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Free AccessREPEAT: ANALYSIS: Australia Trade Surplus Down As Exports Fall
Repeats Story Initially Transmitted at 00:55 GMT Dec 7/19:55 EST Dec 6
--LNG Exports Up First Time in Four Months
--Main Drag From Iron Ore and Hard Coking Coal
SYDNEY (MNI) - - Australia's trade surplus narrowed sharply in October to
the lowest since April as exports fell and imports rose, raising worries about
prospects for a rebound in the contribution of net exports to GDP in Q4 after no
contribution in Q3.
Data published by the Australian Bureau of Statistics Thursday showed the
trade surplus narrowed to A$105 million in October from a revised surplus of
A$1.6 billion in September. The October figure was the lowest trade surplus
since A$38 million in April and sharply lower than MNI median forecast for a
surplus of A$1.2 billion.
The fall in the surplus was mainly due to a 3% m/m decline in exports of
metal ores and minerals. Imports rose 2% due to a 4% rise in intermediate goods
that was mainly fuel, and a 2% rise in consumption goods that was largely due to
food and beverages.
Economists at TD Securities were the only ones to have a forecast close to
the outcome, with a prediction of A$300 million surplus and they cited a pause
in exports to China and a rebound in imports as a reason for that.
In original terms, the main drag came from iron ore lump and fines exports,
and hard coking coal due mainly to fall in quantities. In case of iron ore lump,
quantities fell 6% and unit values fell 5%. Iron ore fines quantities fell 2%
and unit values fell by a much sharper 11%. Hard coking coal unit values rose 4%
but quantities fell 20%.
Overall exports fell for three main commodities and rose for the other
three. Liquefied natural gas exports rose in October for the first time in four
months, rising A$378 million or 21% as quantities rose 22%. Unit values,
however, fell 1% and was down for the fourth month in a row.
Below is table on International-trade data for October:
October September
--------------------------------------------------------------------------------
(in A$) (in A$)
Seasonally Adjusted Seasonally Adjusted
Trade +1.60 bln (revised from +1.75
Balance +105 mln bln)
+1.2 bln (range +300 mln to 1.9
MNI Median bln)
Exports 31.87 bln 32.77 bln
Imports 31.77 bln 31.17 bln
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.