The ABS has released preliminary international trade data for November, which reveals that the Chinese embargo on Australian exports has helped cut Australia’s trade surplus:
A goods trade surplus of just under $2 billion has been recorded for November, down from $4.7 billion in October, according to newly released data by the Australian Bureau of Statistics (ABS).
ABS Head of International Statistics, Branko Vitas said: “An 11 per cent increase in imports and a small increase in exports has more than halved the goods trade surplus this month. This is the first time since November 2018 that the goods trade surplus has dropped below the $2 billion mark”.
