Australia: Nov trade deficit came in at -A$628m - TDS

Analysts at TDS note that the Australia’s trade deficit for Nov was -A$628m (mkt at surplus of +A$550m, TD at deficit of –A$1b) and the prior month was revised to a deficit as well of -A$302m from a A$105m surplus.

Key Quotes

“For Nov, exports were up +0.4%, but imports rose +1.5%. Imports are trending higher across the board, capital imports up (a positive) and consumption is firm (a positive). Exports were dragged lower thanks to a large drop in non-monetary gold. So the number, while a deficit, is not as bad as the headline suggests. It’s a volatile number, and the market has largely ignored it despite the miss.”