wrapper

Australian trade balance showed surplus of over $1 billion

Thursday, Mar 08 2018
Australian trade balance showed surplus of over $1 billion

Australia’s international trade balance swung back to surplus in January, recovering following a large deficit in December. According to the Australian Bureau of Statistics (ABS), a surplus of $1.055 billion was recorded during the month in seasonally adjusted terms, more than five times larger than the $200 million surplus that had been expected by economists. It was the largest trade surplus since September 2017. December’s trade deficit, originally reported at $1.358 billion, was also revised to show a deficit of $1.146 billion. The ABS said the value of exports rose by 4%, or $1.394 billion, to $33.924 billion, helped by large gains in the value of Australian non-rural and non-monetary gold exports.

Non-rural exports increased by $869 million from a month earlier, up 4% from the level reported in December. Of Australia’s major commodity exports, those of other liquid fuels, predominantly LNG, rose by $287 million, while those for iron ore and coal rose by a smaller $44 million and $1 million respectively. Contributing to the usually large headline increase, the value of volatile non-monetary gold exports also jumped by $770 million, up a mammoth 54% from a month earlier. Services exports also rose by $77 million, helping to offset a decline of $312 million for rural goods. Combined, the value of exports was the largest since December 2016.

More in this category: « U.S. Trade Balance deficit rose to $56.6 billion UK housing stock hits record low as buyer demand wanes »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.