Australia’s trade surplus swelled in September on a jump in exports, driven by higher prices for iron ore, metals and energy.
The surplus surged to A$12.4 billion ($7.8 billion) from A$8.3 billion in August, easily exceeding economists’ forecast of A$8.8 billion, Australian Bureau of Statistics data showed Thursday. Exports jumped 7%, while imports were little changed, it showed.
Australia has posted monthly trade windfalls for 4-1/2 years, underpinned by sales of iron ore and natural gas. The nation is also a major exporter of commodities like wheat that have also advanced amid concerns that war-ravaged Ukraine would be unable to ship its harvest.
The gains have aided Australia’s budget outlook, with both its debt and deficit position among the best in the developed world. Treasurer Jim Chalmers has warned, however, that the economy can’t rely on the export windfall going forward and is forecasting the fiscal position to worsen in the years ahead.
