Trade Surplus Grows On Mining, Weak Demand

Australia's trade surplus widened to $5.8 billion in November, with the 42 per cent increase fuelled by higher mining exports and a likely weakening of domestic demand.

The $1.73 billion monthly increase trumped consensus expectations of a $4.1 billion surplus, with metal ores and mineral fuels exports helping lift the figure from a downwardly revised $4.075 billion a month earlier.

Westpac economist Andrew Hanlan noted the surplus remained in a trend decline from June, when it hit a record high of $7.9 billion on a temporary spike in the iron ore price.

(Image by Tama66 from PixaBay)