Australia posted a seasonally adjusted merchandise trade deficit of A$2.937 billion in January, the Australian Bureau of Statistics said on Thursday – a decrease of A$587 million or 17 percent on the deficit in December 2015.
The headline figure beat forecasts for a shortfall of A$3.20 billion following the A$3.535 billion deficit in December.
Exports were up A$266 million or 1.0 percent on month to A$25.549 billion.
Non-rural goods added A$184 million (1 percent) and non-monetary gold gained A$126 million (10 percent).
Rural goods fell A$39 million (1 percent) and net exports of goods under merchanting tumbled A$2 million (14 percent). Services credits fell A$2 million.
Imports slipped A$320 million or 1.0 percent on month to A$28.487 billion.
Intermediate and other merchandise goods fell A$92 million (1 percent), while capital goods were down A$83 million (2 percent), consumption goods dropped A$81 million (1 percent) and non-monetary gold skidded A$37 million (10 percent). Services debits fell A$28 million.
Also on Thursday, the latest survey from Australian Industry Group showed that the services sector in Australia swung to expansion in February, with a Performance of Service Index score of 51.8.
That’s up from 48.4 in January, and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components, sales, new orders, stocks and deliveries all expanded – while supplier deliveries contracted.
The material has been provided by InstaForex Company – www.instaforex.com