Australia beat market expectations with a huge international trade surplus of $468 million in December.
Analysts expected a deficit of $225 million after a November deficit of $118 million, which has since been adjusted to an $83 million surplus – Australia’s first surplus since December 2011.
The AUD fell 3.7 per cent against the US dollar throughout December.
Exports rose a seasonally adjusted 4 per cent to $28.5 billion, with metals, minerals, rural goods, and tourism exports offsetting falls in non-monetary gold and other services.
Imports rose a seasonally adjusted 2 per cent to $28.0 billion.
According to the ABS, Australia imported $7.2 billion more than it exported throughout the 2013 calendar year, up from a $23.1 billion deficit recorded in 2012.
The AUD has been on the rise all morning and rose sharply from about 11.15am, just before the 11.30am data release. It rose almost 0.5% in the hour to trade at $US0.8971 by noon.
Via investing.com, here’s what happened:
There’s more on the ABS.