Australia recorded a seasonally adjusted A$2.826 billion goods trade surplus in September, its highest monthly balance since February, as exports rose and imports fell, the Australian Bureau of Statistics said Thursday.
The surplus was A$2.642 billion above August’s revised A$184 million. In February, the balance was A$5.179 billion, according to the ABS monthly series.
Goods exports increased A$1.09 billion, or 2.3%, from August to A$48.434 billion. Other mineral fuels rose A$502 million, or 6.6%, while metals excluding non-monetary gold increased A$382 million, or 23.5%. The ABS identified both categories as contributors to September’s wider surplus.
Imports dropped A$1.551 billion, or 3.3%, to A$45.609 billion. Non-monetary gold imports accounted for a A$1.096 billion decline, down 34.7%. Imports of civil aircraft and confidentialised items fell by a combined A$359 million, or 33.7%.
Westpac IQ economist Ryan Wells said Australia’s gold production and its processing of imported gold for re-export can cause sharp monthly swings in non-monetary-gold trade. In written analysis, he described the category as “a key wildcard in the monthly data.”
The release provides preliminary balance-of-payments estimates for goods. It does not cover services: ABS monthly services-trade data are unavailable for reference months after September 2023. The next goods-trade release, covering October, is scheduled for Dec. 3.
