Australia: Trade surplus rebounds to $5.8bn – Westpac

Andrew Hanlan, analyst at Westpac, notes that Australia’s trade surplus has rebounded to $5.8bn, from $4.1bn in November.

Key Quotes

“In November, the trade surplus widened to $5.8bn, up from $4.1bn (downgraded from $4.5bn).”

“This was an upside surprise (market median $4.1bn and Westpac $4.3bn).”

“Exports advanced, increasing by 1.8% ($0.7bn), with stronger than expected volumes outweighing lower prices.”

“Imports weakened, falling by -2.8% (-$1.0bn), which was a sharper than anticipated decline.”

“The resumption of import weakness, following a brief rebound over the past four months, was the key feature of the November update. This is against the backdrop of weak private domestic demand.”