Australia’s goods trade surplus shrinks to A$2.9 billion in November

[SYDNEY] Australia’s surplus on goods trade narrowed sharply in November as shipments of iron ore fell back, data showed on Thursday, while imports were a fraction firmer.

The Australian Bureau of Statistics reported the surplus on goods fell to A$2.94 billion (S$3.8 billion) in November, from a revised A$4.35 billion in October. That was well below market forecasts for a A$4.9 billion surplus.

Exports dropped 2.9 per cent led by a 9 per cent fall in iron ore, the country’s biggest single earner. Gold exports dipped 8 per cent after a very strong run.

Imports increased 0.2 per cent as strength in processed industrial supplies offset falls in machinery and aircraft. REUTERS