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1.Market Observations, 8.Was Sticky

4 Oct 2019 (AFR) – Trade surplus down on lower iron ore price

(4 October 2019, AFR, p10, Matthew Cranston, Economics correspondent)

Goods and services trade in current dollars (NAB. ABS, AFR)

Goods and services trade in current dollars (NAB. ABS, AFR)

‘Australia’s monthly trade surplus has dipped back to $5.9 billion in August after hitting a record $8 billion in June, mainly due to a reduction in the price of iron ore and coal. While the surplus was largely in line with consensus, economists now expect a further erosion of the surplus in coming months as commodity prices moderate from elevated levels. Figures released by the Australian Bureau of Statistics showed exports of goods and services fell $1.4 billion, down 3 per cent, while imports of goods and services also fell $137 million.’

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