The ABS has posted a trade deficit of $529 million for October, about $179 million more than the market expected and almost double the revised September deficit of $271 million.
It has been years since trade data has moved the Aussie dollar in any material way but the Aussie is getting hit again – after a painful day yesterday – and now sits at 0.9013 from 0.9033 before the data was released.
Key highlights from today’s trade data:
BALANCE ON GOODS AND SERVICES
In trend terms, the balance on goods and services was a deficit of $547m in October 2013, a decrease of $126m (19%) on the deficit in September 2013.
In seasonally adjusted terms, the balance on goods and services was a deficit of $529m in October 2013, an increase of $258m (95%) on the deficit in September 2013.
CREDITS (EXPORTS OF GOODS AND SERVICES)
In seasonally adjusted terms, goods and services credits fell $26m to $27,273m. Rural goods fell $80m (3%) and non-rural goods fell $51m. Non-monetary gold rose $146m (12%) and net exports of goods under merchanting rose $15m (50%). Services credits fell $57m (1%).
DEBITS (IMPORTS OF GOODS AND SERVICES)
In seasonally adjusted terms, goods and services debits rose $231m (1%) to $27,802m. Intermediate and other merchandise goods rose $83m (1%), consumption goods rose $78m (1%), capital goods rose $23m and non-monetary gold rose $1m. Services debits rose $48m (1%).
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