Australia’s goods trade surplus widened sharply in September, reaching about A$2.8 billion, the largest in seven months, according to Australian Bureau of Statistics data released Thursday. The figure came in well above forecasts, which had pointed to a surplus of roughly A$1 billion or less, and marked a sharp jump from August’s A$184 million.
Exports and imports diverge
Exports rose 2.3 percent in September, slower than August’s 3.7 percent gain, with growth driven by other mineral fuels including LNG and by metals shipments. Imports moved the other way, falling 3.3 percent after an August increase of 5.8 percent.
The decline in imports was led by gold, a notoriously volatile category from month to month, which dropped by about 35 percent. Higher fuel prices have not yet meaningfully shown up in the import bill.
Limited policy implications
At current exchange rates the surplus is worth around $2 billion. Given how much of the swing came from the volatile gold component, the data are unlikely on their own to shift the Reserve Bank of Australia’s expectations.
Gold traded at $4,110.53 an ounce as of 5 November 2026, 01:36 GMT. Separate CFTC data show speculators’ net long gold position fell to 186,451 contracts in the week to 27 October 2026, down from 199,865 contracts a week earlier.
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Source: Australian Bureau of Statistics | Data: Swissquote · FRED — St. Louis Fed · CFTC
