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MNI BRIEF: Aussie Trade Surplus Disappoints, Record Run Over

MNI (PERTH)
MNI (Perth)
True

Australia's run of record trade surpluses looks to be at an end despite strong exports of liquefied natural gas (LNG) and thermal coal, with the trade surplus falling to AUD8.3 billion in August.

The surplus was AUD643 million lower than July - and well shy of market expectations for AUD10 billion - as imports rose 4.5% m/m and exports increased 2.6% m/m, according to the Australian Bureau of Statistics. Steering the surplus lower was an 11.1% m/m increase in fuel imports and a 7.1% m/m rise in consumable imports. The report highlighted a mixed performance from Australia's main commodities exports, with increased LNG and thermal coal exports helping offset weaker exports of iron ore lump and fines.

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Australia's run of record trade surpluses looks to be at an end despite strong exports of liquefied natural gas (LNG) and thermal coal, with the trade surplus falling to AUD8.3 billion in August.

The surplus was AUD643 million lower than July - and well shy of market expectations for AUD10 billion - as imports rose 4.5% m/m and exports increased 2.6% m/m, according to the Australian Bureau of Statistics. Steering the surplus lower was an 11.1% m/m increase in fuel imports and a 7.1% m/m rise in consumable imports. The report highlighted a mixed performance from Australia's main commodities exports, with increased LNG and thermal coal exports helping offset weaker exports of iron ore lump and fines.

Keep reading...Show less