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Financial News: Australia Trade Surplus A$A$9.423 Billion In November

Australia Trade Surplus A$A$9.423 Billion In November

01/10/2022 - 20:30:00 (RTTNews)

(RTTNews) - November posted a merchandise trade surplus of A$9.423 billion in November, the Australian Bureau of Statistics said on Tuesday.

That was shy of expectations for a surplus of A$10.6 billion and down from the downwardly revised A$10.781 billion surplus in October (originally A$11.22 billion).

Goods and services credits (exports) rose A$691 million or 2 percent to A$43.859 billion, driven by a rise in exports of rural goods.

Exports of rural goods jumped 13 percent on month, while non-rural goods added 1 percent. Non-Monetary gold sank 14 percent.

Goods and services debits (imports) rose A$2.049 billion (6 percent) to A$34.436 billion, driven by a rise in imports of primary industrial supplies.

Imports of consumption goods added 3 percent on month, while capital goods gained 7 percent and intermediate goods also rose 7 percent. Non-monetary gold spiked 31 percent.

Also on Tuesday, the ABS said that the value of retail sales in Australia was up a seasonally adjusted 7.3 percent on month in November, coming in at A$33.411 billion.

That beat expectations for an increase of 3.9 percent and was up from 4.9 percent in October.

Pent-up consumer demand combined with an extended November sales period saw record sales in clothing, footwear and personal accessory retailing (38.2 per cent), household goods retailing (11.6 per cent), department stores (26.0 per cent) and other retailing (7.3 per cent). Consumers brought forward Christmas spending to take advantage of sales and minimize delivery and stock availability concerns ahead of the festive season.

Food retailing was the only industry to fall this month, down 2.5 per cent, continuing the post-lockdown pattern where food retailing, including supermarkets, liquor etc. falls, while cafes, restaurants, and takeaways rise (9.3 per cent) as households venture out again.

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