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Australia's trade surplus has shrunk dramatically, falling to $105 million in October from $1.6 billion the month before. Economists had been expecting a much higher trade surplus around $1.4 billion. The worse than expected result was driven by both a 3 per cent slide in exports and a 2 per cent increase in imports, according to the ABS figures.

A big factor in the export decline was a slump in iron ore sales, which fell by 10 per cent over the month to just over $7 billion. Coal exports were also down 3 per cent to $4.3 billion. Detailed data on Australia's two biggest commodity exports show both the quality and price of iron ore fell in October, while it was a massive fall in the volume of hard coking coal exports that caused most of the decline for that sector.

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