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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 trade surplus narrowed slightly in January to $11.69bn from an upwardly-revised $12.985bn due to imports outpacing exports. Both grew but imports rose 4.8% m/m and 24% y/y compared with exports up 1.4% and 16.8%. The surplus appeared to peak in November but despite this Australia’s trade position continues to look solid. Net exports contributed 1.1pp to Q4 growth.
- Exports to China continued to recover rising 29% y/y in January from 18.2% the previous month. Exports to Japan remained solid up 23.5% y/y but to Korea they have eased to +1.1% y/y and the US +7.4% y/y.
- Export growth is slowing after peaking at almost 40% y/y in June 2022. Exports of goods rose 1.1% m/m, driven by metal ores and minerals again, while services were up 3.1%, as the recovery in international tourism (+2.9% m/m) continued. Metal ores rose 12.8% m/m due to higher prices as volumes fell around 7.5% driven by weak demand from Korea, Japan and China. Coal exports fell 6.2% on both lower prices and volumes, and metals -7.4%.
- Imports of goods rose 5% m/m, due to non-industrial transport equipment (+30.9%), and services +2.9%. The strong increases in consumer and capital goods imports of 11.7% m/m and 10% respectively are a very early sign that Q1 domestic demand may not be as soft as Q4. Tourism imports rose 5.2% m/m.
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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