Australia's seasonally adjusted goods-trade surplus narrowed to A$495 million in August from A$1.351 billion in July, the Australian Bureau of Statistics reported Thursday, October 1. Exports of goods rose A$1.707 billion, or 3.7%, to A$47.433 billion. Imports rose more, increasing A$2.563 billion, or 5.8%, to A$46.938 billion.
Higher exports of non-monetary gold and coal, coke and briquettes contributed to the increase in goods exports. On the import side, the ABS cited capital goods used in automatic data processing and non-monetary gold. The change in the balance is therefore not simply a story of weaker exports: both sides of the trade ledger increased, with imports rising faster.
This release reports trade in goods on a balance-of-payments basis; it should not be confused with a full goods-and-services balance or with the contribution of trade to quarterly GDP. These monthly estimates can also be revised as more information arrives.
Reader question: Did Australia move into a goods-trade deficit? No. The seasonally adjusted goods balance remained in surplus at A$495 million in August, though it was smaller than July's revised A$1.351 billion surplus.