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Free AccessAustralia June Trade Surplus Narrows as Commodity Prices Fall
--Surplus Narrows Because of Rise in Imports
--Prices Fall for Five of Six Main Commodity Exports
SYDNEY (MNI) - International-trade data for June published by the
Australian Bureau of Statistics on Thursday:
June May
--------------------------------------------------------------------------------
(in A$) (in A$)
Seasonally Adjusted Seasonally Adjusted
Trade
Balance +856 mln +2.02 (revised from +2.47 bln)
+1.7 bln (range +1.2 bln to 3.0
MNI Median bln)
Exports 31.78 bln 32.28 bln
Imports 30.92 bln 30.19 bln
FACTORS: Australia's trade surplus narrowed in June as exports fell 1% m/m
and imports rose 2%. Exports fell 1% owing to a 4% drop in nonrural-goods
exports caused mainly by a 7% fall in metal ores and minerals and a 6% fall in
coal, coke and briquettes. Partially offsetting these falls was a 27%, or A$406
million, rise in nonmonetary goods exports. Imports rose 4% as a result of a 13%
rise in capital goods as telecommunications imports rose 78%, or A$462 million,
and industrial transport equipment rose 22%. In balance-of-payments terms the
surplus for the June quarter was A$3.3 billion -- a fall of A$4.1 billion from
the March quarter's surplus of A$7.4 billion.
In original terms exports fell for five of the six large commodities thanks
to a decline in unit values. LNG exports bucked the trend with a 12% rise as
quantities and unit values both rose 6%.
TAKEAWAY: The surplus was lower than a MNI median forecast and well outside
the range predicted by economists in a MNI poll. The difference was a result of
a larger-than-expected fall in commodity exports and a bigger-than-expected rise
in imports.
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE,MALDS$,M$A$$$,M$L$$$,MT$$$$]
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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.