Australia’s goods trade surplus widens to A$7.1 billion in October

AUSTRALIA’S surplus on trade goods widened in October as iron ore exports picked up and imports eased back after a sharp jump the previous month, data showed on Thursday.

The Australian Bureau of Statistics reported the balance on goods rose to A$7.1 billion (S$6.24 billion), from A$6.2 billion in September and just under market forecasts of A$7.5 billion.

Exports edged up 0.4 per cent as an increase in iron ore and other metals helped offset weakness in coal and liquefied natural gas. Imports fell 1.9 per cent led by a drop in industrial transport equipment, while imports of cars remained strong.

The ABS has ceased reporting monthly data for service exports and imports, which will now be issued quarterly.  REUTERS