Australia trade surplus tops forecasts at A$13.2b in November

AUSTRALIA’S trade surplus unexpectedly widened in November as imports pulled back from record highs and offset a dip in liquefied natural gas exports.

Data from the Australian Bureau of Statistics on Thursday showed the surplus on goods and services rose to A$13.2 billion (S$12.15 billion), from October’s A$12.7 billion, well above forecasts of A$10.5 billion.

Exports slipped 0.4 per cent unrounded, mainly due to a sharp fall in LNG revenue as prices and volumes fell, which outweighed a solid increase in iron ore earnings.

Imports dropped 1.5 per cent, with falls spread across consumption and capital goods, and transport services. REUTERS