Australia trade balance for January misses surplus expectations

Australia trade balance for January came at A$ 1302bn vs +AUD3.8bn expected and +3.511bn prior, representing a big miss on expectations. Imports were up 4% on the month while exports were down 3%. The Australian Dollar has fallen across the board on the data release. 

BALANCE ON GOODS AND SERVICES: In trend terms, the balance on goods and services was a surplus of $2,176m in January 2017, an increase of $520m (31%) on the surplus in December 2016.
In seasonally adjusted terms, the balance on goods and services was a surplus of $1,302m in January 2017, a decrease of $2,032m (61%) on the surplus in December 2016.

CREDITS (EXPORTS OF GOODS AND SERVICES) : In seasonally adjusted terms, goods and services credits fell $945m (3%) to $31,796m. Non-monetary gold fell $671m (39%) and non-rural goods fell $403m (2%). Rural goods rose $57m (1%) and net exports of goods under merchanting rose $1m (17%). Services credits rose $72m (1%).

DEBITS (IMPORTS OF GOODS AND SERVICES): In seasonally adjusted terms, goods and services debits rose $1,088m (4%) to $30,494m. Consumption goods rose $543m (7%), intermediate and other merchandise goods rose $340m (4%), capital goods rose $180m (3%) and non-monetary gold rose $22m (5%). Services debits rose $3m.