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MNI BRIEF: Aussie Trade Surplus Boost From Iron Ore, LNG Sales

MNI (PERTH)
(MNI) Perth

Strong export demand for iron ore and liquefied natural gas propelled Australia's trade surplus to AUD12.44 trillion in September, according to data from the Australian Bureau of Statistics.

The trade surplus increased from AUD8.66 trillion in August as exports rose 7% m/m and imports increased 0.4% m/m. Tourism exports rose 12.3% to AUD3.2 billion.

China is Australia's largest trading partner, with merchandise exports rebounding to AUD14.7 billion from AUD13.5 billion in August. The outlook for iron ore depends on a recovery in China's property market. Iron ore prices fell below USD80 a tonne last week, but they have rebounded to just over USD80 a tonne on speculation China may relax some of its Covid restrictions.

Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
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Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
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