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Australian trade healthy

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Australia's trade surplus rose to $2.6 billion in September, according to HSBC Global Research, which was below market expectations however still strong in year-on-year terms. Exports have risen 12.3 percent year-on-year with imports increasing 10.7 percent. High commodity prices are seeing resource exports at high levels, rising by over 17 percent, however the strong Aussie dollar has weakened services exports. Despite being strong year-on-year, exports fell across all categories in September, except in rural goods with rural exports rising by over 36 percent. Growth in export prices is expected to slow from here, as commodity prices have peaked. Expectations are that the surplus will ease from here while the overall data shows further signs of the multi-speed nature of the Australian economy. Resources continue to dominate Australia's exports, comprising around 61 percent of total exports in September. This is despite volume estimates suggesting that coal exports have not yet fully recovered from Queensland's natural disasters earlier this year.

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