The November trade figures are out and its an absolute stinker with a big blowout, wiping out the plus half billion surplus expected by market economists with big revisions to the October print.
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)
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- 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 goodsrose $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%).