Australia’s trade surplus falls heavily in Q3

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.

Unconventional Economist
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