Aussie trade balance (Nov): 5800 M vs expected 5915 M

Australia has recorded its 23rd consecutive monthly trade surplus in November.

Data as follows

Trade Balance (Nov) 5800 M vs expected 5915 M and prior 4502 M

AUSTRALIA NOV GOODS/SERVICES EXPORTS +2 PCT M/M, SEASONALLY ADJUSTED
AUSTRALIA NOV GOODS/SERVICES IMPORTS -3 PCT M/M, SEASONALLY ADJUSTED
 

Analysts notes

"Much of the sharp improvement in the trade position has been due to resources exports but the weak A$ has also helped services exports, while soft domestic growth has kept a lid on imports.

The surplus peaked at a record-smashing A$7.9bn in Jun 2019, slipping to A$4.5bn in Oct. 

Another current account surplus is likely in Q4 i.e. the trade surpluses are large enough to offset the net income deficit stemming from Australia’s foreign debt.

Analysts at Westpac explained. 

Description

The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.
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