Free Trial
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 Australian trade surplus for September came in well above expectations at A$12.44bn and August was revised up A$0.34bn to A$8.66bn. This result was due to higher-than-expected export growth of 7% m/m and weaker import growth of 0.4%.
- The almost flat import result was a surprise given the strength of domestic demand recently but imports of consumer goods fell 7.2% m/m with non-industrial transport equipment (cars, bikes, etc) particularly weak at -14.6% which may reflect both demand and supply issues. Also other consumer goods fell 12.9 m/m. Imports of capital goods rose 5.1%, a positive indicator for the investment outlook. Services imports rose only 0.6% m/m with tourism up 3.4%.
- Imports of consumer goods can be volatile and the weak September result followed two very strong months, also in recent years September has tended to be weak despite seasonal adjustment. It is too soon to say that import data is pointing to softening consumer demand and actually it showing robust momentum and pointing to retail sales staying robust.
- Exports saw strength in value terms across metal ores & minerals (+8.7%) and fuels (+19.5%). The quantity of natural gas exports rose 8.5% m/m and of iron ore (lump) +2.5% (to China +8.4%). Services export values grew 6.3% m/m with the tourism component up 12% as the world opens up after the pandemic.
- Exports to Australia’s major destinations over the year remained very solid with exports to China +17.9% y/y after contracting for 9 months.
Australia retail sales vs consumer goods imports 3m/3m ave ann %
Source: MNI - Market News/Refinitiv/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok