FX.co ★ Australia Exports Reach 29-Month High

Australia’s exports rose 3.7% month-on-month in August to AUD 47.43 billion, the highest level in 29 months, rebounding from a revised 3.6% decline in July. The recovery was driven mainly by stronger shipments of non-monetary gold and coal, coke, and briquettes.

Exports of non-monetary gold surged 20.2% month-on-month to AUD 6.43 billion. Non-rural goods exports increased 2.0% to AUD 34.56 billion, supported in particular by a 4.7% rise in exports of coal, coke, and briquettes. Additional gains came from other mineral fuels (up 2.8%), metals (up 11.0%), machinery (up 0.5%), and other manufactured goods (up 0.8%).

In contrast, rural exports declined 1.0% month-on-month to AUD 6.38 billion, pressured by lower exports of meat and meat preparations (down 2.1%) and cereal grains and cereal preparations (down 4.3%).