Asian Economic News

Australia December Trade Surplus A$468 Million

Australia posted a seasonally adjusted merchandise trade surplus of A$468 million in December, the Australian Bureau of Statistics said on Thursday.

That blew away forecasts for a deficit of A$200 million following the upwardly revised surplus of A$83 million in November (originally reported as a deficit of A$118 million).

Exports were up 4 percent on month to A$28.511 billion.

Non-rural goods climbed A$897 million (5 percent), while rural goods spiked A$521 million (17 percent) and net exports of goods under merchanting added A$1 million (2 percent).

Non-monetary gold plummeted A$373 million (28 percent), while services credits shed A$23 million.

Imports added 2 percent on month to A$28.042 billion.

Capital goods gained A$238 million (4 percent), while consumption goods added A$186 million (3 percent), intermediate and other merchandise goods collected $123 million (1 percent) and non-monetary gold rose A$32 million (10 percent). Services debits rose $59m (1 percent).

For all of 2013, the trade deficit was A$7.2 billion - up from the A$15.8 billion shortfall in 2012. Exports climbed 6 percent on year or A$18.4 billion, while imports added 1 percent or A$2.5 billion.

Also on Thursday, business confidence in Australia rose in the last quarter of 2013, hitting a two-and-a-half year high.

The National Australia Bank's quarterly survey showed an index increase to 8, up from the previous quarter's 5.

NAB's measure of current business conditions rose 4 points to -3.

"Better sentiment was felt across most states and industries," said NAB chief economist Alan Oster. "A better housing sector, higher asset prices and a lower currency and interest rates are all contributing."

by RTTNews Staff Writer

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