SYDNEY (Reuters) -Australia’s surplus on goods trade shrank sharply in August as shipments of gold plunged after a run of strong months, data showed on Thursday, while imports were up across the board. The Australian Bureau of Statistics reported the surplus on goods fell to A$1.8 billion ($1.19 billion) in August, from a revised A$6.6 […]
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Australia trade surplus shrinks sharply as gold exports dive
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SYDNEY (Reuters) -Australia’s surplus on goods trade shrank sharply in August as shipments of gold plunged after a run of strong months, data showed on Thursday, while imports were up across the board.
The Australian Bureau of Statistics reported the surplus on goods fell to A$1.8 billion ($1.19 billion) in August, from a revised A$6.6 billion in July. That was far below market forecasts for a A$6.2 billion surplus.
Exports dived climbed 7.8%, led by a 47% drop in non-monetary gold. Imports rose 3.2%, with gains across consumer goods, aircraft, and telecom equipment.
($1 = 1.5389 Australian dollars)
(Reporting by Wayne Cole; Editing by Kim Coghill)