Australia’s August goods trade surplus narrowed to 495 million Australian dollars from 1,351 million Australian dollars in July. Exports grew 3.7 percent, but imports increased 5.8 percent. Gold contributed to both flows, with computer equipment also lifting imports. Coal exports increased while rural goods exports declined. The seasonally adjusted figures cover goods on a balance-of-payments basis, rather than services or the full current account.
Australia’s goods trade surplus narrowed by 856 million Australian dollars to 495 million Australian dollars in August as imports increased more than exports. Both flows grew during the month. The figures measure the goods balance on a seasonally adjusted basis. The July surplus was 1,351 million Australian dollars and June’s was 1,962 million Australian dollars. The August release covers trade in goods rather than the full current account.[1], [2]
Goods exports rose 3.7 percent to 47,433 million Australian dollars. Non-monetary gold exports increased 20.2 percent to 6,431 million Australian dollars; this component is not seasonally adjusted. Coal, coke and briquette exports rose 4.7 percent to 6,623 million Australian dollars. Rural goods exports fell 1.0 percent, including a 4.3 percent decline in cereal grains and cereal preparations. Metal ores and minerals fell 1.5 percent, while metals excluding non-monetary gold increased 11.0 percent.[1]
Imports increased by 2,563 million Australian dollars, or 5.8 percent, to 46,938 million Australian dollars. Automatic data-processing equipment and non-monetary gold were the main contributors to the increase. Exports added 1,707 million Australian dollars during the month, while import values increased by a larger amount and the surplus narrowed. These monetary amounts are denominated in Australian dollars and measured on a balance-of-payments basis. Services trade is outside the goods figures published in this release.[1]
