Australia’s trade surplus lifts

The Australian Bureau of Statistics (ABS) today released trade data for the month of November, with Australia’s trade surplus rising to $5.8 billion from $4.1 billion in October:

The next chart shows that Australia’s trade surplus is running at strong levels:

In November, exports (credits) fell and imports (debits) fell:

  • In seasonally adjusted terms, goods and services credits rose $706m (2%) to $40,893m. Non-rural goods rose $718m (3%) and rural goods rose $9m. Non-monetary gold fell $120m (6%). Net exports of goods under merchanting remained steady at $5m. Services credits rose $99m (1%).
  • In seasonally adjusted terms, goods and services debits fell $1,020m (3%) to $35,093m. Consumption goods fell $610m (7%), capital goods fell $259m (4%) and intermediate and other merchandise goods fell $102m (1%). Non-monetary gold rose $11m (2%). Services debits fell $58m (1%).

The below charts track the growth and share of exports by major component:

As usual, mining is dominating, driven in recent times by booming LNG, coal and iron ore exports:

Shame they are mostly foreign owned and most of the benefits flow offshore, whereas in the case of LNG they have raised domestic gas prices, crushing both households and industry!

Leith van Onselen

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