Australia: Trade surplus rebounds to near record high – Westpac

Andrew Hanlan, analyst at Westpac, notes that Australia’s trade surplus has rebounded to near record high, led by exports.

Key Quotes

“In September, the trade surplus widened to $7.2bn, up from $6.6bn in August (upgraded from $5.9bn).”

“This was a sizeable upside surprise (market median $5.05bn and Westpac $4.7bn).”

“Exports advanced, increasing by 3.5%, whereas we had anticipated a fall of almost 3%.”

“Imports also advanced, albeit by a more moderate 2.5% (vs an expected flat outcome).”

“In the September quarter, the trade surplus widened to $20.9bn from $19.3bn in the quarter prior, an improvement of $1.6bn.”