Australia's trade balance shows unexpected surplus in Nov

Australia's trade balance for Nov came in at 1.2 bn vs -0.5bn exp and -1.54bn last. Exports were +8% m/m vs 1% prior, while imports were unchanged at 0% m/m vs 2% prior. The data represents the first surplus after 30 consecutive months of deficits.

Trade balance key points

BALANCE ON GOODS AND SERVICES

• In trend terms, the balance on goods and services was a deficit of $16m in November 2016, a decrease of $503m (97%) on the deficit in October 2016.
• In seasonally adjusted terms, the balance on goods and services was a surplus of $1,243m in November 2016, a turnaround of $2,362m on the deficit in October 2016.

CREDITS (EXPORTS OF GOODS AND SERVICES) 

• In seasonally adjusted terms, goods and services credits rose $2,322m (8%) to $30,083m. Non-rural goods rose $2,010m (12%) and rural goods rose $588m (17%). Non-monetary gold fell $305m (18%). Net exports of goods under merchanting remained steady at $5m. Services credits rose $29m.

DEBITS (IMPORTS OF GOODS AND SERVICES) 

• In seasonally adjusted terms, goods and services debits fell $40m to $28,840m. Capital goods fell $137m (2%) and consumption goods fell $33m. Intermediate and other merchandise goods rose $99m (1%) and non-monetary gold rose $17m (4%). Services debits rose $15m.