Trade surplus narrows
After some surplus on a previous unthinkable scale, imports rebounded 5 per cent in December, driven by the import of transport equipment, following on from an increase of 8 per cent in November.
Exports are still humming, thanks to the strength in coal and LNG prices, but services exports have naturally been clobbered over the past year.
The FOB values for iron ore exports climbed to stratospheric levels in 2021, but have now rolled over and will inevitably decline from here.
The tourism figures suggested that Aussies were just beginning to travel in December, albeit tentatively.
Western Australia recorded a lazy trade surplus of more than $200 billion in 2021.
Overall, some signs of life in imports. while services exports are still hampered, with negative implications for GDP in the fourth quarter.
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James Foster with the detailed analysis here.
