 2014, mainly driven by a surge in exports while imports were flat.
The monthly change in the trade balance was recorded at AUD 2.36 billion, the largest positive turnaround since April 2010.
Between October and November 2016, in seasonally adjusted terms, goods and services credits rose AUD 2.32 billion (+8 percent) to a record high of AUD 30.10 billion. Non-rural goods rose AUD 2.01 billion (+12 percent) and rural goods rose AUD 0.59 billion (+17 percent). Non-monetary gold fell AUD 0.31 billion (-18 percent). Net exports of goods under merchanting remained steady at AUD 0.005 billion. Services credits rose AUD 0.03 billion.
Goods and services debits fell AUD 0.04 billion to AUD 28.84 billion. Capital goods fell AUD 0.14 billion (-2 percent) and consumption goods fell AUD 0.03 billion. Intermediate and other merchandise goods rose AUD 0.01 billion (+1 percent) and non-monetary gold rose 0.02 billion (+4 percent). Services debits rose AUD 0.02 billion.
1/6/2017 3:11:22 AM