Trade Balance - Surplus Sunshine

• Australia’s trade surplus jumped to $3.0 billion in September, following a sizeable (and revised) $2.3 billion surplus in August. September’s surplus was the largest in just over 1½ years and was the ninth consecutive month of surplus.
• Export growth has been relatively firm, rising 0.8% in September after a 1.3% increase in August. Much of the story likely reflects higher prices. In a separate data release today, export prices rose a solid 3.7% in the September quarter. 
• A 1.1% fall in imports in September was also a factor behind the improvement in the surplus. Softer imports were largely a result of a sharp 9.1% decline in capital goods imports, suggesting some weakness in business spending ahead.
• Export growth has been buoyant. However, global trade tensions are continuing to be a downside risk for the world economy. While Australia is less directly affected by the impact of tariffs, the impact on key global trading partners and the potential dent to confidence continues to be a key issue.

 

Please see the attached report for more information.

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