Australia's trade balance surplus surges in Dec

Australia's trade balance came at a record +3.511bn vs expected AUD 2bn surplus. Imports came at 1% vs 0% prior, whie exports were 5% vs 8% last. As per building approvals, it came not as bad as expected, at -1.2% in Dec vs -2% exp and 7% last. 

• TRADE BALANCE

​​​​​​​BALANCE ON GOODS AND SERVICES: In trend terms, the balance on goods and services was a surplus of $2,193m in December 2016, an increase of $916m (72%) on the surplus in November 2016. 

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.

CREDITS (EXPORTS OF GOODS AND SERVICES) : 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.

DEBITS (IMPORTS OF GOODS AND SERVICES) : In seasonally adjusted terms, 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%).

2016 SITUATION: 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 services credits and a $10.1b (3%) decrease in goods and services debits.

• BUILDING APPROVALS

TOTAL DWELLING UNITS: The trend estimate for total dwellings approved fell 2.5% in December and has fallen for seven months. The seasonally adjusted estimate for total dwellings approved fell 1.2% in December following a rise of 7.5% in the previous month.

PRIVATE SECTOR HOUSES: The trend estimate for private sector houses approved fell 0.4% in December and has fallen for 10 months. The seasonally adjusted estimate for private sector houses fell 1.6% in December following a rise of 0.1% in the previous month.

PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES: The trend estimate for private sector dwellings excluding houses fell 4.7% in December and has fallen for seven months. The seasonally adjusted estimate for private sector dwellings excluding houses rose 0.9% in December and has risen for two months.

VALUE OF BUILDING APPROVED:  The trend estimate of the value of total building approved fell 3.5% in December and has fallen for five months. The value of residential building fell 2.4% and has fallen for seven months. The value of non-residential building fell 5.6% and has fallen for four months. The seasonally adjusted estimate of the value of total building approved rose 0.4% in December and has risen for two months. The value of residential building rose 0.2% and has risen for two months. The value of non-residential building rose 0.7% after falling for two months.