Australia’s trade surplus continues to retrace

Thursday, 3 February 2022

The ABS today released trade data for December, with the seasonally adjusted balance on goods and services surplus decreasing $1.4 billion to $8.36 billion:

Goods and services credits (exports) rose $360 million (1%) to $45,320 million driven by a rise in exports of Metal ores and minerals.

Goods and services debits (imports) also rose $1,761 million (5%) to $36,964 million driven by a rise in imports of Non-industrial transport equipment.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.