Australia’s November trade surplus printed A$1.93b, below market forecasts for a A$2.2b surplus, while the surplus in Oct was revised down from A$2.3b to A$2b, notes the research team at TD Securities.
Key Quotes
“The lower than expected surplus was driven by exports rising 1%/m, with imports rising 2%/m. Given that the average surplus over Oct and Nov is ~A$2b vs A$2.2b in the 3rd qtr, net exports are looking like a drag on Q4 GDP.”
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