Australia’s trade surplus jumps to A$2.8 billion, a seven-month high, on LNG and metals

AI summary

<p dir="ltr">A stronger trade surplus is modestly supportive for the Australian dollar, reinforcing the currency’s link to commodity prices. With energy prices elevated by the Middle East conflict, Australia is better placed than many importers, as LNG and coal export earnings help cushion a rising fuel bill. The data are unlikely to shift Reserve Bank of Australia expectations on their own, given the volatile gold component. Traders will look to upcoming volume data for a cleaner read on how much net exports are adding to growth.</p><p dir="ltr">--</p><p dir="ltr"> Gas and metals did the heavy lifting for Australia’s trade surplus in September, with a big drop in gold imports doing the rest.</p><p dir="ltr">Summary:</p><ul dir="ltr"><li>Australia’s goods trade surplus widened to about A$2.8 billion in September, the largest in seven months</li><li>That was up from A$184 million in August and well above forecasts</li><li>Exports rose 2.3% from the month before, led by other mineral fuels, including LNG, and metals</li><li>Imports fell 3.3%, driven by a nearly 35% drop in gold imports</li><li>Higher fuel prices have yet to show up meaningfully in the import bill</li></ul><p dir="ltr"> Australia’s goods trade surplus widened sharply in September to its largest in seven months, as a rise in exports of liquefied natural gas and metals coincided with a steep fall in gold imports, data from the Australian Bureau of Statistics showed on Thursday.</p><p dir="ltr">The surplus on goods