6 Jan 2015
Australia records its eight consecutive trade deficit – ANZ
FXStreet (Barcelona) - Katie Hill and Felicity Emmett, Economists at ANZ note that Australia recorded its eighth consecutive trade deficit in November at AUD925m, with the ongoing weakness in commodity prices suggesting that a return to surplus is unlikely till late 2015.
Key Quotes
“Australia’s trade balance surprised notably on the upside in November, with large positive revisions to the previous two months. Still, the trade balance has been firmly in deficit for the last eight months and continued weakness in commodity prices suggests a return to surplus is unlikely until late 2015.“
“Australia recorded its eighth consecutive trade deficit in November at AUD925m (mkt: -AUD1.6bn; ANZ: -AUD1.9bn). There were also significant, positive revisions; with the trade balance for the previous two months revised a cumulative AUD856m higher. The main driver of the revisions to September and October were weaker fuel imports (-AUD543m), likely reflecting measurement difficulties due to the large fall in the oil price recently. “
Key Quotes
“Australia’s trade balance surprised notably on the upside in November, with large positive revisions to the previous two months. Still, the trade balance has been firmly in deficit for the last eight months and continued weakness in commodity prices suggests a return to surplus is unlikely until late 2015.“
“Australia recorded its eighth consecutive trade deficit in November at AUD925m (mkt: -AUD1.6bn; ANZ: -AUD1.9bn). There were also significant, positive revisions; with the trade balance for the previous two months revised a cumulative AUD856m higher. The main driver of the revisions to September and October were weaker fuel imports (-AUD543m), likely reflecting measurement difficulties due to the large fall in the oil price recently. “