The Australian Bureau of Statistics (ABS) today released trade data for the month of September, with Australia’s trade surplus rising to $7.2 billion from $6.6 billion in August:
The next chart shows that Australia’s trade surplus is still running near record highs:
In September, exports (credits) and imports (debits) both rosel:
In seasonally adjusted terms, goods and services credits rose $1,452m (3%) to $43,215m. Non-rural goods rose $586m (2%), non-monetary gold rose $558m (26%) and rural goods rose $240m (6%). Net exports of goods under merchanting remained steady at $15m. Services credits rose $69m (1%).
In seasonally adjusted terms, goods and services debits rose $889m (3%) to $36,034m. Capital goods rose $702m (12%), intermediate and other merchandise goods rose $474m (4%) and consumption goods rose $64m (1%). Non-monetary gold fell $373m (34%). Services debits rose $22m.
The below charts track the growth and share of exports by major component:
As you can see, mining is dominating, driven in recent times by booming LNG, coal and iron ore exports:
Shame they are mostly foreign owned and most of the benefits flow offshore, whereas in the case of LNG they have raised domestic gas prices, crushing both households and industry!