Australia's trade balance shrinks unexpectedly in November

Australia's trade balance for Nov came in at -628 million vs 915 million exp and 105 million last. Exports stood at 0% m/m, while imports were UP 1% m/m.

NOV KEY POINTS

BALANCE ON GOODS AND SERVICES

• In trend terms, the balance on goods and services was a deficit of $194m in November 2017, a turnaround of $296m on the surplus in October 2017.
• In seasonally adjusted terms, the balance on goods and services was a deficit of $628m in November 2017, an increase of $326m on the deficit in October 2017.

CREDITS (EXPORTS OF GOODS AND SERVICES) 

• In seasonally adjusted terms, goods and services credits rose $141m to $31,853m. Non-rural goods rose $394m (2%) and rural goods rose $25m (1%). Non-monetary gold fell $425m (23%). Net exports of goods under merchanting remained steady at $53m. Services credits rose $147m (2%).

DEBITS (IMPORTS OF GOODS AND SERVICES)

• In seasonally adjusted terms, goods and services debits rose $467m (1%) to $32,481m. Consumption goods rose $213m (3%), capital goods rose $190m (3%) and intermediate and other merchandise goods rose $81m (1%). Non-monetary gold fell $100m (25%). Services debits rose $83m (1%).