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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 recovery of Australia’s exports to China continued in May but shipments to much of Asia were weak. The commodity picture was mixed with prices down for coal, iron ore and gas.
- Exports to China remain strong rising 18.5% y/y in May but they were weak to other parts of Asia with exports to Japan down 25.1% y/y, India -46.8% and Indonesia -1%. Shipments to the US were robust rising 34.1% y/y.
- Even though the Australia-UK free trade agreement came into effect at the end of May, there was a large increase in exports to the UK of $767mn m/m to the highest level since January 2021.
- Prices for Australia’s main commodity exports were lower in May with iron ore down around 8% m/m and coal -2% to -11%. LNG prices were -2.7%. Iron ore volumes rose solidly by 9% and coal by 5-12%. The overall rise in coal exports was driven by China with an increase in quantity and price and also Japan. While China increased the volumes of iron ore it bought, it paid a lower price as did all major customers except Japan.
Australia exports to Asia y/y%
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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