Australia's trade surplus contracts to $11.7B

The Australian Bureau of Statistics (ABS) has announced the seasonally adjusted balance on goods and services surplus decreased $1,297M in January to  $11,688M.

The result was slightly softer than consensus expectations for a $12.3B surplus.

ABS says goods and services debits (imports) rose $2,082M (4.6%) driven by Non-industrial transport equipment.

It also says goods and services credits (exports) rose $784M (1.4%) driven by Metal ores and minerals.