Australia October Trade Surplus AUD+11.22bn With Exports Lower on Iron Ore Prices

Australia posted a trade surplus of A$11.22 billion in October exceeding expectations for a surplus of A$11.0 billion. It was the smallest trade surplus since May, amid softening global demand as more countries battled with a resurgence of coronavirus infections. Follows a downwardly revised A$11.82 billion trade surplus in September (from A$12.243 billion). Exports fell 3.0% m/m or A$1.491 billion to A$43.053 billion. Goods were down 3.0% and services fell 6.0%

Imports also slipped 3.0 percent on month or A$887 million to A$31.833 billion. Goods were down 3.0 percent on month, while services fell 2.0 percent.

Australian Trade Balance

Considering the first ten months of the year, the trade surplus surged to AUD 107.20 billion from AUD 59.88 billion in the same period of 2020. 

Key statistics

  • The seasonally adjusted balance on goods and services surplus decreased $604m to $11,220m in October.
  • Goods and services credits (exports) fell $1,491m (3%) to $43,053m driven by falls in iron ore prices. 
  • Goods and services debits (imports) fell $887m (3%) to $31,833m driven by a fall in imports of capital goods.
Australian Exports – Commodities

Source: ABS

Via a Sunburnt Country…

From The TradersCommunity Australian News Desk