Australia logged a much wider-than-expected trade surplus in January

Australia trade balance swung back into surplus in January, shows the data released by the Australian Burea of Statistics (ABS).  The nation logged a trade surplus of AUD 1055 million, which was much wider than the consensus estimate of AUD 300 million. 

January Key Points (Source: ABS)

• In trend terms, the balance on goods and services was a surplus of $94m in January 2018, a decrease of $55m on the surplus in December 2017.
• In seasonally adjusted terms, the balance on goods and services was a surplus of $1,055m in January 2018, a turnaround of $2,201m on the deficit in December 2017.

Credits (Export of Goods and Services)

• In seasonally adjusted terms, goods and services credits rose $1,394m (4%) to $33,924m. Non-rural goods rose $869m (4%) and non-monetary gold rose $770m (54%). Rural goods fell $312m (8%) and net exports of goods under merchanting fell $9m (17%). Services credits rose $77m (1%).

Debits (Import of Goods and Services)

• In seasonally adjusted terms, goods and services debits fell $807m (2%) to $32,869m. Consumption goods fell $586m (7%), non-monetary gold fell $95m (19%), capital goods fell $90m (1%) and intermediate and other merchandise goods fell $68m (1%). Services debits rose $31m.