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!