Australia Posts Widest Trade Surplus in Seven Months as Exports Rise
(MENAFN) Australia's trade surplus climbed to its highest level in seven months in September, supported by stronger exports and a decline in imports, official figures released Thursday showed.
The surplus reached 2.83 billion Australian dollars ($1.85 billion), compared with a revised 180 million Australian dollars in August, according to data from the Australian Bureau of Statistics.
The result exceeded market expectations, as analysts had anticipated a trade deficit of 940 million Australian dollars during the month.
Exports increased by 1.09 billion Australian dollars, or 2.3%, from August to reach 48.43 billion Australian dollars, marking their highest level in 42 months.
The improvement was largely supported by increased overseas shipments of other mineral fuels and metals, excluding non-monetary gold.
In contrast, imports declined by 1.55 billion Australian dollars, representing a 3.3% monthly decrease, to 45.61 billion Australian dollars. This reversed the revised 6.2% increase recorded in August.
The drop in imports was mainly associated with reduced purchases of non-monetary gold, civil aircraft and items classified as confidential in the official trade statistics.
The combination of stronger export earnings and lower import spending significantly expanded Australia's trade surplus during September.
The surplus reached 2.83 billion Australian dollars ($1.85 billion), compared with a revised 180 million Australian dollars in August, according to data from the Australian Bureau of Statistics.
The result exceeded market expectations, as analysts had anticipated a trade deficit of 940 million Australian dollars during the month.
Exports increased by 1.09 billion Australian dollars, or 2.3%, from August to reach 48.43 billion Australian dollars, marking their highest level in 42 months.
The improvement was largely supported by increased overseas shipments of other mineral fuels and metals, excluding non-monetary gold.
In contrast, imports declined by 1.55 billion Australian dollars, representing a 3.3% monthly decrease, to 45.61 billion Australian dollars. This reversed the revised 6.2% increase recorded in August.
The drop in imports was mainly associated with reduced purchases of non-monetary gold, civil aircraft and items classified as confidential in the official trade statistics.
The combination of stronger export earnings and lower import spending significantly expanded Australia's trade surplus during September.
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