The ABS today released its preliminary estimate of the September quarter trade balance, which registered a $3,508 million (2%) improvement in the trade deficit to $7,438 million.
The main components contributing to the balance of goods and services were:
- goods exports, up $3,614 million (6%), with:
- non-monetary gold, up $1,648 million (56%)
- metal ores and minerals, up $637 million (4%)
- other mineral fuels, up $508 million (10%)
- coal, coke and briquettes, up $475 million (5%).
- services exports, up $200 million (1%), with:
- travel, up $195 million (2%)
- transport, down $13 million (1%).
- goods imports, up $310 million, with:
- civil aircraft and confidentialised items, up $1,048 million (86%)
- consumption goods n.e.s., up $304 million (4%)
- fuel and lubricants, down $1,003 million (12%).
- services imports, down $2 million.
In light of the result, Westpac has upgraded its estimate of Q3 net exports to +1.3ppts from +1.0ppts, with its forecast for Q3 GDP revised up to 0.9%qtr, 2.3%yr (up from 0.7%qtr).
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