Exports steady in October, 12 per cent higher from a year ago
5 December 2013
Data released by the Australian Bureau of Statistics today shows exports (seasonally-adjusted) were steady at $27.3 billion in October; but were 11.8 per cent higher from a year ago. This follows increases of 0.6 per cent and 3.8 per cent in the previous two months.
Goods exports (not seasonally adjusted) to East Asia rose by 1 per cent in October to be 25.7 per cent higher from a year ago, at $17.5 billion. Of this, $9 billion went to China, which increased by 6.8 per cent to be 59 per cent higher from a year ago. Mainly driving the increase were exports of iron ore and hard coking coal, which were both up in October. Exports to the 10 ASEAN economies rose 3.5 per cent in October to $2.3 billion, to be 9.7 per cent up from a year ago.
The value of resources exports fell 0.5 per cent to $13.7 billion in October. Coal, coke and briquettes exports were higher, up 7.4 per cent, but other mineral fuels fell 10.7 per cent. The quantity of iron ore and all types of coal exports (not seasonally adjusted) rose in October; whilst unit values fell.
Partially offsetting the falls in the value of resources exports was a rise in manufactures exports, up 0.7 per cent in the month to be 9 per cent higher from a year ago. Relative to September, all major manufactures categories rose, apart from machinery. Services exports fell 1.2 per cent in October, but were 5 per cent higher from a year ago.
Imports rose 0.8 per cent to $27.8 billion in October to be 3.6 per cent higher from a year ago. Compared to September, all major imports categories were up: consumption goods by 1 per cent to $7 billion; capital goods by 0.4 per cent to $5.4 billion; and intermediate and other merchandise goods by 1 per cent to $9.6 billion.
Overall, Australia recorded a seasonally-adjusted trade deficit of $529 million in October, a 95 per cent rise on the revised $271 million deficit in September.
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