Trade surplus beats estimates, surging to $11.4b as imports slump
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The news: Australia's trade balance trounced expectations in November, surging to $11.4 billion as exports recovered for coal, coke and briquettes and imports fell, driven by a drop in non-industrial transport equipment.
The numbers: Goods credits (exports) rose $789 million, or 1.7% over the month, while imports fell $3.0 billion, or 7.9%, ABS data shows. The $11.4 billion trade balance outperformed analyst forecasts of $7.5 billion. The Aussie dollar jumped 0.3% following the data print, and is now trading 0.16% higher at 67.1 US cents.
The context: Australia has posted monthly trade surpluses since January 2018, bolstered by iron ore, natural gas and other resource demand from the Asia Pacific, particularly China, its top trading partner. China's demand for iron ore has remained resilient despite the world's second-largest economy facing a slew of economic headwinds including a property sector liquidity crisis.
The source: ABS Trade Balance Data
