Australia records November trade surplus of $1.9 billion
Australia records lower than expected November trade surplus of $1.9 billion
The Australian Bureau of Statistics (ABS) figures reveal Australia's November trade surplus of $1.9 billion was lower than expected .Australia exported $1.9 billion more than last month, down from a $2 billion surplus in October.
According to ABS figures, in trend terms, the balance on goods and services was a surplus of $2.59 million in November, down $7 million from October.
ABS figures showed goods and services credits rose 1% to $38.45 million. Non-monetary gold rose 60% to $681 million. While non-rural goods fell by $173 million, net exports of goods under merchanting remained at $37 million.
IG market analyst, Kyle Rodda, said markets haven’t been significantly affected by the figures.
‘Trade balance missed expectations slightly, but still showed a solid trade surplus. The markets weren't too focused on the figures leading into the event,' Rodda said.
ABS figures showed goods and services debits rose 2% to $36.52 million, while capital goods rose 7 % to $433 million.
Consumption goods rose $202 million and non-monetary gold rose 9% to $30 million. Intermediate and other merchandise goods fell by $22 million and other services debits fell by $22 million.
Australian dollar unaffected
The AUD/USD traded between $0.714 and $0.715 upon the news on Tuesday, remaining unaffected by weaker-than-expected figures
Mr. Rodda said, 'the Australian dollar hasn't wavered a great deal, but it has sold off slightly after the release based on the miss to forecasts'.
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