Australia trade surplus narrowed in October, exports dropped 3 percent

The data released by the Australia Bureau of Statistics (ABS) shows the trade surplus narrowed to AUD 105 million in October from the September figure of AUD 1604 million. The markets were expecting a trade surplus of AUD 1375 million. 

October key points (Source ABS)

BALANCE ON GOODS AND SERVICES

• In trend terms, the balance on goods and services was a surplus of $644m in October 2017, a decrease of $112m on the surplus in September 2017.
• In seasonally adjusted terms, the balance on goods and services was a surplus of $105m in October 2017, a decrease of $1,499m on the surplus in September 2017.

CREDITS (EXPORTS OF GOODS AND SERVICES) 

• In seasonally adjusted terms, goods and services credits fell $903m (3%) to $31,871m. Non-rural goods fell $1,074m (5%) and rural goods fell $85m (2%). Non-monetary gold rose $362m (24%) and net exports of goods under merchanting rose $12m (25%). Services credits fell $118m (2%).

DEBITS (IMPORTS OF GOODS AND SERVICES)

• In seasonally adjusted terms, goods and services debits rose $596m (2%) to $31,766m. Intermediate and other merchandise goods rose $385m (4%), consumption goods rose $197m (2%) and non-monetary gold rose $16m (4%). Capital goods fell $120m (2%). Services debits rose $119m (2%).