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Andrew Hanlan, analyst at Westpac, notes that Australia’s Trade Surplus has begun descent from record high with moderating commodity prices.

Key Quotes

“In August, Australia’s trade surplus came in at a still elevated $5.9bn.”

“That result, which was broadly as anticipated, was a moderation from a $7.3bn outcome in July and a record high of $7.9bn in June.”

“A key driver of recent movements in the trade balance was the spike in the iron ore price associated with temporary supply disruptions from Brazil.”

“Export earnings declined by 3.4% in August, down $1.5bn, meeting our expectations.”

“Imports were a little softer than we anticipated, slipping by 0.4% (vs a forecast rise of 0.6%).”