No wind in the trade sail

Australia is exporting more goods and services, but thanks to price fluctuations we’re earning less and less national income from this trade.

Net exports -- the main driver of growth earlier this year -- rebounded in the September quarter and will contribute strongly to real GDP growth during the quarter. However, the income generated by the exports continues to ease, suggesting that while trade will boost headline real GDP, it will continue to weigh on national income.

On a monthly basis, Australia’s trade deficit doubled to $2.3 billion in September -- from $1bn in August -- to complete a quarter where the bottom line improved but neither exports nor imports were particularly strong.

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