Australia’s trade surplus in August, higher than expected

Australia’s trade surplus of $1.716 million exceeded expectations in August increasing $12 million from July 2018, according to the Australian Bureau of Statistics (ABS).

Trade

It was estimated to drop to $1.400 million from the previous month’s $1.551 million.

In trend terms, the balance on goods and services was a surplus of $1,716 million in August 2018, an increase of $121million on the surplus in July 2018.

According to ABS data, the balance on goods and services was a surplus of $1.604 million in August 2018, an increase of $56 million on the surplus in July 2018, in seasonally adjusted terms.

ABS data shows, goods and services credits rose 1% to $36.562million, with non-monetary gold rising 13% to $228million.

Trade was worse in non-rural areas, with goods falling $222 million, while net exports of goods under merchanting remained unchanged at $18 million. Services credits rose 1 % at $45 million.

In seasonally adjusted terms, goods and services debits rose $130 million to $34.958 million, while capital goods rose 9% to $569 million and consumption goods rose $32 million.

Non-monetary gold took a fall of 41% to $289 million and intermediate and other merchandise goods fell 2% $264 millon. Services debits rose 1% $83 millon.

Analysts say the dollar was unaffected, despite the better than expected trade data.

The Australian dollar was trading low at 0.7090 against the US dollar upon the news.

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