Australia's Trade Surplus Soars to Highest Level in Seven Months
(MENAFN) Australia’s trade surplus jumped to its highest level in seven months in September as exports climbed and imports slid, official data showed Thursday.
The surplus swelled to 2.83 billion Australian dollars ($1.85 billion), up from a downwardly revised 0.18 billion Australian dollars in August, according to figures from a government statistics agency. The result blindsided markets, which had forecast a deficit of 0.94 billion Australian dollars.
Exports rose 1.09 billion Australian dollars, or 2.3%, from August to 48.43 billion Australian dollars, a 42-month high. Stronger shipments of other mineral fuels and metals, excluding non-monetary gold, powered the gain.
Imports, meanwhile, dropped 1.55 billion Australian dollars, or 3.3%, from August to 45.61 billion Australian dollars. The decline reversed a revised 6.2% increase in the previous month and was attributed to reduced purchases of non-monetary gold, civil aircraft and confidentialized items.
The surplus swelled to 2.83 billion Australian dollars ($1.85 billion), up from a downwardly revised 0.18 billion Australian dollars in August, according to figures from a government statistics agency. The result blindsided markets, which had forecast a deficit of 0.94 billion Australian dollars.
Exports rose 1.09 billion Australian dollars, or 2.3%, from August to 48.43 billion Australian dollars, a 42-month high. Stronger shipments of other mineral fuels and metals, excluding non-monetary gold, powered the gain.
Imports, meanwhile, dropped 1.55 billion Australian dollars, or 3.3%, from August to 45.61 billion Australian dollars. The decline reversed a revised 6.2% increase in the previous month and was attributed to reduced purchases of non-monetary gold, civil aircraft and confidentialized items.
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