Australia trade balance for August is a huge surplus, big beat: +15.077bn AUD

  • expected surplus of 10,650m AUD

  • prior surplus was 12,117m AUD

Exports +4% m/m ... coal, LNG higher. Given the energy crisis around the globe there is likely more to come on this? Iron ore prices dropping were a drag.

  • prior 3%

Imports -1% m/m ... this takes some of the shine off the huge surplus, a potential indicator of not quite so robust domestic demand

  • prior 5%

Largest trade surplus ever recorded in this series.