*(AU) JAN TRADE BALANCE: -876M V -1100ME
- Exports: 18119M v 17,781M prior
- Imports: 18,995M v 19,118M prior
- Prior revised to -1379M from -1336M
*(AU) JAN BUILDING APPROVALS MOM: -0.9% V 0.5%E; YOY: -1.0% V -2.0% PRIOR
- Prior m/m revised to -1.8% from -1.9%
- Prior y/y revised to -2.0% from -1.5%
TTN ANALYSIS OF AUSSIE TRADE BALANCE: NON-RURAL EXPORTS UP, BUT DROUGHT LEADS RURAL EXPORTS LOWER; DROP IN TRADE DEFICIT WAS WIDELY EXPECTED
- Export volumes remain surprisingly low: The narrowing effect in the deficit seems to be coming from higher commodity prices. We are still to see signs of the massive investment in mining and energy of recent years to eventually show up in rising export volumes.
