The ABS released the latest International Trade in Goods and Services data today, and in trend terms, reported a surplus of $2,193m in December 2016, an increase of $916m (72%) on the surplus in November 2016. This was a bigger number than expected, although we cannot tell if this is a function of larger export volumes (at low prices) or volumes supported by rising prices. The latter would be better news than the former. Are we just peddling harder to earn more, of benefiting from price movements?
In seasonally adjusted terms, the balance on goods and services was a surplus of $3,511m in December 2016, an increase of $1,471m (72%) on the surplus in November 2016.
In seasonally adjusted terms, goods and services credits rose $1,679m (5%) to $32,630m. Non-rural goods rose $1,249m (6%), non-monetary gold rose $319m (23%), rural goods rose $104m (3%) and net exports of goods under merchanting rose $1m (20%). Services credits rose $6m. Goods and services debits rose $209m (1%) to $29,120m. Consumption goods rose $157m (2%), intermediate and other merchandise goods rose $132m (2%) and non-monetary gold rose $4m (1%). Capital goods fell $125m (2%). Services debits rose $42m (1%).
Overall, in 2016 and in original terms the balance on goods and services for 2016 was a deficit of $13.6b, a decrease of $23.4b (63%) on the deficit of $37.0b recorded in 2015, resulting from a $13.3b (4%) increase in goods and servicescredits and a $10.1b (3%) decrease in goods and services debits.
