Australia's trade surplus improves in September, building approvals rise

Australia's trade balance for September came in at AUD 1,745 million vs AUD 1200 million exp. The previous month's surplus was revised to AUD 873 million from AUD 989 million. Exports rose 3% m/m, while imports growth stalled. Meanwhile, building approvals for September rose 1.5% m/m vs -1.0% exp and 0.4% last. Approvals dropped 2.4% in annualised terms. 

Trade balance key points

BALANCE ON GOODS AND SERVICES

• In trend terms, the balance on goods and services was a surplus of $1,061m in September 2017, an increase of $6m on the surplus in August 2017.
• In seasonally adjusted terms, the balance on goods and services was a surplus of $1,745m in September 2017, an increase of $872m on the surplus in August 2017.

CREDITS (EXPORTS OF GOODS AND SERVICES) 

• In seasonally adjusted terms, goods and services credits rose $924m (3%) to $32,961m. Non-rural goods rose $599m (3%), non-monetary gold rose $217m (17%), rural goods rose $5m and net exports of goods under merchanting rose $1m (2%). Services credits rose $102m (1%).

DEBITS (IMPORTS OF GOODS AND SERVICES)

• In seasonally adjusted terms, goods and services debits rose $52m to $31,216m. Consumption goodsrose $191m (2%) and capital goods rose $58m (1%). Non-monetary gold fell $65m (14%) and intermediate and other merchandise goods fell $35m. Services debits fell $97m (1%).

Building approvals key points

TOTAL DWELLING UNITS

• The trend estimate for total dwellings approved rose 1.8% in September and has risen for eight months.
• The seasonally adjusted estimate for total dwellings approved rose 1.5% in September and has risen for two months.

PRIVATE SECTOR HOUSES

• The trend estimate for private sector houses approved rose 0.7% in September and has risen for seven months.
• The seasonally adjusted estimate for private sector houses rose 0.6% in September following a fall of 0.8% in the previous month.

PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES

• The trend estimate for private sector dwellings excluding houses rose 3.2% in September and has risen for four months.
• The seasonally adjusted estimate for private sector dwellings excluding houses rose 2.6% in September and has risen for two months

VALUE OF BUILDING APPROVED

• The trend estimate of the value of total building approved rose 1.3% in September and has risen for nine months. The value of residential building rose 1.5% and has risen for five months. The value of non-residential building rose 1.0% and has risen for eight months.
• The seasonally adjusted estimate of the value of total building approved rose 8.3% in September after falling for two months. The value of residential building rose 0.1% and has risen for two months. The value of non-residential building rose 22.4% following a fall of 10.9% in the previous month.