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Australian Trade Balance showed largest surplus since February 2014

Friday, Jan 06 2017
Australian Trade Balance showed largest surplus since February 2014

Australia’s trade balance jumped back in the black in November, logging the first surplus seen since March 2014. According to the ABS, a surplus of $1.243 billion was reported in seasonally adjusted terms, well above the $500 million deficit that had been expected by economists. It was the largest surplus recorded since February 2014, and followed a run of 31 consecutive monthly deficit. The ABS said that the value of exports jumped by 8% to $30.083 billion while import values were flat, coming in at $28.84 billion.

On the export side of the ledger, the value of non-rural goods surged by $2.322 billion, driven by a sharp increase in the value of Australia’s commodity exports. Exports of coal, coke and briquettes jumped by $923 million, a mammoth increase of 26% on the levels of month earlier. Exports of metal ores and minerals — largely iron ore — also bounced, rising by $687 million, or 11%, from October. Those gains were mirrored by exports of other mineral fuels, dominated by LNG, which increased by $130 million during the month. Importantly, the lift in the value of these exports was driven by both higher prices and volumes.

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