Australian Trade Surplus Narrows on Import Surge
On Thursday, Australian trade data drew investor interest. Recent Australian inflation and consumer spending figures raised bets on an RBA rate hike to curb inflation. However, an uncertain macroeconomic environment could force the RBA to take a more cautious rate path.
The Australian trade surplus narrowed from A$9.64 billion to A$6.786 billion in September. Economists forecast an A$9.40 billion surplus.
According to the ABS,
- Exports tumbled by 1.4% (A$658 million), impacted by non-monetary gold.
- The export of general merchandise increased by 2.1%.
- Non-monetary gold exports tumbled by 39.2%.
- Imports surged by 7.5% (A$2,716…
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