Australia logged a bigger-than-expected trade surplus in August

Australia logged a trade surplus of AUD 1,604 million in August, beating the estimated drop to AUD 1,400 million from the previous month's reading of AUD 1,551 million, according to Australian Bureau of Statistics (ABS). 

August key points (Source: ABS)

Balance on goods and services

• 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%).