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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 April trade surplus narrowed more than expected to $11.16bn from a downwardly-revised $14.82bn driven by weaker exports but still rising imports. It remains elevated and within the range seen since 2021. The series is nominal and so was impacted by declining commodity prices.
- Exports fell 5% m/m after rising 4.1% due to weaker metals ores and minerals. While goods exports were down 7% m/m after +4.4%, services rose 7.8% (Mar +2.4%) with tourism up 13.4%. Services exports are now +55.6% y/y with merchandise -2.8%. There was a sharp drop in rural goods as well as the main commodity exports. Metal ores fell 10.4%, coal -7.1% and metals -17.9% due to lower prices and volumes.
- Imports rose 1.6% m/m after an upwardly-revised 3.7% in March, driven by civil aircraft (+103.4% m/m), with goods up 1.1% (Mar +3.9%) and services +3.7% (+2.7%). Services imports are now +23.6% y/y and merchandise +5.4%. Machinery & equipment rose 4.7%, implying that the capex recovery seen in Q1 should continue into Q2. Consumer goods rose 0.7% driven by food & beverages. Tourism imports increased 7.3%, as the recovery in travel continues.
Australia exports of goods and services y/y%
Source: MNI - Market News/Refinitiv
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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