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Highlights
- The Australian Bureau of Statistics (ABS) reported an AU$12,444 million trade surplus for September.
- The country’s overall exports rose by 7%.
On 3 November 2022, the Australian Bureau of Statistics (ABS) released the nation’s data on international trade in goods and services based on the balance of payments and international trade.
According to the official ABS report, Australia's exports of goods and services increased by 7% (AU$3,987 million) in September, mostly due to a surge in the export of other mineral fuels. As a result, the country's trade balance was AU$12,444 million for the month. The tighter commodity markets that attached a higher value to the country's shipments were the probable cause behind the rise in other mineral fuel exports, according to ABS.
In contrast, due to tighter monetary conditions, growing inflation in the nation, and a surge in the import of fuels and lubricants, Australia's goods and services debits (imports) slowed by 0.4% (AU$207 million) in the same month.
The seasonally adjusted surplus in the balance of goods and services rose from AU$8,664 million in August to AU$12,444 million in September, a jump of AU$3,780 million, according to the ABS.
Seasonally adjusted balance on goods and services credits
Data from the ABS showed that the more than 20% increase (as shown in the table below) in fuel exports was the main factor behind the increased goods and services trade balance.
Image Source: ABS media release dated 3 November 2022
Goods credits, seasonally adjusted: According to the ABS data, Australia's rural goods balance reached AU$191 million in September, an increase of 2.8% from the previous month, while other rural balances increased by 6.3% to AU$181 million.
Contrarily, non-rural goods increased by 8.5% to AU$3,483 million, largely due to an increase in other mineral fuels, which rose 19.5% to AU$1,782 million. The 8.7% increase in metal ores and minerals also supported non-rural goods credits during September.
Services credits, seasonally adjusted: The total services credits balance rose by 6.3% from AU$6,401 million in August to AU$6,806 million in September.
