The Australian Bureau of Statistics released its trade data on Thursday. Australia's trade deficit narrowed to A$2.90 billion in November from A$3.25 billion in October, exceeding expectations for a decline to a deficit of A$3.10 billion. October's figure was revised up from a deficit of A$3.30 billion.

Exports increased by 1.0% in November, while imports fell 1.0%.

Exports were driven by a rise in rural goods exports.