Australia: Trade surplus narrows as imports surge - Westpac

Sandeep Kanihama FXStreet Contributor

Andrew Hanlan, research analyst at Westpac, notes that the Australia’s trade surplus was smaller than expected for October, at $2.3bn (market median $3.0bn and Westpac $3.5bn) as both imports and exports surprised with imports to the high side and export advancing by less than anticipated.

Key Quotes

“Imports jumped by 3.2% reflecting a combination of higher prices and higher volumes. Capital goods and fuel were the main areas of strength.”

“Exports earnings advanced by 1.3%. Strength was evident across coal, fuels and services, as anticipated.”

“For the trade sector, it’s a lacklustre start to the fourth quarter. A surplus of $2.3bn for October is broadly in line with the average for the third quarter, of $2.4bn. During 2018, the trade surplus has been on an improving trend supported by higher commodity prices and the uptrend in export shipments.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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