Australia Trade Surplus Second Largest on Record


Australia's trade surplus surged to AUD 4.55 billion in January 2019 from an upwardly revised of AUD 3.77 billion in the previous month, easily beating market consensus of a surplus of AUD3 billion. This was the second largest trade surplus on record, as exports jumped 5 percent month-over-month to a new all-time high of AUD 39.94 billion while imports grew at a softer 3 percent to AUD 35.39 billion.

Exports soared 5 percent month-over-month to a new all-time high of AUD 39.94 billion in January, driven by sales of non-rural goods (2 percent to AUD 25.52 billion), namely coal, coke and briquettes (6 percent), metal ores and minerals (3 percent) and other manufactures (6 percent). Also, sales of rural goods  advanced 2 percent to AUD 4.21 billion, in particular other rural (6 percent), meat and meat preparations (6 percent) and wool and sheepskins (16 percent). In addition, sales of non-monetary gold rose from AUD 1.37 billion in December to AUD 2.16 billion in January. Exports of services grew by 1 percent to AUD 8.02 billion, of which travel (1 percent). In contrast, net exports of goods under merchanting fell by 33 percent to AUD 24 million. 

Imports increased 3 percent from a month earlier to AUD 35.39 billlion, mostly boosted by higher purchases of consumption (6 percent to AUD 8.88 billion), driven by non-industrial transport equipment (14 percent); and consumption goods n.e.s. (7 percent). Also, imports of capital goods rose 12 percent to AUD 6.69 billion, namely industrial transport equipment n.e.s (44 percent); machinery and industrial equipment (15 percent); and ADP equipment (16 percent). Additionally, purchases of intermediate and other merchandise goods advanced 1 percent to AUD 11.10 billion, led by processed industrial supplies n.e.s. (4 percent); and other parts for capital goods (8 percent). Conversely, imports of non-monetary gold fell 13 percent to AUD 453 million. At the same time, purchases of services shrank 2 percent to AUD 8.26 billion, mainly due to travel (-4 percent).

Australia Trade Surplus Second Largest on Record


ABS l Rida Husna | rida@tradingeconomics.com
3/7/2019 10:44:29 AM