By James Glynn
SYDNEY--Australia's trade surplus came in much larger than expected in November as imports slumped, led by non-industrial transport equipment and fuels, with the latter suffering a big fall in prices on month.
The country's trade surplus ballooned to 11.4 billion Australian dollars (US$7.64 billion) in November, well above the market consensus for a surplus of closer to A$7.25 billion, the Australian Bureau of Statistics said Thursday. The trade surplus for October was also revised higher to A$7.7 billion.
Imports fell 7.9% on month in November, while exports rose 1.7%, helped by better prices for coal, the ABS said.
Imports of non-industrial transport equipment slumped 26%, while imports of fuels and lubricants dropped 10.2%, it added.
Exports of metal ores and minerals rose 3.1% in November with exports of coal, coke and briquettes climbing 6.8%, the data showed.
The data suggest the rise in exports of metal ores and minerals was driven by higher iron ore prices of around 3.1%-4.2% through November, while the rise in coal exports was driven by a combination of volumes and prices, said Tapas Strickland, head of market economics at National Australia Bank.
Write to James Glynn at james.glynn@wsj.com
(END) Dow Jones Newswires
01-10-24 2126ET