Australia’s October 2025 Trade Surplus Widens to A$4.39 Billion as Imports Jump and Gold Flows Surge

Sydney – 5 December 2025

Australia’s latest International Trade in Goods data show the country entered the fourth quarter of 2025 with a slightly stronger goods trade surplus, underpinned by higher exports, record-high imports and a powerful swing in non-monetary gold flows.

According to the Australian Bureau of Statistics (ABS), the seasonally adjusted balance on goods widened to A$4.385 billion in October, up from A$3.707 billion in September, as exports grew faster than imports. ^[1]

At the same time, a raft of trading desks and research houses spent 4–5 December digesting what the numbers mean for the Australian dollar, for Q4 growth and for a global economy still wrestling with softer commodity demand.

Headline numbers: Australia’s October 2025 trade snapshot

The ABS release for October 2025 – the first read on Q4 trade – paints a picture of moderate improvement rather than a blockbuster surprise. ^[2]

Key points from the official data: ^[3]

Goods trade surplus:
- Surplus widened by A$678 million in October to A$4.385 billion (seasonally adjusted).
Exports (goods credits):
- Rose 3.4% month‑on‑month to A$45.98 billion, the highest export value in roughly two years. ^[4]
Imports (goods debits):
- Increased 2.0% month‑on‑month to a record A$41.59 billion. ^[5]
Driver of the move:
- Both sides of the ledger were “driven by non‑monetary gold”, which surged in value in October. ^[6]

Trading platforms and economic calendars from ForexFactory to FXStreet and FXStreet-powered feeds pushed alerts highlighting the A$4.385 billion surplus, the 3.4% export growth and the step-up in imports. ^[7]

Market surveys had pencilled in a surplus around A$4.2–4.4 billion, so the outcome landed essentially on consensus – some providers called it a small beat, others a slight miss. ^[8]

Gold dominates both exports and imports

If there is one story in the October numbers, it is gold.

The ABS data show that: ^[9]

Non‑monetary gold exports jumped by A$758 million (up 14.2%), extending strong gains seen in September.
Non‑monetary gold imports surged 80% month‑on‑month, adding A$1.1 billion to the import bill and pushing gold inflows to a record high.

Westpac economists note that volatile gold flows accounted for around half of the total rise in exports, while also explaining why the import headline looks much stronger than the underlying trend. ^[10]

On the country side, Westpac points out that: ^[11]

Export gains to South Korea and India in October were largely driven by gold shipments.
Exports to China and the United States edged slightly lower, underscoring the softer demand environment in some major trading partners.

For traders, the dominance of gold matters because it can distort the headline surplus from month to month. Strip out the precious metal, and the picture becomes more about steady, but not spectacular, trade in core commodities and manufactured goods.

Commodity exports: iron ore and LNG lift, coal slips

Beyond gold, the resource side of Australia’s export story looked mixed but broadly constructive.

The ABS breakdown shows that non‑rural goods exports rose 2.1% in October, with: ^[12]

Metal ores and minerals (heavily influenced by iron ore) up 2.3% (+A$347 million).
Other mineral fuels (including LNG) up 4.9% (+A$257 million).
Coal, coke and briquettes down 4.4% (‑A$243 million).
Manufactured exports such as machinery, transport equipment and other manufactures all posting solid month‑on‑month gains.

Investing.com’s coverage of the release emphasised that, despite the nominal rise, export growth slowed compared with September as demand for key commodities – notably metal ores, coal, mineral fuels and metals – remained subdued in major markets such as China, Japan and Europe heading into the Northern Hemisphere winter. ^[13]

In other words, October’s export strength was broad-based but not booming: gold and some energy flows helped offset a more cautious global appetite for coal and certain metals.

Rural exports stay strong

Rural exporters continued to enjoy favourable conditions:

Rural goods exports increased 0.9% month‑on‑month in October.
Within that, “other rural” products – a mix that includes items like dairy, horticulture and other agricultural goods – rose 1.8%.
Wool and sheepskin exports jumped 9.4% on the month. ^[14]

Westpac estimates that the annual pace of rural goods exports is now running above 22% year‑on‑year, making the sector one of the brightest spots in Australia’s trade profile in 2025. ^[15]

That outperformance has helped cushion the impact of softer volumes and prices in some bulk commodities.

Imports: strong headline hides softer core demand

The other major angle from this week’s coverage – and the focus of VT Markets and several FX desks – is the jump in imports.

Multiple news feeds highlighted that Australia’s imports (MoM) climbed from 1.1% in September to 2.0% in October, confirming the shift flagged in early previews. ^[16]

The ABS data add important detail: ^[17]

Total goods imports rose A$814 million (2.0%) to A$41.59 billion, a new high.
However, general merchandise imports actually fell 0.7%.
The big swing factor was non‑monetary gold, where imports jumped 80%.

Breaking down general merchandise imports:

Capital goods fell 5.5%, with data processing equipment down by more than 30% on the month – a notable reversal after an earlier investment surge linked to data centres. ^[18]
Consumption goods rose 1.6%, including higher imports of food and beverages and textiles, clothing and footwear. ^[19]
Intermediate and other goods inched up 0.5%.

Westpac stresses that excluding gold, imports would have been down around 0.7% month‑on‑month, suggesting underlying domestic demand is less buoyant than the headline figure implies, particularly for capital equipment. ^[20]

This nuance matters for both growth forecasts and corporate investment plans:

The national accounts and balance of payments data released earlier in the week showed net exports subtracting 0.1 percentage points from Q3 GDP, even as goods exports and imports both rose strongly over the quarter. ^[21]
The steep October drop in capital goods imports hints at downside risks to business investment in the December quarter if the trend persists. ^[22]

Was the trade surplus a “beat” or a “miss”?

One curiosity of this week’s coverage is that different outlets framed the same headline number in slightly different ways:

Trading Economics, via TradingView, reported that the A$4.39 billion surplus “beat estimates” of A$4.2 billion, and noted that it was the largest surplus since July with exports at a two‑year high and imports at a record. ^[23]
Reuters‑sourced coverage on Investing.com stressed that the surplus came in just below a consensus of A$4.42 billion and underscored the slowdown in export growth. ^[24]
RTTNews similarly flagged that the result was “shy” of expectations for A$4.42 billion. ^[25]

In practice, the October goods surplus was very close to consensus and well within the recent range around A$3.5–4.5 billion that has prevailed through 2024–25, and far below the peak surpluses of over A$15 billion seen in 2021–22. ^[26]

That helps explain why market reaction was muted.

AUD/USD reaction: RBA and Fed trump trade data

FX coverage through 4–5 December consistently described the trade figures as “unimpressive” or “not a major market mover” for the Australian dollar.

FXStreet and TMGM report that: ^[27]

AUD/USD extended its two‑week uptrend, trading above 0.6600 and touching its highest level since late October just after the data.
The move was driven less by the trade report and more by:
- Diminishing odds of near‑term RBA rate cuts and growing chatter that the Bank could hike again in 2026 after Governor Michele Bullock warned inflation is not yet sustainably back within the 2–3% target band.
- Expectations of a US Federal Reserve rate cut next week, with markets pricing a high probability of easing amid signs of a cooling US economy and speculation about a more dovish Fed leadership.
As a result, AUD/USD “reacted little” to the trade numbers themselves, with the pair’s gains primarily reflecting the widening policy divergence between a still‑hawkish RBA and a dovish Fed.

This tone chimes with the short Asia economic calendar note circulated through TradingView’s InvestingLive feed, which flagged the trade release as “high importance” but explicitly downplayed its likely impact on the AUD or broader Australian markets. ^[28]

First look at Q4 2025 trade: what the data suggest

For macro watchers, the October figures are significant because they offer the first indication of Q4 2025 trade performance.

Putting the latest numbers in context:

After a period of sharp declines in 2023 and early 2024, the underlying trend in the goods trade balance has stabilised in the A$4–5 billion range, according to Westpac’s analysis of the ABS trend series. ^[29]
October’s A$4.39 billion surplus is slightly above the year‑to‑date average, suggesting that – despite weaker global demand – Australia’s trade position has weathered the “US tariff shock” and global trade slowdown better than feared. ^[30]
The combination of strong gold flows, solid iron ore and LNG exports, and resilient rural shipments offset softer coal demand and only modest growth in manufactured exports.

Looking ahead, Westpac cautions that secular weakness in demand for some key commodities and the likelihood that rural export growth will cool in 2026 mean exports may struggle to keep pace with imports, particularly if domestic demand remains firm. ^[31]

That raises the possibility that trade surpluses:

Stay volatile month‑to‑month because of gold; and
Could trend lower over time if import growth re‑accelerates once capital goods demand recovers.

What it means for businesses, policymakers and investors

For Australian exporters

Resource producers can take comfort from recovering iron ore and LNG exports but should remain cautious about coal, where volumes and prices are under pressure. ^[32]
Agribusiness continues to benefit from robust rural export demand, though analysts warn that favourable conditions may not last indefinitely as global supply normalises. ^[33]

For importers and domestic demand

The headline 2% rise in imports masks a sharp pullback in capital goods, especially tech-related equipment, which could signal a pause in investment after a strong run in Q3. ^[34]
Higher consumption goods imports hint at still‑solid household demand, even as higher interest rates continue to bite. ^[35]

For the RBA and macro policy

The steady, mid‑range surplus gives the RBA little reason to change course purely on trade grounds.
The Bank’s focus remains squarely on inflation, wage growth and domestic demand, with trade acting more as a background risk than a primary policy driver. ^[36]

For currency and fixed‑income markets

As this week’s AUD/USD reaction shows, monetary policy expectations and US data overshadow trade when prints land close to forecast. ^[37]
That said, big surprises in future trade releases – for example, a sharp drop in the surplus driven by weaker Chinese demand or a collapse in gold flows – could quickly re‑price growth expectations and, with them, the Aussie.

Bottom line

Australia’s October 2025 International Trade in Goods figures are encouraging but not game‑changing:

The goods trade surplus widened to about A$4.4 billion, the strongest since July but still modest compared with the boom years. ^[38]
Gold once again stole the show, dominating both exports and imports and amplifying the monthly swings. ^[39]
Core trade flows – from iron ore and LNG to rural goods and capital equipment – tell a story of an economy that is holding up in a softer global environment, but facing clear downside risks.

For businesses and investors reading this on 5 December 2025, the message is clear:

Trade is helping, not hindering, Australia’s growth at the start of Q4 – but underlying demand patterns at home and abroad, plus central bank policy, remain the real drivers to watch.