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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
The merchandise trade surplus widened around $500mn to $6009mn in July with exports outpacing imports. Exports rose 0.7% m/m driven by rural goods, while imports fell 0.8% m/m due to fuels. The series are nominal and so are impacted by moves in global prices.
Australia merchandise trade balance A$mn
Source: MNI - Market News/ABS
- July exports fell 1.4% y/y improving from -2.8% in June. Rural goods rose 6% m/m to be down 2.9% y/y while non-rural fell 0.4% m/m to be down 4.5% y/y, due to weak coal and other mineral fuel shipments.
- Coal, iron ore and LNG unit values were lower in July and then volumes were also down on the month for iron ore and coal ex thermal, making the shipments of our key commodities weak around mid-year.
- Exports to China and Japan remain soft but have picked up to Korea, helped by commodities, India, UK and US.
- Import growth has been easing since it peaked at 10.2% y/y in February and was only 3% y/y in July. The monthly drop was due to a 3.7% m/m decline in intermediate goods while consumer items rose 1.0% m/m and capex +1.6% m/m, which may be signalling some improvement in domestic demand. Machinery & equipment imports rose 6.3% m/m.
Australia goods trade y/y% 3-mth ma
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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