Australia's Trade Surplus Soars to Highest Level in Seven Months
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MENAFNThe surplus swelled to 2.83 billion Australian dollars ($1.85 billion), up from a downwardly revised 0.18 billion Australian dollars in August, according to figures from a government statistics agency. The result blindsided markets, which had forecast a deficit of 0.94 billion Australian dollars.
Exports rose 1.09 billion Australian dollars, or 2.3%, from August to 48.43 billion Australian dollars, a 42-month high. Stronger shipments of other mineral fuels and metals, excluding non-monetary gold, powered the gain.
Imports, meanwhile, dropped 1.55 billion Australian dollars, or 3.3%, from August to 45.61 billion Australian dollars. The decline reversed a revised 6.2% increase in the previous month and was attributed to reduced purchases of non-monetary gold, civil aircraft and confidentialized items.
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