MARKETS

Trade surplus jumps on coal backing

AUSTRALIA posted its largest monthly trade surplus in 11 years in September, increasing to $1.46 billion, on the back of strong exports of coal and iron ore.

Claire Svircas
Trade surplus jumps on coal backing

The Australian Bureau of Statistics reported the surplus was the second biggest monthly trade surplus on record since June 1997, when the trade surplus was $1.54 billion.

The sum of the seasonally adjusted balances for the three months to September 2008 was a surplus of $2.15 billion, a turnaround of $3.2 billion on the deficit of $1.09 billion for the three months to June 2008.

The value of exports rose by 8% to $26.5 billion and imports jumped 7% to $25 billion, offsetting a slump in consumer and business spending that threatens to tip Australia's economy into a recession.

The main components contributing to the export rise in the seasonally adjusted estimates were metal ores and minerals, up $941 million; coal, coke and briquettes, up $626 million; and other manufactures, up $60 million.

The report showed shipments of metal ores including iron surged 19% and coal gained 14%.

In seasonally adjusted terms, exports of non-rural goods rose $1.6 billion, or 10%, to $17.9 billion.

Partly offsetting these increases was the machinery component, with exports down $42 million.

In seasonally adjusted terms, imports of intermediate and other merchandise goods rose $1.13 billion, or 13%, to $9.58 billion with fuels and lubricants the main components contributing to the rise, up $547million.

However, the ABS report speculates a general weakening of imports and exports in tandem with the domestic economy will test the trade balance in the first half of 2009.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalogue of 2022 Initial Resource Estimates and recent discovery successes.