Australia Trade Surplus Rises

123jump.com Staff
04 Dec, 2008
New York City

Australia Bureau of Statistics reported that balance of goods and services was a surplus of A$2.9 billion in October from a revised surplus of A$1.25 billion in the previous month. Separately ABS reported that total dwelling units approved dropped 5.4% to 10,730 units in October from a year ago.

[R]3:00AM New York, 7:30 PM Sydney – Australia’s trade surplus rises to A$2.9 billion in October.[/R]

Australia stock indexes fell marginally as commodity stocks plunged on worries the global economy is slipping deeper into recession.

In Sydney trading ASX 200 index fell 0.04% or 1.4 to 3,532.40.

Of the ASX 200 index stocks 70 increased, 115 declined, and 15 were unchanged. Babcock & Brown led advancers in the index shares with a rise of 56%.

Australia Trade Surplus Rises

Australia Bureau of Statistics reported today that the country’s balance of goods and services was a surplus of A$2.9 billion in October from a revised A$1.25 billion in the previous month.

Exports gained 7% or A$1.7 billion to A$28.1 billion driven by non-rural goods gaining 6% to A$1.1 billion, rural goods soaring 13% to A$296 million and other goods advancing A$291 million. Service exports also increased 1% to A$44 million.

Non rural goods were mainly driven by coal, coke and briquettes, which increased 20% to A$1 billion.

Imports of goods and services in the period gained by A$66 billion to A$25.1 billion as consumption goods edged up 3% to A$153 million and intermediate and other merchandise goods rising 1% to A$117 million.

However other goods and capital goods dropped 13% to A$165 million and 2% to A$97 million. Service imports advanced 1% to A$56 million.

Increases in consumption goods were leveraged by textiles, clothing and footwear, which increased 12% to A$74 million, while intermediate and other merchandise goods were driven by fuels and lubricants rising 6% to A$187 million.

Housing Approvals Fall 5.4% in October

Separately ABS reported that total dwelling unites approved dropped 5.4% to 10,730 units in October from the comparable period a year ago.

Private sector houses approved shed 2.7% to 7,507 units in October, while private sector and other dwellings fell 11.4% to 2,916 units.

The value of total building approved slid 19.4% in October, while the seasonally adjusted estimate for the value of new residential building approved declined 7.5% in October.

Value of alterations and additions fell 7.5% and the value of non-residential building fell 34.4%.

Gainers & Losers

Babcock & Brown led advancers in the ASX 200 index shares with a rise of 56% followed by increases in NRW Holdings of 13.9%, in Nufarm Ltd. of 12.6%, in Crown Ltd. of 10.1%, and Transfield Services of 9.7%.

Babcock & Brown extended gains after getting a $150 million lifeline from its banking syndicate.

Timbercorp. led decliners in the ASX 200 index shares with a fall of 25.9% followed by losses in HFA Holdings of 20.8%, in Billabong International of 18%, in Tishman Speyer of 17.8%, and Macquarie Media of 16.9%.

Commodity stocks also fell as crude oil prices lost $0.17 to $46.8 per barrel and gold prices plummeted $12.80 to $770.5 per ounce. Riversdale dropped 11.3%, Rio Tinto shed 11.7%, and Panoramic Resources tumbled 10.1%.

Macquarie Sheds 100 Jobs

The Australian reported today that Macquarie will slash 100 investment bankers and advisers at the investment bank and Macquarie Capital.

Job cuts were mostly in Sydney and occurred today in Macquarie’s Melbourne and Brisbane offices.

The report says the lender might cut 1000 of the bank''s 13,000 global workforce over the next few months.