Australia's Sept trade balance shrinks significantly as exports rise

Australia's trade balance for Sept came in at -1,227bn vs -1.7exp and -1,894 last (revised from 2.01bn). Exports were +2% m/m vs 0% last, while imports were -1% m/m vs 0% last. 

SEPTEMBER KEY POINTS

BALANCE ON GOODS AND SERVICES

• In trend terms, the balance on goods and services was a deficit of $1,784m in September 2016, a decrease of $127m (7%) on the deficit in August 2016.
• In seasonally adjusted terms, the balance on goods and services was a deficit of $1,227m in September 2016, a decrease of $667m (35%) on the deficit in August 2016.

CREDITS (EXPORTS OF GOODS AND SERVICES) 

• In seasonally adjusted terms, goods and services credits rose $426m (2%) to $27,254m. Non-rural goods rose $578m (4%) and rural goods rose $174m (5%). Non-monetary gold fell $353m (19%). Net exports of goods under merchanting remained steady at $47m. Services credits rose $29m.

DEBITS (IMPORTS OF GOODS AND SERVICES) 

• In seasonally adjusted terms, goods and services debits fell $241m (1%) to $28,481m. Consumption goods fell $223m (3%), non-monetary gold fell $124m (17%) and capital goods fell $75m (1%). Intermediate and other merchandise goods rose $179m (2%). Services debits rose $3m.