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October records $1.6 billion trade surplus

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Australia’s strong trade performance persisted throughout October, in the face of a strong Australian dollar and uncertain global economic conditions, with a $1.6 billion surplus, according to figures from the ABS. The surplus was slightly below last month’s figures, with exports down 0.2 percent and imports up 2 percent. It remains a strong result however, and the 18th consecutive monthly trade surplus, barring a small deficit in February due to the Queensland floods, in a record unseen since 1972-73. Australia’s Asian trading partners kept up the demand for our exports in October, with a three percent increase in exports to North Asia, including a nine percent increase in exports to Japan, and Chinese demand continuing to grow. Service and rural agricultural exports also rose during October, while exports of manufactured goods fell over the month. Volumes of iron ore shipments were up, offsetting lower prices, with export values remaining stable. The lower trade surplus was affected by fluctuations in the gold processing trade.

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