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Australia trade surplus nearly triples forecasts as gold imports dive in September

Australia's seasonally adjusted trade surplus widened to A$2.83 billion in September from A$184 million in August, far above economists' expectations of A$940 million. Exports rose 2.3% month-on-month to A$48.43 billion, while imports fell 3.3% to A$45.61 billion, led by a A$1.10 billion (34.7%) drop in non-monetary gold imports. Exports of other mineral fuels rose 6.6% and metals excluding non-monetary gold jumped 23.5%, while coal exports fell 3.5%. The data came two days after the Reserve Bank of Australia raised its cash rate by 25 basis points to 4.85%, its fifth increase this year, as it sought to contain persistently high inflation. The AUD/USD rose 0.2% to $0.7016 and the S&P/ASX 200 gained 1.8% to 8,985.40 points, its highest since September 7.

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