Australian Trade Balance misses, declines sharply to $2.316 billion on Imports upswing

Australia's seasonally-adjusted Trade Balance broadly missed expectations, clocking in at just $2.316 billion for October, a contraction of $624 million from September's reading, though the missed headline is owing largely to an upswing in imported goods and services, rather than a decline in exports with Imports rising 3% while Exports held steady at 1%.

Key highlights (via ABS)

Trade balance:
In seasonally adjusted terms, the balance on goods and services was a surplus of $2,316m in October 2018, a decrease of $624m on the surplus in September 2018.

Exports:
In seasonally adjusted terms, goods and services credits rose $493m (1%) to $38,045m. Non-rural goods rose $1,019m (4%) and net exports of goods under merchanting rose $12m (63%). Non-monetary gold fell $355m (24%) and rural goods fell $277m (7%). Services credits rose $93m (1%).

Imports:
In seasonally adjusted terms, goods and services debits rose $1,116m (3%) to $35,729m. Intermediate and other merchandise goods rose $582m (5%), capital goods rose $481m (8%) and consumption goods rose $105m (1%). Non-monetary gold fell $26m (7%). Services debits fell $25m.