Real-time thoughts & analysis of the markets, economy & more...
Co-founder & CEO of AllenWargent property advisory & buyer's agents.
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Pete Wargent blogspot
Co-founder & CEO of AllenWargent property advisory & buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Thursday, 5 March 2015
Trade deficit widens in January
The ABS released its International Trade figures for the month of January 2015, which showed that in seasonally adjusted terms the balance on goods and services missed expectations in recording a deficit of $980 million, an increase of $477 million on the revised December 2014 deficit. Exports increased by 1 percent and imports by 3 percent.
After some dubiously strong estimates for iron ore freight on board (FOB) values in recent months, a more realistic looking result saw iron ore and coal values exported declining in the month.
On the flip side, natural gas exports continued to rise to a new record high of $1,765 million.
Exports to all key destinations were lower in the month of January, with China (excluding SARs and Taiwan) still mopping up a massive 32 percent of our monthly merchandise exports, with Japan (19 percent), Korea (14 percent) and India (4 percent) amongst the other key trading partners.
The value of exports from Western Australia has tumbled from its heady peak in concert with iron ore prices but still accounted for a humongous 48 percent of monthly merchandise exports.
Queensland (18 percent) and New South Wales (14 percent) were the other key contributors.
The trade services balance remained a significant net deficit of $829 million in January, although tourism related trade services are now contributing a net credit of $211 million as the currency has depreciated.
Finally, although Western Australia remains the king of the monthly trade balance the net balance is down by some 25 percent from Q4 2013.
While the "banana benders" and "crow-eaters" continue to "pay their way", on the other hand "Sydneysiders" and the "Mexicans" are not*.
*this "inverted commas" stuff is seriously "contagious". I fear that my former English teacher "Mrs. Platts" would be having chronic heart "palpitations".