Australia's September trade surplus hits 7-month high of AUD 2.83B on export demand

Australia's trade surplus expanded significantly in September, reaching A$2,826 million month-over-month, following a surplus of A$185 million in the previous reading, revised from A$495 million, according to the latest foreign trade data released by the Australian Bureau of Statistics on Thursday. Exports increased by 2.3% month-over-month in September, down from a 3.1% increase the previous month (revised from 3.7%).

Conversely, imports dropped by 3.3% month-over-month in September, compared to a rise of 6.2% in August (revised from 5.8%). The Australian Dollar (AUD) showed a slight upward trend after the Trade Balance report, with the AUD/USD pair trading at 0.7012, gaining 0.06% on the day.