A big factor in the export decline was a slump in iron ore sales, which fell by 10 per cent over the month to just over $7 billion. Coal exports were also down 3 per cent to $4.3 billion. Detailed data on Australia's two biggest commodity exports show both the quality and price of iron ore fell in October, while it was a massive fall in the volume of hard coking coal exports that caused most of the decline for that sector.
Australian trade surplus hit by iron ore export slump
Australia's trade surplus has shrunk dramatically, falling to $105 million in October from $1.6 billion the month before. Economists had been expecting a much higher trade surplus around $1.4 billion. The worse than expected result was driven by both a 3 per cent slide in exports and a 2 per cent increase in imports, according to the ABS figures.
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