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Record exports saw Australia reach a much larger than expected trade surplus for the eighth month in a row. Australia's a trade surplus was up from a revised A$1.548bn to A$1.604bn in August the ABS said. Exports of non-monetary gold soared 13% (A$229m).

Australia Trade Sept 2018

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In trend terms, the balance on goods and services was a surplus of $1,716m in August 2018, an increase of $121m on the surplus in July 2018. In seasonally adjusted terms, the balance on goods and services was a surplus of $1,604m in August 2018, an increase of $56m on the surplus in July 2018.

CREDITS (EXPORTS OF GOODS AND SERVICES)

In seasonally adjusted terms, goods and services credits rose $185m (1%) to $36,562m. Non-monetary gold rose $228m (13%) and rural goods rose $134m (3%). Non-rural goods fell $222m (1%). Net exports of goods under merchanting remained steady at $18m. Services credits rose $45m (1%).

DEBITS (IMPORTS OF GOODS AND SERVICES)

In seasonally adjusted terms, goods and services debits rose $130m to $34,958m. Capital goods rose $569m (9%) and consumption goods rose $32m. Non-monetary gold fell $289m (41%) and intermediate and other merchandise goods fell $264m (2%). Services debits rose $83m (1%).

Exports rose 1 per cent to a record $34.8 billion, while imports were also up 1 per cent to $33.3 billion. The report shows the export upswing continues, boosted by LNG as new capacity comes on stream and services will continue to expand.

Education and tourism are soaring, particularly seeing strong demand from the Asian region. The recent fall in the Australian dollar is also spurring demand.

Highlights

  • Imports flat for the month
  • Exports rose by 1%, month-on-month.
  • Increase in exports attributed to a 13% (A$229m) rise in the export of non-monetary gold and a 3% (A$134m) rise in the export of rural goods that were partially offset by a 1% (A$222m) fall in the export of non-rural goods.
  • The import of capital goods rose by 9% (A$569m), which was offset by a 41% (A$289m) fall  in the import of non-monetary gold and a 2% (A$264m) fall in the import of intermediate and other merchandise goods.

Source: abs

From a sunburnt country

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