The Australian Bureau of Statistics released its trade date on Tuesday. Australia's trade deficit narrowed to A$0.44 billion in December from A$1.02 billion in November. November's figure was revised down from a deficit of A$0.93 billion. Analysts had expected the trade deficit to decrease to A$0.85 billion.

Exports increased 1.0% in December, while imports declined 1.0%.

For 2014 as whole, Australia's trade deficit narrowed to A$9.9 billion from A$10.3 billion in 2013. Exports climbed 2% in 2014, while imports were up 2%.