Australia trade balance recorded a deficit in December

Australia trade balance recorded a deficit of AUD 1,358 million in December, Australian Bureau of Statistics (ABS) reported today. The economists were expecting a trade surplus of AUD 200 million. The previous month's figure was revised higher from -628 million to 36 million. 

DECEMBER KEY POINTS (Source: ABS)

BALANCE ON GOODS AND SERVICES

• In trend terms, the balance on goods and services was a deficit of $476m in December 2017, an increase of $313m on the deficit in November 2017.
• In seasonally adjusted terms, the balance on goods and services was a deficit of $1,358m in December 2017, a turnaround of $1,394m on the surplus in November 2017.

CREDITS (EXPORTS OF GOODS AND SERVICES) 

• In seasonally adjusted terms, goods and services credits rose $510m (2%) to $32,465m. Non-rural goods rose $719m (4%). Rural goods fell $144m (4%), non-monetary gold fell $9m (1%) and net exports of goods under merchanting fell $1m (2%). Services credits fell $54m (1%).

DEBITS (IMPORTS OF GOODS AND SERVICES)

• In seasonally adjusted terms, goods and services debits rose $1,905m (6%) to $33,823m. Intermediate and other merchandise goods rose $901m (9%), consumption goods rose $422m (5%), capital goods rose $341m (6%) and non-monetary gold rose $204m (68%). Services debits rose $36m.

2017 SITUATION

• In original terms, the balance on goods and services for 2017 was a surplus of $11.1b, a turnaround of $24.7b on the deficit of $13.7b recorded in 2016, resulting from a $50.7b (15%) increase in goods and services credits and a $26.0b (7%) increase in goods and services debits.