Investing.com-- Australia’s trade balance grew more than expected in November, boosted chiefly by strong commodity exports as recent stimulus measures in top importer China helped shore up demand.
Trade balance grew to a surplus of A$7.08 billion ($4.39 billion) in November, data from the Australian Bureau of Statistics showed on Thursday. The reading was more than expectations of A$5.75 billion and picked up from the A$5.67 billion seen in the prior month.
The stronger print was driven chiefly by a 4.8% month-on-month increase in exports, with shipments of metal ores and minerals acting as a major driver of this trend.
Australia’s commodity exports benefited from improving demand in China after Beijing announced a slew of aggressive stimulus measures in late-2024.
The country is Australia’s biggest trading partner, and is also a key source of global commodity demand. Chinese demand is expected to pick up further in the coming months, as Beijing prepares more economic support.
Mineral fuel exports were also buoyed by cold weather conditions in parts of Asia and Europe, which pushed up demand for heating.
November’s sharp increase in exports helped offset a 1.7% month-on-month rise in imports. Higher imports were driven by a mild uptick in business spending on fixed assets and infrastructure, while imports of consumer goods eased slightly.