Thursday, the Australian Bureau of Statistics announced that Australia's trade deficit widened less than expected in September, with both imports and exports on the rise. Nevertheless, September marked the fifth successive month in which Australia has posted a trade deficit.
The trade deficit rose to a seasonally adjusted A$1.85 billion in September from a revised A$1.65 billion deficit in the previous month, although it was smaller than the A$2.15 billion deficit expected by economists. September's deficit was the largest deficit recorded since March 2008.
Exports of goods and services rose 5% on month to A$20.21 billion in September. Of this, exports of non-monetary gold soared 64%, while exports of rural goods fell 3%. Exports of non-rural goods rose 2% and services credits climbed 3%.
In terms of components, exports of coal, coke & briquettes rose 9% in September. Other components that recorded increases include exports of other non-rural goods, which grew 10%, travel services credit, up 5%, and other services credit, up 1%. These rises were partly offset by exports of other mineral fuels, which dropped 6%, and exports of cereal grains & cereal preparations, down 10%.
At the same time, imports of goods and services grew 5% on month to A$22.06 billion in September. Of this, imports of intermediate & other merchandise goods rose 10%, while imports of non-monetary gold surged 33%. Imports of consumption goods and capital goods were both up 2%, while services debits increased 1%.
In September, imports of fuels & lubricants recorded the most significant increase, up 25%. Other notable increases include imports of parts for transport equipment, up 25%, while imports of non-industrial transport equipment n.e.s. rose 15%. Imports of other merchandise goods and consumption goods n.e.s. grew 84% and 3%, respectively.