The Australian Bureau of Statistics (ABS) released trade data for the month of September, which registered a rebound in Australia’s trade surplus to $5,630 million amid rising exports and falling imports:
Specifically, exports rose $1,265 million (4%) to $33,737 million.
- non-monetary gold rose $989m (72%)
- non-rural goods rose $207m (1%)
- net exports of goods under merchanting rose $2m (13%)
- rural goods fell $50m (2%)
- services credits rose $117m (2%).
By contrast, imports of goods and services fell $1,747 million (6%) to $28,108 million.
- Intermediate and other merchandise goods fell $629m (7%)
- Non-monetary gold fell $504m (42%)
- Consumption goods fell $358m (4%)
- Capital goods fell $199m (3%)
- Services debits fell $59m (2%).
Over the September quarter, Australia’s trade surplus plunged by $10.1 billion:
This suggests that net exports will weigh on Australia’s Q3 GDP.
Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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