Trade data signal global recovery:Emerson
Market watch top headlines
CANBERRA, Feb 5 AAP
February 05 2013, 2:06PM
A marked shrinkage in Australia's trade deficit confirms the early signs of a global economic recovery, Trade Minister Craig Emerson says.
Trade in goods and services showed a seasonally adjusted deficit of $427 million in December, the Australian Bureau of Statistics said on Tuesday.
The result, reflecting a six per cent fall imports and a three per cent rise in exports, compared with a revised $2.79 billion shortfall in November.
Dr Emerson said the figures represented the most dramatic month-on-month recovery in the trade balance since April 2010.
"Today's data confirmed early signs of global economic recovery and the continued strength of Australia's biggest Asian trading partners he said.
Exports to China, Australia's number one trading partner, were 14 per cent higher than in November, while shipments to Japan rose 12.6 per cent and exports to South Korea were up 18 per cent.
"Australian exporters are well placed to benefit from the expected strengthening of demand in the Asian region, he said.