Australia trade surplus nearly triples forecasts as gold imports dive in September Roushni Nair Wed, November 4, 2026 at 8:39 PM EST 2 min read GC=F +1.61% AXJO Investing.com -- Australia's trade surplus surged well beyond expectations in September, coming in at nearly three times economists' forecasts as a sharp drop in gold imports helped drive a broader decline in imports, data from the Australian Bureau of Statistics showed on Thursday.
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The seasonally adjusted surplus rose to A$2.83 billion from A$184 million in August, compared with economists' expectations for A$940 million. Exports increased 2.3% month-on-month to A$48.43 billion, while imports fell 3.3% to A$45.61 billion.
The decline in imports was led by non-monetary gold, which fell by A$1.10 billion, or 34.7%, in September. Capital goods imports also declined 2.5%, while consumption goods imports fell 2.2%. These declines partly offset a 0.9% increase in intermediate and other merchandise imports.
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On the export side, higher shipments of other mineral fuels and metals provided the biggest boosts. Other mineral fuel exports increased 6.6%, adding A$502 million, while metals excluding non-monetary gold jumped 23.5%.
Metal ores and minerals rose 2.3%, and rural exports increased 3.6%, supported by an 11.3% rise in meat and meat preparations. These gains partly offset a 3.5% decline in coal exports.
The figures come 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 policymakers sought to contain persistently high inflation.
The central bank has warned that domestic capacity pressures and broad-based price increases remain risks to inflation, even as higher borrowing costs weigh on spending.
The Australian dollar's AUD/USD pair rose 0.2% to $0.7016, while the benchmark S&P/ASX 200 index advanced 1.8% to 8,985.40 points, its highest level since September 7.
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