Australia has posted an international trade deficit of $118 million in November, beating market estimates of a $300 million deficit.
Exports were flat and imports fell 1%, according to data from the Australian Bureau of Statistics this morning.
Metal and ore exports were up 4%, indicating that the mining investment boom may have ended but mining itself – the digging-stuff-up phase – is still looking healthy.
From the ABS about exports:
In seasonally adjusted terms, goods and services credits rose $94m to $27,377m. Non-rural goods rose $93m (1%) and rural goods rose $18m (1%). Net exports of goods under merchanting remained steady at $44m. Non-monetary gold fell $61m (4%). Services credits rose $45m (1%).
On the imports side of the ledger, the ABS reported:
In seasonally adjusted terms, goods and services debits fell $146m (1%) to $27,495m. Consumption goods fell $127m (2%) and non-monetary gold fell $42m (12%). Intermediate and other merchandise goods remained steady at $9,632m. Capital goods rose $70m (1%). Services debits fell $48m (1%).
The AUD/USD is currently climbing back off a low of 0.8926 just after the trade data’s 11.30am AEST release.
It’s hard to fathom why Aussie dollar traders sold the currency down 30 points on the back of the data given both the historic nature of it – being from November – and the fact that minerals remain strong.
Intra-day noise, perhaps?