Exports declined at a seasonally adjusted 3% in January, after rising 5% the previous month. On the other side of the ledger, imports rose 4%, following a slight increase in December. Trade was a positive contributor to economic growth in the fourth quarter, with exports advancing 2.2% during the period. Exports added half a percentage point to growth. Imports, meanwhile, gained 1.4% on the quarter and subtracted 0.3 percentage point from growth.
Australian trade surplus narrows unexpectedly in Janaury
Australia’s trade surplus narrowed unexpectedly January, as imports rose and exports declined. After seasonal adjustments, Canberra’s trade surplus stood at A$1.3 billion in January, down from a revised $3.3 billion the prior month, the national statistics bureau reported Thursday. Economists in a median estimate forecast the surplus to expand to $2.2 billion. Economists in a median estimate called for a surplus of $3.82 billion.
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