Australia’s trade surplus retraces

The Australian Bureau of Statistics (ABS) today released trade data for the month of October, with Australia’s trade surplus retracing to $4.5 billion from $6.8 billion in September:

The next chart shows that Australia’s trade surplus is still running at strong levels:

In October, exports (credits) fell and imports (debits) rose:

  • In seasonally adjusted terms, goods and services credits fell $2,205m (5%) to $40,750m. Non-rural goods fell $1,710m (6%) and non-monetary gold fell $666m (25%). Rural goods rose $114m (3%) and net exports of goods under merchanting rose $14m (93%). Services credits rose $45m (1%).
  • In seasonally adjusted terms, goods and services debits rose $140m to $36,248m. Consumption goods rose $334m (4%) and intermediate and other merchandise goods rose $256m (2%). Non-monetary gold fell $258m (35%) and capital goods fell $152m (2%). Services debits fell $40m.

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!

Leith van Onselen
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