Weaker coal and grain exports combined with increased imports causes Australia's trade to drop a $628 million deficit in November. 

The Australian Bureau of Statistics (ABS) said exports were flat for the month while imports grew by one percent.  That's far below market expectations of a surplus of up to $800 million.  The ABS also revised down October's narrow surplus to a $302 million deficit - that makes November the second deficit month in a row.

Although iron ore has since rallied, other key exports fell and contributed to the weak start to the fourth quarter.  The rise in imports was driven by a splurge in aviation and telecommunications equipment.