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AAP
AAP
Politics
Poppy Johnston

Australia trade surplus hits $12.4 billion

Australia's balance on goods and services lifted by $3.8 billion, exports soared by seven per cent. (James Gourley/AAP PHOTOS) (AAP)

Australia's trade surplus hit $12.4 billion in September, driven upwards by gas exports, beating market expectations of about $8.5 billion.

The balance on goods and services lifted by $3.8 billion, with exports soaring by seven per cent.

Imports remained flat, lifting just 0.4 per cent.

In August, the trade surplus was $8.3 billion, as measured by the Australian Bureau of Statistics.

The export lift was led by the other mineral fuels category, including liquefied natural gas, which rose by 19 per cent for the month.

"LNG contracts are typically tied to Brent Crude prices with a three-month lag, so that September's strength reflects the rise in petroleum prices in June," JP Morgan's Jack Stinson said.

He said lower Brent Crude prices would likely drag LNG exports down in coming months.

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