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Investing.com-- Australia’s trade balance grew slightly below expectations in October, as exports slowed sharply amid weak overseas demand for the country’s key commodities.
Australia’s trade balance rose to a A$4.385 billion surplus ($2.90 billion) in October from a downwardly revised A$3.707 billion surplus in the previous month, data from the Australian Bureau of Statistics showed on Thursday. The print missed expectations for a surplus of A$4.42 billion.
Exports rose 3.4% month-on-month in October, slowing after a 7.6% jump in the prior month, hurt chiefly by commodities such as metal ores, coal, mineral fuels, and metals, which are Australia’s top exports.
Commodity demand in overseas markets such as China, Japan, and Europe remained subdued with the winter onset.
October’s relatively weak trade surplus was also driven by a rise in imports, which grew 2% month-on-month, after a 1.8% growth seen in September.