Australia trade surplus jumps to A$2.83 billion as gold imports fall

What happened. The ABS, Australia's statistics bureau, released September trade data on November 5 at 11:30 Sydney time. Seasonally adjusted, the goods surplus rose A$2.642 billion to A$2.826 billion. It was A$184 million in August and A$1.515 billion in July.

Exports. Sales abroad rose A$1.09 billion, or 2.3%, to A$48.43 billion. The ABS says other mineral fuels and metals excluding non-monetary gold drove the rise. Investing.com adds that those fuel exports rose 6.6%, metals 23.5% and meat 11.3%, while coal fell 3.5%.

Imports. Purchases from abroad fell A$1.55 billion, or 3.3%, to A$45.61 billion. The ABS names non-monetary gold, civil aircraft and confidential items as the main drivers. Per Investing.com, gold imports fell A$1.1 billion, or 34.7%.

Markets. Per Investing.com, the Australian dollar rose 0.2% to $0.7016 after the data, and the ASX 200 gained 1.8% to 8,985.4 points, its highest since September 7. The data came two days after the RBA raised its rate to 4.85%, its fifth increase this year.

What we do not know. How much of the gold import drop is one-off. Whether fuel export growth holds in October. How the RBA weighs the data at its next meeting.

Confirmed facts

• Australia's seasonally adjusted goods trade surplus rose A$2.642 billion to A$2.826 billion in September 2026.^[1][2]
• The surplus was A$184 million in August and A$1.515 billion in July.^[1]
• Exports rose A$1.09 billion (2.3%) to A$48.43 billion.^[1][2]
• Imports fell A$1.55 billion (3.3%) to A$45.61 billion.^[1][2]
• Economists expected a surplus of A$940 million.^[2]
• Non-monetary gold imports fell A$1.1 billion, or 34.7%.^[2]
• Other mineral fuel exports rose 6.6%, metals excluding non-monetary gold 23.5%, and coal fell 3.5%.^[2]
• The Australian dollar rose 0.2% to $0.7016 and the ASX 200 gained 1.8% to 8,985.4.^[2]
• Two days earlier the RBA raised its cash rate to 4.85%, its fifth increase in 2026.^[2]

Implications

• ConfirmedAustralia's trade surplus in September was 15 times its August level.
• ConfirmedFalling imports and rising fuel and metal exports drove almost all of the jump.
• Our readingStrong trade supports the Australian dollar. This is our view.

Still unknown

• Whether the gold import drop is one-off
• October data
• The RBA's next move

Who it affects

Australia, Asia Pacific. AUD and commodity traders, investors in Australian stocks, readers in Australia

Sources

1. Australian Bureau of Statistics: International Trade in Goods, September 2026 November 5, 2026 · official
2. Investing.com: Australia trade surplus nearly triples forecasts as gold imports dive in September November 5, 2026 · media