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!
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