Australia’s balance on trade plunged in the year ended August as exports fell and imports increased, according to data from the Australian Bureau of Statistics (ABS).
The trade deficit in the period was $4.787 billion, compared with a surplus of $1.944 billion a month earlier, as the surplus narrowed to $1,825 billion in August from $6.612 billion in July.
Non-monetary gold shipments drove a 7.8% fall in exports to $41.858 billion, while consumption goods were behind a 3.2% increase in imports to $40.033 billion in August.
Non-rural and general merchandise exports also fell in August, while rural goods exports increased.
Goldman Sachs said the fall in the trade surplus in August was larger than expected, noting that non-monetary gold exports were volatile.
Consumption goods imports rose 5.8%, driven by non-industrial transport equipment.
Among minerals commodities, the major export reductions were in thermal coal to China and Japan, Australia's two largest trading partners, iron ore lumps and hard coking coal to South Korea and liquified natural gas, while the main export increases were in iron ore fines to China and hard coking coal to India.
