Imports drop
Imports fell -1.5 per cent in November, with a decline in capital goods volumes and car imports.
Exports also fell, but less so, driving another large trade surplus for Australia of $13.2 billion for the month.
Commodity exports have been sky-high over the past year, driving total exports of $59 billion over the month, but these figures are now rolling over as gas and coal prices follow iron ore lower.
Tourism services exports bolted back to $3.9 billion in November, having been under $1.6 billion a year earlier.
There's still a way to go - tourism exports hit a monthly peak of nearly $6 billion in 2019 - but things are heading in the right direction.
Commodity exports are only going down from here.
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The mild winter weather in Europe has continued, and is expected to continue for the next week or so, before a cold snap bites.
The good news is that wholesale electricity and gas prices have reverted back to normal levels.
