September quarter national accounts statistics showed export volumes picking up a lacklustre 1Ѕ%. October trade balance numbers showed A$ export values growing 2%.
Services export volumes grew the strongest in the September quarter - up 10%, following a June quarter slump due to the SARS outbreak. Rural goods exports were up 2% and wool exports 14%.
Volumes of non-rural goods exports fell by 2%, mainly because of lower metal exports, which fell 11%. The non-rural slump dragged overall goods exports volumes down slightly.
The terms of trade - export relative to import prices - picked up almost 3% in the quarter, giving some relief from A$ appreciation to those exporters who import a lot of parts and equipment.
The value of services exports grew a strong 8% in October, thanks partly to the Rugby World Cup. But goods and services exports overall increased by only 2%.
