The November trade balance was out earlier, and it was a huge miss:

Yep, the November result was well below market expectations

  • which were for a bigger surplus, not a deficit!

Some more detail:

Export earnings were higher

  • But were more than offset by imports
  • Export earning should improve with the bounce back in iron ore (I posted on this earlier)
  • Service exports up 2%

Imports

  • The falling AUD has impacted
  • Consumption goods +3%
  • Capital goods+3%

And, so to the Australian dollar, weakness is extending