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Economists at ANZ review the data published in the oceanic country related to trade, which showed a number slightly below market forecasts.

Key quotes

“Australia’s trade surplus fell slightly to AUD5.2bn in December, below market expectations. The decline was driven by a larger rise in imports compared to exports. Imports rose 2.4% m/m, while exports were up 1.4% m/m.”

“This month saw a fall after the November result was downwardly revised.”

“The RBA’s commodity price index was down 1.1% in December, which suggests that the rise in resource exports was likely due to a rise in volume. Manufacturing exports continued to decline, by 3.3% m/m. Service exports had the first material decline in some time, falling 1.1% m/m.”