Trade surplus widened to $7.1b in October: ABS

The news: Australia's trade balance widened to $7.1 billion in October, driven by a lift in ores and minerals exports and an easing of industrial machinery imports, ABS figures show.

The numbers: The balance on goods increased $945 million over the month, with goods credits lifting $182 million, or 0.4%, while import debits fell 1.9% to $763 million. The trade balance improvement came in lower than expected however, with the $7.1 billion figure undershooting analyst bets of $7.75 billion.

The context: China's demand for Australian commodities has remained robust despite slowing growth and a property sector crisis in the world's second-largest economy, and iron ore prices have been trending upward since May. Goods imports spiked 7.5% in September due to backlogs and delays in industrial equipment orders being filled, but have normalised slightly in October.